AFRM vs UPST: Correlation
Measured on weekly returns over the past three years, Affirm Holdings, Inc. (AFRM) and Upstart Holdings, Inc. (UPST) carry a correlation of 0.57, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AFRM and UPST?
Across a 3-year window, the weekly returns of AFRM and UPST correlate at 0.57, moderate. The link has tightened recently: the 1-year correlation (0.79) runs above the 3-year figure (0.57). Stretching to 5 years gives 0.57, with an annualized covariance of 3906.2 %².
Within AFRM's tracked universe of 17 assets, UPST comes in at #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months AFRM outperformed by 56.1 percentage points (-0.1% for AFRM against -56.2% for UPST).
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.
AFRM vs UPST: side by side
| AFRM (Affirm Holdings, Inc.) | UPST (Upstart Holdings, Inc.) | |
|---|---|---|
| 1-year return | -0.1% | -56.2% |
| 5-year return | -22.2% | -85.9% |
| Volatility (ann.) | 75.0% | 91.0% |
| Beta vs S&P 500 | 2.77 | 3.51 |
| Max drawdown (3Y) | -55.9% | -72.7% |
| Market cap | $26.0B | $3.0B |
| P/E (trailing) | 69.2 | 58.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AFRM | UPST |
|---|---|---|
| 2022 | -90.4% | -91.3% |
| 2023 | +408.2% | +209.1% |
| 2024 | +23.9% | +50.7% |
| 2025 | +22.2% | -29.0% |
| 2026 | +4.1% | -30.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AFRM and UPST good diversifiers for each other?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AFRM and UPST?
The AFRM/UPST correlation stands at 0.57 on a 3-year window (1 year: 0.79, 5 years: 0.57), computed from weekly returns as of 2026-08-27.
Is UPST a good diversifier for AFRM?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.57 mean?
A reading of 0.57 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: AFRM correlations · UPST correlations
