FSLR vs WM: Correlation
How closely do First Solar (FSLR) and Waste Management (WM) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FSLR and WM?
Across a 3-year window, the weekly returns of FSLR and WM correlate at -0.23, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.35) than the 3-year average (-0.23). Stretching to 5 years gives -0.04, with an annualized covariance of -230.9 %².
WM is close to the least connected end of FSLR's tracked universe, ranking #31 of 34. Over the last 12 months FSLR came out ahead by 11.9 percentage points (+9.9% against -2.0%). On a rolling one-year basis the correlation drifted between -0.41 and 0.05, a moderate band. Risk is not evenly split, since FSLR carries 3.1 times the volatility of the other side.
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 WM: side by side
| FSLR (First Solar) | WM (Waste Management) | |
|---|---|---|
| 1-year return | +9.9% | -2.0% |
| 5-year return | +119.6% | +51.8% |
| Volatility (ann.) | 56.2% | 18.3% |
| Beta vs S&P 500 | 1.14 | 0.07 |
| Max drawdown (3Y) | -60.0% | -18.1% |
| Market cap | $22.6B | $87.0B |
| P/E (trailing) | 12.7 | 30.8 |
| Dividend yield | 0.00% | 1.60% |
| Sector / category | Information Technology | Industrials |
Year-by-year returns
| Year | FSLR | WM |
|---|---|---|
| 2022 | +71.9% | -4.5% |
| 2023 | +15.0% | +16.2% |
| 2024 | +2.3% | +14.3% |
| 2025 | +48.2% | +10.5% |
| 2026 | -19.6% | -0.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FSLR and WM good diversifiers for each other?
Yes. With a correlation of -0.23, FSLR and WM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FSLR and WM?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.35 over the last year and -0.04 over 5 years.
Is WM a good diversifier for FSLR?
Yes. With a correlation of -0.23, FSLR and WM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 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-wm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fslr-vs-wm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FSLR correlations · WM correlations
