FSLR vs ZBRA: Correlation
How closely do First Solar (FSLR) and Zebra Technologies (ZBRA) trade together? Their weekly returns over three years give a correlation of 0.34, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FSLR and ZBRA?
Across a 3-year window, the weekly returns of FSLR and ZBRA correlate at 0.34, moderate. The relationship has been stable: the 1-year correlation (0.25) sits close to the 3-year figure. Stretching to 5 years gives 0.29, with an annualized covariance of 790.1 %².
Among the 34 assets we track against FSLR, ZBRA ranks #18 by 3-year correlation. Twelve-month performance is nearly a tie, at +9.9% for FSLR and +12.3% for ZBRA. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.02 to 0.54.
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 ZBRA: side by side
| FSLR (First Solar) | ZBRA (Zebra Technologies) | |
|---|---|---|
| 1-year return | +9.9% | +12.3% |
| 5-year return | +119.6% | -38.2% |
| Volatility (ann.) | 56.2% | 40.8% |
| Beta vs S&P 500 | 1.14 | 1.54 |
| Max drawdown (3Y) | -60.0% | -52.7% |
| Market cap | $22.6B | $17.1B |
| P/E (trailing) | 12.7 | 33.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Information Technology | Information Technology |
Year-by-year returns
| Year | FSLR | ZBRA |
|---|---|---|
| 2022 | +71.9% | -56.9% |
| 2023 | +15.0% | +6.6% |
| 2024 | +2.3% | +41.3% |
| 2025 | +48.2% | -37.1% |
| 2026 | -19.6% | +48.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FSLR and ZBRA good diversifiers for each other?
Reasonably. At 0.34, FSLR and ZBRA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FSLR and ZBRA?
As of 2026-08-27, the correlation of weekly returns between FSLR and ZBRA is 0.34 over 3 years, 0.25 over 1 year and 0.29 over 5 years.
Is ZBRA a good diversifier for FSLR?
Reasonably. At 0.34, FSLR and ZBRA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.34 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fslr-vs-zbra.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fslr-vs-zbra/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FSLR correlations · ZBRA correlations
