FREY vs. FSLR

Last updated Jun 3, 2026

FREY (FREYR Battery) and FSLR (First Solar, Inc.) are both stocks. FREY operates in Electrical Equipment & Parts (Industrials), while FSLR operates in Solar (Technology). Over the past 3 years, FREY returned 17.25%/yr vs 14.58%/yr for FSLR. At a 0.40 correlation, their price movements are largely independent.

Performance

FREY vs. FSLR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FREYR Battery (FREY) and First Solar, Inc. (FSLR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FREY achieves a 80.24% return, which is significantly higher than FSLR's 19.06% return.

FREY

• 1D: 15.66%
• 1M: 133.79%
• YTD: 80.24%
• 6M: 154.01%
• 1Y: 1,046.67%
• 3Y*: 17.25%
• 5Y*: —
• 10Y*: —

FSLR

• 1D: 2.64%
• 1M: 46.90%
• YTD: 19.06%
• 6M: 18.45%
• 1Y: 107.82%
• 3Y*: 14.58%
• 5Y*: 32.77%
• 10Y*: 20.24%

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

FREY vs. FSLR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FREY FREYR Battery	80.24%	158.91%	37.97%	-78.46%	-22.36%	18.31%
FSLR First Solar, Inc.	19.06%	48.22%	2.30%	15.01%	71.86%	-3.06%

Correlation

The correlation between FREY and FSLR is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (All Time) Calculated using the full available price history since Jul 9, 2021	0.40

The correlation between FREY and FSLR shifts across timeframes, from 0.30 (1 year) to 0.40 (all time), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap FREY : $2.63B FSLR : $33.47B
EPS FREY : -$2.15 FSLR : $15.48
PS Ratio FREY : 12.67 FSLR : 6.17
PB Ratio FREY : 11.31 FSLR : 3.39
Total Revenue (TTM) FREY : $168.46M FSLR : $5.42B
Gross Profit (TTM) FREY : $66.78M FSLR : $2.26B
EBITDA (TTM) FREY : -$133.32M FSLR : $2.15B

Return for Risk

FREY vs. FSLR — Risk / Return Rank

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

FREY

FREY Risk / Return Rank: 98
FREY Sharpe Ratio Rank: 100
FREY Sortino Ratio Rank: 97
FREY Omega Ratio Rank: 94
FREY Calmar Ratio Rank: 99
FREY Martin Ratio Rank: 99

FSLR

FSLR Risk / Return Rank: 82
FSLR Sharpe Ratio Rank: 86
FSLR Sortino Ratio Rank: 81
FSLR Omega Ratio Rank: 82
FSLR Calmar Ratio Rank: 80
FSLR Martin Ratio Rank: 78

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.

FREY vs. FSLR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FREYR Battery (FREY) and First Solar, Inc. (FSLR). 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.

	FREY	FSLR	Difference
Sharpe ratio Return per unit of total volatility	8.33	1.92	+6.41
Sortino ratio Return per unit of downside risk	4.83	2.42	+2.41
Omega ratio Gain probability vs. loss probability	1.54	1.34	+0.21
Calmar ratio Return relative to maximum drawdown	17.15	2.76	+14.39
Martin ratio Return relative to average drawdown	41.61	5.88	+35.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FREY vs. FSLR - Sharpe Ratio Comparison

The current FREY Sharpe Ratio is 8.33, which is higher than the FSLR Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of FREY and FSLR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FREY	FSLR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	8.33	1.92	+6.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.61	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.40	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.05	0.23	-0.18

Drawdowns

FREY vs. FSLR - Drawdown Comparison

The maximum FREY drawdown since its inception was -94.09%, roughly equal to the maximum FSLR drawdown of -96.22%. Use the drawdown chart below to compare losses from any high point for FREY and FSLR.

Drawdown Indicators

	FREY	FSLR	Difference
Max Drawdown Largest peak-to-trough decline	-94.09%	-96.22%	+2.13%
Max Drawdown (1Y) Largest decline over 1 year	-58.59%	-35.10%	-23.49%
Max Drawdown (3Y) Largest decline over 3 years	-90.35%	-59.97%	-30.38%
Max Drawdown (5Y) Largest decline over 5 years	—	-59.97%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-61.26%	—
Current Drawdown Current decline from peak	-25.12%	-0.04%	-25.08%
Average Drawdown Average peak-to-trough decline	-60.40%	-63.29%	+2.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.15%	16.45%	+7.70%

Volatility

FREY vs. FSLR - Volatility Comparison

FREYR Battery (FREY) has a higher volatility of 45.89% compared to First Solar, Inc. (FSLR) at 16.23%. This indicates that FREY's price experiences larger fluctuations and is considered to be riskier than FSLR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FREY	FSLR	Difference
Volatility (1M) Calculated over the trailing 1-month period	45.89%	16.23%	+29.66%
Volatility (6M) Calculated over the trailing 6-month period	88.50%	38.90%	+49.60%
Volatility (1Y) Calculated over the trailing 1-year period	127.14%	56.73%	+70.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	100.97%	53.65%	+47.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	100.97%	50.62%	+50.35%

Dividends

FREY vs. FSLR - Dividend Comparison

Neither FREY nor FSLR has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

Can I hold both FREY and FSLR in my portfolio?

FREY and FSLR have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FREY or FSLR?

FREY has higher volatility (45.89%) compared to FSLR (16.23%). In terms of maximum drawdown, FREY dropped -94.09% vs FSLR's -96.22%.

Which has better risk-adjusted returns?

FREY currently has the higher Sharpe Ratio (8.33 vs 1.92), 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.