AVPT vs UPLD: Correlation
How closely do AvePoint, Inc. (AVPT) and Upland Software, Inc. (UPLD) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AVPT and UPLD?
Over the past 3 years, AVPT and UPLD moved with a correlation of 0.43, which is moderate. Little has changed lately, as the 1-year reading of 0.47 lands near the 3-year figure. Over 5 years the correlation is 0.33, and the annualized covariance of weekly returns is 1700.5 %².
Within AVPT's tracked universe of 25 assets, UPLD comes in at #17 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months AVPT outperformed by 74.0 percentage points (-9.5% for AVPT against -83.5% for UPLD). Note the risk asymmetry: UPLD runs 2.3 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
AVPT vs UPLD: side by side
| AVPT (AvePoint, Inc.) | UPLD (Upland Software, Inc.) | |
|---|---|---|
| 1-year return | -9.5% | -83.5% |
| 5-year return | +57.7% | -98.8% |
| Volatility (ann.) | 41.3% | 95.6% |
| Beta vs S&P 500 | 1.18 | 2.34 |
| Max drawdown (3Y) | -55.0% | -92.4% |
| Market cap | $3.0B | – |
| P/E (trailing) | 42.1 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AVPT | UPLD |
|---|---|---|
| 2022 | -34.7% | -60.3% |
| 2023 | +99.8% | -40.7% |
| 2024 | +101.1% | +2.6% |
| 2025 | -15.9% | -67.1% |
| 2026 | +3.0% | -67.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AVPT and UPLD good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AVPT and UPLD?
Using weekly returns as of 2026-08-27: 0.43 over 3 years, with 0.47 over the last year and 0.33 over 5 years.
Is UPLD a good diversifier for AVPT?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.43 mean?
On the −1 to +1 scale, 0.43 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.
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Related comparisons
Hubs: AVPT correlations · UPLD correlations
