ORA vs TAN: Correlation
Measured on weekly returns over the past three years, Ormat Technologies, Inc. (ORA) and Invesco Solar ETF (TAN) carry a correlation of 0.54, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ORA and TAN?
Over the past 3 years, ORA and TAN moved with a correlation of 0.54, which is moderate. Little has changed lately, as the 1-year reading of 0.48 lands near the 3-year figure. Over 5 years the correlation is 0.55, and the annualized covariance of weekly returns is 554.0 %².
In ORA's tracked universe of 10 assets, TAN sits right near the top at #2. On 12-month performance TAN holds a 7.2-point edge, +14.2% against +21.4%.
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.
ORA vs TAN: side by side
| ORA (Ormat Technologies, Inc.) | TAN (Invesco Solar ETF) | |
|---|---|---|
| 1-year return | +14.2% | +21.4% |
| 5-year return | +53.7% | -41.9% |
| Volatility (ann.) | 27.5% | 37.4% |
| Beta vs S&P 500 | 0.55 | 1.04 |
| Max drawdown (3Y) | -35.0% | -55.4% |
| Market cap | $6.5B | – |
| P/E (trailing) | 50.7 | – |
| Dividend yield | 0.46% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | ORA | TAN |
|---|---|---|
| 2022 | +9.7% | -5.2% |
| 2023 | -11.8% | -26.8% |
| 2024 | -10.1% | -37.6% |
| 2025 | +64.1% | +48.3% |
| 2026 | -4.7% | +1.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ORA and TAN good diversifiers for each other?
Only partially. A correlation of 0.54 means ORA and TAN share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between ORA and TAN?
Using weekly returns as of 2026-08-27: 0.54 over 3 years, with 0.48 over the last year and 0.55 over 5 years.
Is TAN a good diversifier for ORA?
Only partially. A correlation of 0.54 means ORA and TAN share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.54 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/ora-vs-tan.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ora-vs-tan/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ORA correlations · TAN correlations
