First Solar Correlations

FSLR Stock

USD 186.05 4.10 2.25%

The current 90-days correlation between First Solar and Enphase Energy is 0.71 (i.e., Poor 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

Significant diversification

The correlation between First Solar and DJI is 0.07 (i.e., Significant 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

0.68	VECO	Veeco Instruments	Pair Corr
0.64	ICG	Intchains Group	Pair Corr
0.78	TER	Teradyne	Pair Corr
0.78	KLAC	KLA Tencor	Pair Corr
0.62	LRCX	Lam Research Corp Aggressive Push	Pair Corr
0.79	ACLS	Axcelis Technologies	Pair Corr
0.71	CDW	CDW Corp	Pair Corr
0.83	BKRKY	Bank Rakyat	Pair Corr
0.77	PPERY	Bank Mandiri Persero	Pair Corr
0.61	PPERF	Bank Mandiri Persero	Pair Corr
0.79	TLK	Telkom Indonesia Tbk	Pair Corr
0.7	EC	Ecopetrol SA ADR	Pair Corr
0.63	PBCRY	Bank Central Asia	Pair Corr
0.64	PFE	Pfizer Inc Aggressive Push	Pair Corr

Moving against First Stock

0.71	CSCO	Cisco Systems Aggressive Push	Pair Corr
0.7	CWAN	Clearwater Analytics	Pair Corr
0.68	EHGO	Eshallgo Class A Downward Rally	Pair Corr
0.5	KLIC	Kulicke and Soffa	Pair Corr
0.48	ASAN	Asana Inc	Pair Corr
0.46	IPGP	IPG Photonics	Pair Corr
0.4	INTC	Intel Fiscal Year End 23rd of January 2025	Pair Corr
0.32	COHU	Cohu Inc	Pair Corr
0.83	JPM	JPMorgan Chase Fiscal Year End 10th of January 2025	Pair Corr
0.81	BAC	Bank of America Fiscal Year End 10th of January 2025	Pair Corr
0.64	CVX	Chevron Corp Fiscal Year End 7th of February 2025	Pair Corr
0.63	SSNLF	Samsung Electronics	Pair Corr
0.63	WMT	Walmart Aggressive Push	Pair Corr
0.57	HPQ	HP Inc	Pair Corr
0.56	AXP	American Express Fiscal Year End 24th of January 2025	Pair Corr
0.51	T	ATT Inc Aggressive Push	Pair Corr

Related Correlations Analysis

	ENPH	RUN	CSIQ	SPWR	SEDG	JKS	NOVA	MAXN
ENPH		0.98	0.45	0.92	0.94	-0.27	0.93	0.21	ENPH
RUN	0.98		0.42	0.9	0.94	-0.31	0.95	0.29	RUN
CSIQ	0.45	0.42		0.29	0.45	0.68	0.3	-0.07	CSIQ
SPWR	0.92	0.9	0.29		0.82	-0.38	0.91	0.15	SPWR
SEDG	0.94	0.94	0.45	0.82		-0.2	0.84	0.39	SEDG
JKS	-0.27	-0.31	0.68	-0.38	-0.2		-0.44	-0.26	JKS
NOVA	0.93	0.95	0.3	0.91	0.84	-0.44		0.3	NOVA
MAXN	0.21	0.29	-0.07	0.15	0.39	-0.26	0.3		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

RUN	+ 0.98	ENPH
NOVA	+ 0.95	RUN
SEDG	+ 0.94	ENPH
SEDG	+ 0.94	RUN
NOVA	+ 0.93	ENPH
SPWR	+ 0.92	ENPH

High negative correlations

NOVA	- 0.44	JKS
JKS	- 0.38	SPWR
JKS	- 0.31	RUN
JKS	- 0.27	ENPH
MAXN	- 0.26	JKS
JKS	- 0.2	SEDG

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	3.02	(0.72)	0.00	3.09	0.00	0.00	5.25	(6.72)	23.33
RUN	3.54	(0.63)	0.00	0.53	0.00	0.00	6.23	(9.35)	40.96
CSIQ	4.27	0.17	0.00	(0.22)	6.22	(3.93)	9.83	(8.50)	35.56
SPWR	8.97	(2.95)	0.00	0.66	0.00	0.00	10.29	(40.08)	75.00
SEDG	4.89	(1.01)	0.00	(1.19)	0.00	0.00	8.54	(10.53)	37.05
JKS	4.54	0.52	0.05	(1.14)	6.06	(4.88)	9.45	(7.53)	36.24
NOVA	5.95	(0.15)	0.00	0.17	0.00	0.00	14.57	(9.06)	67.41
MAXN	8.39	(0.42)	0.00	7.35	0.00	0.00	15.60	(17.22)	59.83

First Solar Corporate Management

Jason Dymbort	General 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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