ASG vs UPST: Correlation
Liberty All-Star Growth Fund, Inc. (ASG) and Upstart Holdings, Inc. (UPST) show a strong relationship: their 3-year correlation of weekly returns is 0.63.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASG and UPST?
Over the past 3 years, ASG and UPST moved with a correlation of 0.63, which is strong. Recent behaviour matches the longer record: 0.61 over 1 year against 0.63 over 3. Over 5 years the correlation is 0.53, and the annualized covariance of weekly returns is 1056.8 %².
Within ASG's tracked universe of 52 assets, UPST comes in at #19 by 3-year correlation. The last year tells two different stories: ASG led by 59.5 percentage points, +3.3% for ASG against -56.2% for UPST. One caveat on sizing: UPST is 5.0 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.
ASG vs UPST: side by side
| ASG (Liberty All-Star Growth Fund, Inc.) | UPST (Upstart Holdings, Inc.) | |
|---|---|---|
| 1-year return | +3.3% | -56.2% |
| 5-year return | -5.6% | -85.9% |
| Volatility (ann.) | 18.3% | 91.0% |
| Beta vs S&P 500 | 1.12 | 3.51 |
| Max drawdown (3Y) | -25.3% | -72.7% |
| Market cap | $0.3B | $3.0B |
| P/E (trailing) | 23.9 | 58.6 |
| Dividend yield | 8.76% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASG | UPST |
|---|---|---|
| 2022 | -40.9% | -91.3% |
| 2023 | +16.2% | +209.1% |
| 2024 | +16.8% | +50.7% |
| 2025 | +2.2% | -29.0% |
| 2026 | +6.0% | -30.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASG and UPST good diversifiers for each other?
Only partially. A correlation of 0.63 means ASG and UPST 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 ASG and UPST?
Using weekly returns as of 2026-08-27: 0.63 over 3 years, with 0.61 over the last year and 0.53 over 5 years.
Is UPST a good diversifier for ASG?
Only partially. A correlation of 0.63 means ASG and UPST share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.63 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/asg-vs-upst.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/asg-vs-upst/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ASG correlations · UPST correlations
