RUN vs SHLS: Correlation
How closely do Sunrun Inc. (RUN) and Shoals Technologies Group, Inc. (SHLS) trade together? Their weekly returns over three years give a correlation of 0.54, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RUN and SHLS?
On 3 years of weekly data the RUN/SHLS correlation comes out at 0.54, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.73 versus 0.54 over 3 years. The 5-year figure is 0.57, and annualized covariance runs at 3841.5 %².
Within RUN's tracked universe of 16 assets, SHLS comes in at #8 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SHLS ahead by 56.9 points (-42.7% versus +14.2%).
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.
RUN vs SHLS: side by side
| RUN (Sunrun Inc.) | SHLS (Shoals Technologies Group, Inc.) | |
|---|---|---|
| 1-year return | -42.7% | +14.2% |
| 5-year return | -79.7% | -76.8% |
| Volatility (ann.) | 94.7% | 75.0% |
| Beta vs S&P 500 | 1.89 | 1.02 |
| Max drawdown (3Y) | -73.7% | -87.3% |
| Market cap | $2.2B | $1.2B |
| P/E (trailing) | 6.2 | 39.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | RUN | SHLS |
|---|---|---|
| 2022 | -30.0% | +1.5% |
| 2023 | -18.3% | -37.0% |
| 2024 | -52.9% | -64.4% |
| 2025 | +98.9% | +53.7% |
| 2026 | -50.8% | -12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RUN and SHLS good diversifiers for each other?
To a limited degree. At 0.54 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 RUN and SHLS?
As of 2026-08-27, the correlation of weekly returns between RUN and SHLS is 0.54 over 3 years, 0.73 over 1 year and 0.57 over 5 years.
Is SHLS a good diversifier for RUN?
To a limited degree. At 0.54 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 0.54 mean?
A reading of 0.54 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/run-vs-shls.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/run-vs-shls/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: RUN correlations · SHLS correlations
