First Solar Correlations

FSLR Stock

USD 236.45 4.91 2.03%

The current 90-days correlation between First Solar and Cenovus Energy is 0.12 (i.e., Average 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

Weak diversification

The correlation between First Solar and DJI is 0.34 (i.e., Weak 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 industry.

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

Moving together with First Stock

0.64

TRV

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Pair Corr

Moving against First Stock

0.55	HD	Home Depot	Pair Corr
0.39	BA	Boeing	Pair Corr
0.37	T	ATT Inc	Pair Corr
0.32	HPQ	HP Inc	Pair Corr

Related Correlations Analysis

	CVE	WDS	NXT	TRGP	CQP	EXE	HAL	EQT	PBA
CVE		0.73	-0.1	0.28	0.42	0.71	-0.18	0.66	0.67	CVE
WDS	0.73		0.33	0.17	0.23	0.66	0.01	0.68	0.34	WDS
NXT	-0.1	0.33		-0.3	-0.29	-0.21	0.06	-0.06	-0.31	NXT
TRGP	0.28	0.17	-0.3		0.69	0.46	0.51	0.14	0.41	TRGP
CQP	0.42	0.23	-0.29	0.69		0.37	0.42	0.11	0.54	CQP
EXE	0.71	0.66	-0.21	0.46	0.37		-0.08	0.92	0.55	EXE
HAL	-0.18	0.01	0.06	0.51	0.42	-0.08		-0.25	-0.03	HAL
EQT	0.66	0.68	-0.06	0.14	0.11	0.92	-0.25		0.4	EQT
PBA	0.67	0.34	-0.31	0.41	0.54	0.55	-0.03	0.4		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

EQT	+ 0.92	EXE
WDS	+ 0.73	CVE
EXE	+ 0.71	CVE
CQP	+ 0.69	TRGP
EQT	+ 0.68	WDS
PBA	+ 0.67	CVE

High negative correlations

PBA	- 0.31	NXT
TRGP	- 0.3	NXT
CQP	- 0.29	NXT
EQT	- 0.25	HAL
EXE	- 0.21	NXT
HAL	- 0.18	CVE

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	1.56	0.17	0.03	2.09	1.84	(1.65)	3.67	(2.43)	8.79
WDS	1.30	0.12	0.04	0.40	1.42	(1.52)	2.35	(2.07)	11.23
NXT	2.80	(0.02)	0.02	0.10	3.59	(2.74)	6.51	(5.52)	20.86
TRGP	1.37	0.37	0.16	16.39	1.27	(1.46)	3.03	(2.76)	8.49
CQP	1.15	0.15	0.05	0.74	1.19	(1.29)	2.36	(2.09)	7.32
EXE	1.55	0.03	(0.03)	0.23	1.68	(1.73)	3.32	(2.78)	10.14
HAL	1.75	0.63	0.28	1.25	1.53	(2.06)	4.74	(3.16)	15.86
EQT	1.60	(0.14)	0.00	(0.14)	0.00	0.00	3.95	(3.35)	8.69
PBA	0.87	0.03	(0.05)	0.75	1.34	(0.84)	1.48	(1.63)	6.67

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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