ORLY vs SHLS: Correlation
O'Reilly Automotive (ORLY) and Shoals Technologies Group, Inc. (SHLS) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ORLY and SHLS?
On 3 years of weekly data the ORLY/SHLS correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.35) than the 3-year average (-0.22). The 5-year figure is -0.10, and annualized covariance runs at -324.3 %².
Out of 29 assets tracked against ORLY, SHLS lands near the bottom at #27. The last year tells two different stories: SHLS led by 29.8 percentage points, -15.6% for ORLY against +14.2% for SHLS. One caveat on sizing: SHLS is 3.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
ORLY vs SHLS: side by side
| ORLY (O'Reilly Automotive) | SHLS (Shoals Technologies Group, Inc.) | |
|---|---|---|
| 1-year return | -15.6% | +14.2% |
| 5-year return | +120.8% | -76.8% |
| Volatility (ann.) | 19.8% | 75.0% |
| Beta vs S&P 500 | 0.20 | 1.02 |
| Max drawdown (3Y) | -23.3% | -87.3% |
| Market cap | $71.1B | $1.2B |
| P/E (trailing) | 28.4 | 39.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Consumer Discretionary | US Listed |
Year-by-year returns
| Year | ORLY | SHLS |
|---|---|---|
| 2022 | +19.5% | +1.5% |
| 2023 | +12.6% | -37.0% |
| 2024 | +24.8% | -64.4% |
| 2025 | +15.4% | +53.7% |
| 2026 | -3.7% | -12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ORLY and SHLS good diversifiers for each other?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
FAQ
What is the correlation between ORLY and SHLS?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.35 over the last year and -0.10 over 5 years.
Is SHLS a good diversifier for ORLY?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
What does a correlation of -0.22 mean?
A reading of -0.22 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/orly-vs-shls.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/orly-vs-shls/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ORLY correlations · SHLS correlations
