HASI vs TAN: Correlation
HA Sustainable Infrastructure Capital, Inc. (HASI) and Invesco Solar ETF (TAN) show a moderate relationship: their 3-year correlation of weekly returns is 0.57.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HASI and TAN?
Across a 3-year window, the weekly returns of HASI and TAN correlate at 0.57, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.30 versus 0.57 over 3 years. Stretching to 5 years gives 0.62, with an annualized covariance of 1028.1 %².
By 3-year correlation, TAN places #5 of the 13 assets tracked against HASI. The last year tells two different stories: HASI led by 29.6 percentage points, +51.0% for HASI against +21.4% for TAN.
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.
HASI vs TAN: side by side
| HASI (HA Sustainable Infrastructure Capital, Inc.) | TAN (Invesco Solar ETF) | |
|---|---|---|
| 1-year return | +51.0% | +21.4% |
| 5-year return | -13.8% | -41.9% |
| Volatility (ann.) | 48.0% | 37.4% |
| Beta vs S&P 500 | 0.84 | 1.04 |
| Max drawdown (3Y) | -41.4% | -55.4% |
| Market cap | $5.2B | – |
| P/E (trailing) | 62.0 | – |
| Dividend yield | 4.22% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | HASI | TAN |
|---|---|---|
| 2022 | -43.0% | -5.2% |
| 2023 | +1.5% | -26.8% |
| 2024 | +3.0% | -37.6% |
| 2025 | +23.9% | +48.3% |
| 2026 | +31.0% | +1.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HASI and TAN good diversifiers for each other?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between HASI and TAN?
As of 2026-08-27, the correlation of weekly returns between HASI and TAN is 0.57 over 3 years, 0.30 over 1 year and 0.62 over 5 years.
Is TAN a good diversifier for HASI?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.57 mean?
A reading of 0.57 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hasi-vs-tan.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hasi-vs-tan/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HASI correlations · TAN correlations
