ACA vs PAYO: Correlation
How closely do Arcosa, Inc. (ACA) and Payoneer Global Inc. (PAYO) trade together? Their weekly returns over three years give a correlation of 0.49, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ACA and PAYO?
Over the past 3 years, ACA and PAYO moved with a correlation of 0.49, which is moderate. Recent behaviour matches the longer record: 0.44 over 1 year against 0.49 over 3. Over 5 years the correlation is 0.36, and the annualized covariance of weekly returns is 748.2 %².
By 3-year correlation, PAYO places #12 of the 23 assets tracked against ACA. Correlation aside, the last 12 months split them widely, with ACA ahead by 42.0 points (+47.0% versus +5.0%). One caveat on sizing: PAYO is 1.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
ACA vs PAYO: side by side
| ACA (Arcosa, Inc.) | PAYO (Payoneer Global Inc.) | |
|---|---|---|
| 1-year return | +47.0% | +5.0% |
| 5-year return | +186.5% | -27.7% |
| Volatility (ann.) | 31.9% | 48.1% |
| Beta vs S&P 500 | 1.23 | 1.27 |
| Max drawdown (3Y) | -36.6% | -61.4% |
| Market cap | $7.1B | $2.4B |
| P/E (trailing) | 32.5 | 50.9 |
| Dividend yield | 0.14% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ACA | PAYO |
|---|---|---|
| 2022 | +3.5% | -25.6% |
| 2023 | +52.5% | -4.8% |
| 2024 | +17.3% | +92.7% |
| 2025 | +10.2% | -44.0% |
| 2026 | +37.0% | +26.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ACA and PAYO good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ACA and PAYO?
Using weekly returns as of 2026-08-27: 0.49 over 3 years, with 0.44 over the last year and 0.36 over 5 years.
Is PAYO a good diversifier for ACA?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.49 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aca-vs-payo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/aca-vs-payo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ACA correlations · PAYO correlations
