ARRY vs. ENPH
ARRY (Array Technologies, Inc.) and ENPH (Enphase Energy, Inc.) are both stocks. Both operate in the Solar industry within the Technology sector. Over the past 5 years, ARRY returned -11.52%/yr vs -20.99%/yr for ENPH. A 0.60 correlation means they provide meaningful diversification when combined.
Performance
ARRY vs. ENPH - Performance Comparison
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Returns By Period
In the year-to-date period, ARRY achieves a -7.38% return, which is significantly lower than ENPH's 63.53% return.
ARRY
- 1D
- 6.75%
- 1M
- 0.71%
- YTD
- -7.38%
- 6M
- -15.11%
- 1Y
- 15.41%
- 3Y*
- -25.71%
- 5Y*
- -11.52%
- 10Y*
- —
ENPH
- 1D
- 0.25%
- 1M
- -18.15%
- YTD
- 63.53%
- 6M
- 56.45%
- 1Y
- 46.19%
- 3Y*
- -30.88%
- 5Y*
- -20.99%
- 10Y*
- 38.08%
ARRY vs. ENPH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
ARRY Array Technologies, Inc. | -7.38% | 52.65% | -64.05% | -13.09% | 23.20% | -63.63% | 46.24% |
ENPH Enphase Energy, Inc. | 63.53% | -53.33% | -48.02% | -50.13% | 44.83% | 4.26% | 61.03% |
Correlation
The correlation between ARRY and ENPH is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Oct 15, 2020 | 0.60 |
The correlation between ARRY and ENPH has been stable across timeframes, ranging from 0.55 to 0.60 - a consistent structural relationship.
Fundamentals
ARRY:
$1.31B
ENPH:
$6.88B
ARRY:
-$0.44
ENPH:
$0.92
ARRY:
1.09
ENPH:
4.99
ARRY:
$1.21B
ENPH:
$1.40B
ARRY:
$269.92M
ENPH:
$619.16M
ARRY:
$5.35M
ENPH:
$189.48M
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Return for Risk
ARRY vs. ENPH — Risk / Return Rank
ARRY
ENPH
ARRY vs. ENPH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Array Technologies, Inc. (ARRY) and Enphase Energy, Inc. (ENPH). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ARRY | ENPH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.37 | ||
| Sortino ratioReturn per unit of downside risk | -0.61 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.18 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.35 | 1.17 | -0.82 |
| Martin ratioReturn relative to average drawdown | 0.66 | 2.16 | -1.50 |
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Drawdowns
ARRY vs. ENPH - Drawdown Comparison
The maximum ARRY drawdown since its inception was -92.20%, roughly equal to the maximum ENPH drawdown of -95.97%. Use the drawdown chart below to compare losses from any high point for ARRY and ENPH.
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Drawdown Indicators
| ARRY | ENPH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.20% | -95.97% | +3.77% |
Max Drawdown (1Y)Largest decline over 1 year | -44.31% | -39.65% | -4.66% |
Max Drawdown (3Y)Largest decline over 3 years | -84.88% | -86.23% | +1.35% |
Max Drawdown (5Y)Largest decline over 5 years | -85.31% | -92.23% | +6.92% |
Max Drawdown (10Y)Largest decline over 10 years | — | -92.23% | — |
Current DrawdownCurrent decline from peak | -83.27% | -84.40% | +1.13% |
Average DrawdownAverage peak-to-trough decline | -68.96% | -50.62% | -18.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.51% | 21.49% | +2.02% |
Volatility
ARRY vs. ENPH - Volatility Comparison
The current volatility for Array Technologies, Inc. (ARRY) is 24.39%, while Enphase Energy, Inc. (ENPH) has a volatility of 35.73%. This indicates that ARRY experiences smaller price fluctuations and is considered to be less risky than ENPH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ARRY | ENPH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.39% | 35.73% | -11.34% |
Volatility (6M)Calculated over the trailing 6-month period | 63.72% | 67.25% | -3.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 85.04% | 84.30% | +0.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 81.72% | 70.38% | +11.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.72% | 78.34% | +4.38% |
Dividends
ARRY vs. ENPH - Dividend Comparison
Neither ARRY nor ENPH has paid dividends to shareholders.
Financials
ARRY vs. ENPH - Financials Comparison
This section allows you to compare key financial metrics between Array Technologies, Inc. and Enphase Energy, Inc.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
ARRY vs. ENPH - Profitability Comparison
ARRY - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Array Technologies, Inc. reported a gross profit of 63.00M and revenue of 223.41M. Therefore, the gross margin over that period was 28.2%.
ENPH - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Enphase Energy, Inc. reported a gross profit of 100.39M and revenue of 282.90M. Therefore, the gross margin over that period was 35.5%.
ARRY - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Array Technologies, Inc. reported an operating income of 7.11M and revenue of 223.41M, resulting in an operating margin of 3.2%.
ENPH - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Enphase Energy, Inc. reported an operating income of -29.64M and revenue of 282.90M, resulting in an operating margin of -10.5%.
ARRY - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Array Technologies, Inc. reported a net income of 2.00M and revenue of 223.41M, resulting in a net margin of 0.9%.
ENPH - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Enphase Energy, Inc. reported a net income of -20.31M and revenue of 282.90M, resulting in a net margin of -7.2%.
Frequently Asked Questions
ARRY and ENPH have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ENPH has higher volatility (35.73%) compared to ARRY (24.39%). In terms of maximum drawdown, ARRY dropped -92.20% vs ENPH's -95.97%.
ENPH currently has the higher Sharpe Ratio (0.55 vs 0.18), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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