SHLS vs XWEL: Correlation
Measured on weekly returns over the past three years, Shoals Technologies Group, Inc. (SHLS) and XWELL, Inc. (XWEL) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SHLS and XWEL?
On 3 years of weekly data the SHLS/XWEL correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.58) runs below the 3-year figure (-0.25). The 5-year figure is -0.16, and annualized covariance runs at -3503.6 %².
Out of 17 assets tracked against SHLS, XWEL lands near the bottom at #16. Their recent paths diverged sharply: over the last 12 months SHLS outperformed by 21.7 percentage points (+14.2% for SHLS against -7.5% for XWEL). One caveat on sizing: XWEL is 2.5 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.
SHLS vs XWEL: side by side
| SHLS (Shoals Technologies Group, Inc.) | XWEL (XWELL, Inc.) | |
|---|---|---|
| 1-year return | +14.2% | -7.5% |
| 5-year return | -76.8% | -97.2% |
| Volatility (ann.) | 75.0% | 188.4% |
| Beta vs S&P 500 | 1.02 | 0.41 |
| Max drawdown (3Y) | -87.3% | -92.8% |
| Market cap | $1.2B | – |
| P/E (trailing) | 39.1 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SHLS | XWEL |
|---|---|---|
| 2022 | +1.5% | -82.2% |
| 2023 | -37.0% | -75.8% |
| 2024 | -64.4% | -13.2% |
| 2025 | +53.7% | -69.5% |
| 2026 | -12.7% | +115.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SHLS and XWEL good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SHLS and XWEL?
The SHLS/XWEL correlation stands at -0.25 on a 3-year window (1 year: -0.58, 5 years: -0.16), computed from weekly returns as of 2026-08-27.
Is XWEL a good diversifier for SHLS?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 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/shls-vs-xwel.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/shls-vs-xwel/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SHLS correlations · XWEL correlations
