INE.TO vs. FSLR

Last updated Jun 5, 2026

INE.TO (Innergex Renewable Energy Inc.) and FSLR (First Solar, Inc.) are both stocks. INE.TO operates in Utilities - Renewable (Utilities), while FSLR operates in Solar (Technology). At a 0.16 correlation, their price movements are largely independent.

Performance

INE.TO vs. FSLR - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Innergex Renewable Energy Inc. (INE.TO) and First Solar, Inc. (FSLR). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

INE.TO is traded in CAD, while FSLR is traded in USD. To make them comparable, the FSLR values have been converted to CAD using the latest available exchange rates.

Returns By Period

INE.TO

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FSLR

• 1D: -0.94%
• 1M: 46.63%
• YTD: 22.22%
• 6M: 22.00%
• 1Y: 100.43%
• 3Y*: 16.96%
• 5Y*: 36.77%
• 10Y*: 21.16%

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

INE.TO vs. FSLR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
INE.TO Innergex Renewable Energy Inc.	0.00%	72.95%	-8.83%	-39.57%	-9.29%	-29.60%	67.90%	40.94%	-8.26%	7.44%
FSLR First Solar, Inc.	22.22%	41.43%	11.09%	12.48%	84.10%	-12.68%	73.78%	25.33%	-31.79%	97.01%

Correlation

The correlation between INE.TO and FSLR is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (10Y) Calculated over the trailing 10-year period	0.18
Correlation (All Time) Calculated using the full available price history since Jun 24, 2009	0.16

The correlation between INE.TO and FSLR shifts across timeframes, from -0.02 (1 year) to 0.21 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Total Revenue (TTM) INE.TO : CA$995.52M FSLR : $5.42B
Gross Profit (TTM) INE.TO : CA$1.10B FSLR : $2.26B
EBITDA (TTM) INE.TO : CA$745.05M FSLR : $2.15B

Return for Risk

INE.TO vs. FSLR — Risk / Return Rank

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

FSLR

FSLR Risk / Return Rank: 81
FSLR Sharpe Ratio Rank: 85
FSLR Sortino Ratio Rank: 80
FSLR Omega Ratio Rank: 81
FSLR Calmar Ratio Rank: 81
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.

INE.TO vs. FSLR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innergex Renewable Energy Inc. (INE.TO) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	INE.TO	FSLR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.81	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.70	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.43	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.10	—

Drawdowns

Drawdown Indicators

	INE.TO	FSLR	Difference
Max Drawdown Largest peak-to-trough decline	—	-93.82%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-34.85%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-58.94%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-58.94%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-58.94%	—
Current Drawdown Current decline from peak	—	-0.94%	—
Average Drawdown Average peak-to-trough decline	—	-52.08%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	16.57%	—

Volatility

Volatility by Period

	INE.TO	FSLR	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	15.91%	—
Volatility (6M) Calculated over the trailing 6-month period	—	38.92%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	55.69%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	52.72%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	49.53%	—

Dividends

INE.TO vs. FSLR - Dividend Comparison

INE.TO's dividend yield for the trailing twelve months is around 0.66%, while FSLR has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSLR First Solar, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
INE.TO Innergex Renewable Energy Inc.	0.66%	1.31%	4.47%	7.83%	4.44%	3.87%	2.63%	4.21%	5.42%	4.58%	4.56%	5.47%

Financials

Frequently Asked Questions

Can I hold both INE.TO and FSLR in my portfolio?

INE.TO and FSLR have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.