PLUG vs TAN: Correlation
How closely do Plug Power, Inc. (PLUG) and Invesco Solar ETF (TAN) trade together? Their weekly returns over three years give a correlation of 0.50, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PLUG and TAN?
Across a 3-year window, the weekly returns of PLUG and TAN correlate at 0.50, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.37 versus 0.50 over 3 years. Stretching to 5 years gives 0.57, with an annualized covariance of 1852.5 %².
In PLUG's tracked universe of 13 assets, TAN sits right near the top at #3. The last year tells two different stories: PLUG led by 18.7 percentage points, +40.1% for PLUG against +21.4% for TAN. Risk is not evenly split, since PLUG carries 2.6 times the volatility of the other side.
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.
PLUG vs TAN: side by side
| PLUG (Plug Power, Inc.) | TAN (Invesco Solar ETF) | |
|---|---|---|
| 1-year return | +40.1% | +21.4% |
| 5-year return | -91.3% | -41.9% |
| Volatility (ann.) | 98.9% | 37.4% |
| Beta vs S&P 500 | 1.49 | 1.04 |
| Max drawdown (3Y) | -92.1% | -55.4% |
| Market cap | $3.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | PLUG | TAN |
|---|---|---|
| 2022 | -56.2% | -5.2% |
| 2023 | -63.6% | -26.8% |
| 2024 | -52.7% | -37.6% |
| 2025 | -7.5% | +48.3% |
| 2026 | +15.2% | +1.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PLUG and TAN good diversifiers for each other?
To a limited degree. At 0.50 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 PLUG and TAN?
As of 2026-08-27, the correlation of weekly returns between PLUG and TAN is 0.50 over 3 years, 0.37 over 1 year and 0.57 over 5 years.
Is TAN a good diversifier for PLUG?
To a limited degree. At 0.50 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 0.50 mean?
On the −1 to +1 scale, 0.50 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/plug-vs-tan.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/plug-vs-tan/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: PLUG correlations · TAN correlations
