FTCI vs SMSI: Correlation
How closely do FTC Solar, Inc. (FTCI) and Smith Micro Software, Inc. (SMSI) 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 FTCI and SMSI?
Across a 3-year window, the weekly returns of FTCI and SMSI correlate at 0.34, moderate. The link has loosened recently: the 1-year correlation (0.08) runs below the 3-year figure (0.34). Stretching to 5 years gives 0.25, with an annualized covariance of 3947.6 %².
By 3-year correlation, SMSI places #7 of the 12 assets tracked against FTCI. Correlation aside, the last 12 months split them widely, with SMSI ahead by 43.5 points (-62.4% versus -18.9%).
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.
FTCI vs SMSI: side by side
| FTCI (FTC Solar, Inc.) | SMSI (Smith Micro Software, Inc.) | |
|---|---|---|
| 1-year return | -62.4% | -18.9% |
| 5-year return | -97.8% | -98.5% |
| Volatility (ann.) | 122.6% | 94.7% |
| Beta vs S&P 500 | 2.61 | 0.95 |
| Max drawdown (3Y) | -90.4% | -96.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FTCI | SMSI |
|---|---|---|
| 2022 | -64.6% | -57.3% |
| 2023 | -74.1% | -60.5% |
| 2024 | -20.5% | -80.3% |
| 2025 | +98.0% | -58.8% |
| 2026 | -77.7% | +9.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FTCI and SMSI good diversifiers for each other?
Reasonably. At 0.34, FTCI and SMSI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FTCI and SMSI?
The FTCI/SMSI correlation stands at 0.34 on a 3-year window (1 year: 0.08, 5 years: 0.25), computed from weekly returns as of 2026-08-27.
Is SMSI a good diversifier for FTCI?
Reasonably. At 0.34, FTCI and SMSI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.34 mean?
On the −1 to +1 scale, 0.34 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/ftci-vs-smsi.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ftci-vs-smsi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FTCI correlations · SMSI correlations
