FSLR vs TAN: Correlation
Measured on weekly returns over the past three years, First Solar (FSLR) and Invesco Solar ETF (TAN) carry a correlation of 0.77, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FSLR and TAN?
Across a 3-year window, the weekly returns of FSLR and TAN correlate at 0.77, strong. Little has changed lately, as the 1-year reading of 0.71 lands near the 3-year figure. Stretching to 5 years gives 0.73, with an annualized covariance of 1615.5 %².
TAN is one of the assets that tracks FSLR most closely: it ranks #1 out of the 34 assets we track against FSLR. The trailing year gives TAN the advantage: +9.9% versus +21.4%, a 11.5-point spread. Stability stands out here, with the rolling one-year correlation confined to 0.60 through 0.84. One caveat on sizing: FSLR is 1.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
FSLR vs TAN: side by side
| FSLR (First Solar) | TAN (Invesco Solar ETF) | |
|---|---|---|
| 1-year return | +9.9% | +21.4% |
| 5-year return | +119.6% | -41.9% |
| Volatility (ann.) | 56.2% | 37.4% |
| Beta vs S&P 500 | 1.14 | 1.04 |
| Max drawdown (3Y) | -60.0% | -55.4% |
| Market cap | $22.6B | – |
| P/E (trailing) | 12.7 | – |
| Dividend yield | 0.00% | – |
| Sector / category | Information Technology | ETF · Thematic |
Year-by-year returns
| Year | FSLR | TAN |
|---|---|---|
| 2022 | +71.9% | -5.2% |
| 2023 | +15.0% | -26.8% |
| 2024 | +2.3% | -37.6% |
| 2025 | +48.2% | +48.3% |
| 2026 | -19.6% | +1.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FSLR and TAN good diversifiers for each other?
Only partially. A correlation of 0.77 means FSLR and TAN share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between FSLR and TAN?
Using weekly returns as of 2026-08-27: 0.77 over 3 years, with 0.71 over the last year and 0.73 over 5 years.
Is TAN a good diversifier for FSLR?
Only partially. A correlation of 0.77 means FSLR and TAN share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.77 mean?
On the −1 to +1 scale, 0.77 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fslr-vs-tan.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fslr-vs-tan/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FSLR correlations · TAN correlations
