ADP vs EXLS: Correlation
How closely do Automatic Data Processing (ADP) and ExlService Holdings, Inc. (EXLS) trade together? Their weekly returns over three years give a correlation of 0.59, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ADP and EXLS?
Over the past 3 years, ADP and EXLS moved with a correlation of 0.59, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.70 versus 0.59 over 3 years. Over 5 years the correlation is 0.62, and the annualized covariance of weekly returns is 406.0 %².
Among the 43 assets we track against ADP, EXLS ranks #9 by 3-year correlation. The trailing year gives ADP the advantage: -3.5% versus -13.4%, a 9.9-point spread.
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.
ADP vs EXLS: side by side
| ADP (Automatic Data Processing) | EXLS (ExlService Holdings, Inc.) | |
|---|---|---|
| 1-year return | -3.5% | -13.4% |
| 5-year return | +52.0% | +55.2% |
| Volatility (ann.) | 21.7% | 31.7% |
| Beta vs S&P 500 | 0.53 | 0.77 |
| Max drawdown (3Y) | -40.8% | -51.3% |
| Market cap | $113.1B | $5.8B |
| P/E (trailing) | 26.0 | 23.7 |
| Dividend yield | 2.36% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | ADP | EXLS |
|---|---|---|
| 2022 | -1.3% | +17.0% |
| 2023 | -0.2% | -9.0% |
| 2024 | +28.4% | +43.9% |
| 2025 | -10.2% | -4.4% |
| 2026 | +12.4% | -10.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ADP and EXLS good diversifiers for each other?
Only partially. A correlation of 0.59 means ADP and EXLS share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between ADP and EXLS?
The ADP/EXLS correlation stands at 0.59 on a 3-year window (1 year: 0.70, 5 years: 0.62), computed from weekly returns as of 2026-08-27.
Is EXLS a good diversifier for ADP?
Only partially. A correlation of 0.59 means ADP and EXLS share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.59 mean?
On the −1 to +1 scale, 0.59 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/adp-vs-exls.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/adp-vs-exls/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ADP correlations · EXLS correlations
