First Solar Correlations

FSLR Stock

USD 200.10 10.02 4.77%

The current 90-days correlation between First Solar and Cenovus Energy is 0.07 (i.e., Significant 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

Excellent diversification

The correlation between First Solar and DJI is -0.58 (i.e., Excellent 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.

Build AI portfolio with First Stock

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 board of governors.

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

Moving together with First Stock

0.81	DQ	Daqo New Energy	Pair Corr
0.73	L5A	Canadian Solar	Pair Corr
0.68	2DG	SIVERS SEMICONDUCTORS	Pair Corr

Moving against First Stock

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0.79	TWA	TOWA	Pair Corr
0.77	ASM	ASM International Earnings Call This Week	Pair Corr
0.76	DIOD	Diodes Incorporated	Pair Corr
0.74	MU	Micron Technology	Pair Corr
0.72	ALKAL	Kalray SA	Pair Corr
0.71	AIX2	AIXTRON SE	Pair Corr
0.71	ON	ON Semiconductor	Pair Corr
0.63	AMK	Amkor Technology	Pair Corr
0.39	MX	MagnaChip Semiconductor	Pair Corr
0.81	2DQ	ASE TECHNHLDGCOLTD	Pair Corr
0.8	ENTG	Entegris	Pair Corr
0.77	TEY	Teradyne	Pair Corr
0.77	ROM	ROHM Co	Pair Corr
0.74	ANL	Analog Devices	Pair Corr
0.72	ENPH	Enphase Energy Downward Rally	Pair Corr
0.71	INL	Intel	Pair Corr
0.64	8KH	TOREX SEMICONDUCTOR LTD	Pair Corr
0.57	CTNK	Centrotherm International	Pair Corr
0.56	WAF	Siltronic AG	Pair Corr
0.36	VNX	NXP Semiconductors	Pair Corr
0.82	ASME	ASML Holding NV	Pair Corr
0.8	ASMF	ASML HOLDING NY	Pair Corr
0.79	ASX	ASE Industrial Holding	Pair Corr
0.79	IN9	INTEST P DL Earnings Call Today	Pair Corr
0.79	ENQ	Entegris	Pair Corr
0.77	6UX	ML SYSTEM SA	Pair Corr

Related Correlations Analysis

	CVE	WDS	NXT	TRGP	CQP	EXE	HAL	EQT	PBA
CVE		0.96	0.89	0.94	0.94	-0.35	0.75	0.51	0.97	CVE
WDS	0.96		0.83	0.9	0.9	-0.23	0.7	0.6	0.95	WDS
NXT	0.89	0.83		0.89	0.87	-0.49	0.86	0.24	0.91	NXT
TRGP	0.94	0.9	0.89		0.94	-0.49	0.81	0.38	0.96	TRGP
CQP	0.94	0.9	0.87	0.94		-0.42	0.83	0.41	0.94	CQP
EXE	-0.35	-0.23	-0.49	-0.49	-0.42		-0.67	0.54	-0.34	EXE
HAL	0.75	0.7	0.86	0.81	0.83	-0.67		-0.02	0.78	HAL
EQT	0.51	0.6	0.24	0.38	0.41	0.54	-0.02		0.47	EQT
PBA	0.97	0.95	0.91	0.96	0.94	-0.34	0.78	0.47		PBA
	CVE	WDS	NXT	TRGP	CQP	EXE	HAL	EQT	PBA

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

PBA	+ 0.97	CVE
WDS	+ 0.96	CVE
PBA	+ 0.96	TRGP
PBA	+ 0.95	WDS
TRGP	+ 0.94	CVE
CQP	+ 0.94	CVE

High negative correlations

HAL	- 0.67	EXE
EXE	- 0.49	TRGP
EXE	- 0.49	NXT
EXE	- 0.42	CQP
EXE	- 0.35	CVE
PBA	- 0.34	EXE

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
CVE	1.84	0.30	0.10	1.07	1.94	(2.07)	4.31	(3.24)	9.18
WDS	1.41	0.22	0.09	0.64	1.51	(1.60)	2.57	(2.21)	6.95
NXT	2.72	0.17	0.08	0.20	3.20	(2.80)	6.06	(5.52)	20.06
TRGP	1.25	0.45	0.24	2.16	1.01	(1.40)	3.03	(2.07)	6.41
CQP	1.04	0.21	0.10	1.51	0.95	(1.20)	2.27	(1.89)	5.55
EXE	1.79	(0.10)	0.00	(2.26)	0.00	0.00	4.35	(3.58)	11.34
HAL	1.60	0.44	0.23	0.78	1.31	(1.86)	4.05	(2.52)	11.25
EQT	1.70	0.07	0.00	0.37	1.97	(1.82)	3.16	(3.34)	11.66
PBA	0.89	0.23	0.07	(2.47)	1.19	(0.89)	1.95	(1.63)	6.57

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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