ARRY vs. PLUG

Last updated Jun 13, 2026

ARRY (Array Technologies, Inc.) and PLUG (Plug Power Inc.) are both stocks. ARRY operates in Solar (Technology), while PLUG operates in Electrical Equipment & Parts (Industrials). Over the past 5 years, ARRY returned -13.61%/yr vs -38.69%/yr for PLUG. At a 0.47 correlation, their price movements are largely independent.

Performance

ARRY vs. PLUG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Array Technologies, Inc. (ARRY) and Plug Power Inc. (PLUG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ARRY achieves a -15.73% return, which is significantly lower than PLUG's 40.10% return.

ARRY

• 1D: 4.30%
• 1M: -13.38%
• YTD: -15.73%
• 6M: -8.80%
• 1Y: -2.39%
• 3Y*: -29.95%
• 5Y*: -13.61%
• 10Y*: —

PLUG

• 1D: -2.47%
• 1M: -26.98%
• YTD: 40.10%
• 6M: 18.97%
• 1Y: 113.95%
• 3Y*: -36.75%
• 5Y*: -38.69%
• 10Y*: 4.78%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ARRY vs. PLUG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ARRY Array Technologies, Inc.	-15.73%	52.65%	-64.05%	-13.09%	23.20%	-63.63%	46.24%
PLUG Plug Power Inc.	40.10%	-7.51%	-52.67%	-63.62%	-56.18%	-16.75%	96.01%

Correlation

The correlation between ARRY and PLUG is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (All Time) Calculated using the full available price history since Oct 15, 2020	0.47

Over the past year, the correlation between ARRY and PLUG has dropped to 0.26 - well below their long-term average of 0.47, suggesting their price drivers have been diverging.

Fundamentals

Market Cap ARRY : $1.19B PLUG : $3.84B
EPS ARRY : -$0.44 PLUG : -$1.39
PS Ratio ARRY : 0.99 PLUG : 4.51
Total Revenue (TTM) ARRY : $1.21B PLUG : $739.76M
Gross Profit (TTM) ARRY : $269.92M PLUG : -$189.79M
EBITDA (TTM) ARRY : $5.35M PLUG : -$745.89M

Return for Risk

ARRY vs. PLUG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ARRY

ARRY Risk / Return Rank: 46
ARRY Sharpe Ratio Rank: 45
ARRY Sortino Ratio Rank: 49
ARRY Omega Ratio Rank: 49
ARRY Calmar Ratio Rank: 45
ARRY Martin Ratio Rank: 45

PLUG

PLUG Risk / Return Rank: 76
PLUG Sharpe Ratio Rank: 74
PLUG Sortino Ratio Rank: 81
PLUG Omega Ratio Rank: 75
PLUG Calmar Ratio Rank: 76
PLUG Martin Ratio Rank: 70

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ARRY vs. PLUG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Array Technologies, Inc. (ARRY) and Plug Power Inc. (PLUG). 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	PLUG	Difference
Sharpe ratio: Return per unit of total volatility	0.05	1.05	-0.99
Sortino ratio: Return per unit of downside risk	0.69	2.28	-1.59
Omega ratio: Gain probability vs. loss probability	1.09	1.25	-0.16
Calmar ratio: Return relative to maximum drawdown	0.10	1.99	-1.89
Martin ratio: Return relative to average drawdown	0.20	3.38	-3.18

ARRY vs. PLUG - Sharpe Ratio Comparison

The current ARRY Sharpe Ratio is 0.05, which is lower than the PLUG Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of ARRY and PLUG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ARRY vs. PLUG - Drawdown Comparison

The maximum ARRY drawdown since its inception was -92.20%, smaller than the maximum PLUG drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for ARRY and PLUG.

Drawdown Indicators

	ARRY	PLUG	Difference
Max Drawdown Largest peak-to-trough decline	-92.20%	-99.99%	+7.79%
Max Drawdown (1Y) Largest decline over 1 year	-44.31%	-56.66%	+12.35%
Max Drawdown (3Y) Largest decline over 3 years	-84.88%	-94.69%	+9.81%
Max Drawdown (5Y) Largest decline over 5 years	-85.31%	-98.43%	+13.12%
Max Drawdown (10Y) Largest decline over 10 years	—	-99.04%	—
Current Drawdown Current decline from peak	-84.78%	-99.82%	+15.04%
Average Drawdown Average peak-to-trough decline	-68.90%	-96.21%	+27.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.24%	33.39%	-10.15%

Volatility

ARRY vs. PLUG - Volatility Comparison

The current volatility for Array Technologies, Inc. (ARRY) is 24.08%, while Plug Power Inc. (PLUG) has a volatility of 26.34%. This indicates that ARRY experiences smaller price fluctuations and is considered to be less risky than PLUG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ARRY	PLUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.08%	26.34%	-2.26%
Volatility (6M) Calculated over the trailing 6-month period	63.54%	64.10%	-0.56%
Volatility (1Y) Calculated over the trailing 1-year period	85.05%	108.06%	-23.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	81.61%	94.54%	-12.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.77%	89.47%	-6.70%

Dividends

ARRY vs. PLUG - Dividend Comparison

Neither ARRY nor PLUG has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

Can I hold both ARRY and PLUG in my portfolio?

ARRY and PLUG have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ARRY or PLUG?

PLUG has higher volatility (26.34%) compared to ARRY (24.08%). In terms of maximum drawdown, ARRY dropped -92.20% vs PLUG's -99.99%.

Which has better risk-adjusted returns?

PLUG currently has the higher Sharpe Ratio (1.05 vs 0.05), 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.