NXT vs SHLS: Correlation
Measured on weekly returns over the past three years, Nextpower Inc. (NXT) and Shoals Technologies Group, Inc. (SHLS) carry a correlation of 0.60, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NXT and SHLS?
Across a 3-year window, the weekly returns of NXT and SHLS correlate at 0.60, strong. Recent behaviour matches the longer record: 0.70 over 1 year against 0.60 over 3. Stretching to 5 years gives n/a, with an annualized covariance of 2794.6 %².
In NXT's tracked universe of 11 assets, SHLS sits right near the top at #3. The last year tells two different stories: NXT led by 18.1 percentage points, +32.3% for NXT against +14.2% for SHLS.
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.
NXT vs SHLS: side by side
| NXT (Nextpower Inc.) | SHLS (Shoals Technologies Group, Inc.) | |
|---|---|---|
| 1-year return | +32.3% | +14.2% |
| 5-year return | n/a | -76.8% |
| Volatility (ann.) | 62.6% | 75.0% |
| Beta vs S&P 500 | 1.42 | 1.02 |
| Max drawdown (3Y) | -48.6% | -87.3% |
| Market cap | $13.8B | $1.2B |
| P/E (trailing) | 22.5 | 39.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NXT | SHLS |
|---|---|---|
| 2022 | – | +1.5% |
| 2023 | – | -37.0% |
| 2024 | -22.0% | -64.4% |
| 2025 | +138.5% | +53.7% |
| 2026 | +2.8% | -12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NXT and SHLS good diversifiers for each other?
To a limited degree. At 0.60 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between NXT and SHLS?
Using weekly returns as of 2026-08-27: 0.60 over 3 years, with 0.70 over the last year and n/a over 5 years.
Is SHLS a good diversifier for NXT?
To a limited degree. At 0.60 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.60 mean?
A reading of 0.60 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/nxt-vs-shls.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nxt-vs-shls/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NXT correlations · SHLS correlations
