MRSH vs SHLS: Correlation
Measured on weekly returns over the past three years, Marsh McLennan (MRSH) and Shoals Technologies Group, Inc. (SHLS) carry a correlation of -0.20, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MRSH and SHLS?
On 3 years of weekly data the MRSH/SHLS correlation comes out at -0.20, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.38 versus -0.20 over 3 years. The 5-year figure is -0.03, and annualized covariance runs at -274.2 %².
Among the 38 assets we track against MRSH, SHLS ranks #31 by 3-year correlation. The last year tells two different stories: SHLS led by 20.2 percentage points, -6.0% for MRSH against +14.2% for SHLS. Note the risk asymmetry: SHLS runs 4.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
MRSH vs SHLS: side by side
| MRSH (Marsh McLennan) | SHLS (Shoals Technologies Group, Inc.) | |
|---|---|---|
| 1-year return | -6.0% | +14.2% |
| 5-year return | +31.3% | -76.8% |
| Volatility (ann.) | 18.1% | 75.0% |
| Beta vs S&P 500 | 0.33 | 1.02 |
| Max drawdown (3Y) | -34.4% | -87.3% |
| Market cap | $90.7B | $1.2B |
| P/E (trailing) | 23.6 | 39.1 |
| Dividend yield | 1.91% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | MRSH | SHLS |
|---|---|---|
| 2022 | -3.5% | +1.5% |
| 2023 | +16.1% | -37.0% |
| 2024 | +13.7% | -64.4% |
| 2025 | -11.3% | +53.7% |
| 2026 | +4.0% | -12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MRSH and SHLS good diversifiers for each other?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
FAQ
What is the correlation between MRSH and SHLS?
Using weekly returns as of 2026-08-27: -0.20 over 3 years, with -0.38 over the last year and -0.03 over 5 years.
Is SHLS a good diversifier for MRSH?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
What does a correlation of -0.20 mean?
On the −1 to +1 scale, -0.20 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/mrsh-vs-shls.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mrsh-vs-shls/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MRSH correlations · SHLS correlations
