First Solar Correlations

FSLR Stock

USD 129.34 2.00 1.57%

The current 90-days correlation between First Solar and Enphase Energy is 0.47 (i.e., Very weak diversification). The correlation of First Solar is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

First Solar Correlation With Market

Good diversification

The correlation between First Solar and DJI is -0.1 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Solar and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in First Solar. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in bureau of economic analysis.

To learn how to invest in First Stock, please use our How to Invest in First Solar guide.

Moving together with First Stock

0.91	VVPR	VivoPower International	Pair Corr
0.76	ENPH	Enphase Energy	Pair Corr
0.96	NOVA	Sunnova Energy Inter	Pair Corr
0.79	FTCI	FTC Solar	Pair Corr
0.94	RUN	Sunrun Inc	Pair Corr
0.91	SOL	Emeren Group Earnings Call This Week	Pair Corr
0.71	ZEO	Zeo Energy Corp	Pair Corr
0.82	ASTI	Ascent Solar Technol	Pair Corr
0.92	SHLS	Shoals Technologies Tech Boost	Pair Corr
0.83	SPRU	Spruce Power Holding	Pair Corr
0.95	SUNE	SUNation Energy Symbol Change	Pair Corr
0.9	BEEM	Beam Global	Pair Corr
0.74	CSIQ	Canadian Solar Buyout Trend	Pair Corr
0.75	CSLR	Complete Solaria, Common	Pair Corr
0.91	MAXN	Maxeon Solar Technologies Tech Boost	Pair Corr
0.94	DIOD	Diodes Incorporated	Pair Corr
0.85	DJCO	Daily Journal Corp	Pair Corr
0.86	EB	Eventbrite Class A	Pair Corr

Moving against First Stock

0.4	SEDG	SolarEdge Technologies	Pair Corr
0.39	CSLRW	Complete Solaria,	Pair Corr
0.69	G	Genpact Limited	Pair Corr
0.55	FI	Fiserv,	Pair Corr
0.46	BR	Broadridge Financial	Pair Corr
0.34	BB	BlackBerry	Pair Corr

Related Correlations Analysis

	ENPH	RUN	CSIQ	SPWR	SEDG	JKS	NOVA	MAXN
ENPH		0.8	0.78	0.0	0.0	0.7	0.77	0.84	ENPH
RUN	0.8		0.79	0.0	-0.3	0.42	0.97	0.92	RUN
CSIQ	0.78	0.79		0.0	0.15	0.79	0.76	0.73	CSIQ
SPWR	0.0	0.0	0.0		0.0	0.0	0.0	0.0	SPWR
SEDG	0.0	-0.3	0.15	0.0		0.33	-0.4	-0.36	SEDG
JKS	0.7	0.42	0.79	0.0	0.33		0.4	0.48	JKS
NOVA	0.77	0.97	0.76	0.0	-0.4	0.4		0.95	NOVA
MAXN	0.84	0.92	0.73	0.0	-0.36	0.48	0.95		MAXN
	ENPH	RUN	CSIQ	SPWR	SEDG	JKS	NOVA	MAXN

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

NOVA	+ 0.97	RUN
MAXN	+ 0.95	NOVA
MAXN	+ 0.92	RUN
MAXN	+ 0.84	ENPH
RUN	+ 0.8	ENPH
CSIQ	+ 0.79	RUN

High negative correlations

NOVA	- 0.4	SEDG
MAXN	- 0.36	SEDG
SEDG	- 0.3	RUN
MAXN	- 0.0	SPWR
NOVA	- 0.0	SPWR
JKS	- 0.0	SPWR

Risk-Adjusted Indicators

There is a big difference between First Stock performing well and First Solar Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze First Solar's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
ENPH	2.47	(0.22)	0.00	0.44	0.00	0.00	4.96	(4.48)	13.55
RUN	3.42	(0.61)	0.00	0.71	0.00	0.00	8.75	(8.24)	25.30
CSIQ	2.81	(0.11)	0.00	0.59	0.00	0.00	6.05	(4.58)	18.46
SPWR	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
SEDG	4.24	0.34	0.09	(0.84)	4.84	(5.09)	8.82	(7.34)	30.26
JKS	2.83	0.06	0.04	0.55	3.31	(3.33)	6.05	(5.52)	15.82
NOVA	6.43	(2.93)	0.00	9.77	0.00	0.00	10.31	(15.69)	81.08
MAXN	4.60	(0.91)	0.00	1.29	0.00	0.00	12.57	(8.45)	33.53

First Solar Corporate Management

Jason Dymbort	General VP	Profile
Nathan Theurer	Global VP	Profile
Mitchell Ennis	Ma Relations	Profile
Caroline Stockdale	Chief Officer	Profile
Kuntal Verma	Chief Officer	Profile
Byron Jeffers	Chief Accounting Officer	Profile
Patrick Buehler	Chief Officer	Profile

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