AXON vs PAYX: Correlation
Axon Enterprise (AXON) and Paychex (PAYX) show a moderate relationship: their 3-year correlation of weekly returns is 0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXON and PAYX?
Across a 3-year window, the weekly returns of AXON and PAYX correlate at 0.40, moderate. The link has tightened recently: the 1-year correlation (0.52) runs above the 3-year figure (0.40). Stretching to 5 years gives 0.47, with an annualized covariance of 488.9 %².
Among the 35 assets we track against AXON, PAYX ranks #17 by 3-year correlation. The last year tells two different stories: PAYX led by 15.8 percentage points, -20.6% for AXON against -4.8% for PAYX. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.01 to 0.57. One caveat on sizing: AXON is 2.7 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.
AXON vs PAYX: side by side
| AXON (Axon Enterprise) | PAYX (Paychex) | |
|---|---|---|
| 1-year return | -20.6% | -4.8% |
| 5-year return | +216.9% | +29.0% |
| Volatility (ann.) | 57.4% | 21.3% |
| Beta vs S&P 500 | 1.51 | 0.47 |
| Max drawdown (3Y) | -60.3% | -45.0% |
| Market cap | $49.7B | $45.0B |
| P/E (trailing) | 250.5 | 25.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Industrials | Industrials |
Year-by-year returns
| Year | AXON | PAYX |
|---|---|---|
| 2022 | +5.7% | -13.2% |
| 2023 | +55.7% | +6.2% |
| 2024 | +130.1% | +21.3% |
| 2025 | -4.4% | -17.5% |
| 2026 | +7.6% | +16.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AXON and PAYX good diversifiers for each other?
Reasonably. At 0.40, AXON and PAYX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between AXON and PAYX?
Using weekly returns as of 2026-08-27: 0.40 over 3 years, with 0.52 over the last year and 0.47 over 5 years.
Is PAYX a good diversifier for AXON?
Reasonably. At 0.40, AXON and PAYX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.40 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.
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Related comparisons
Hubs: AXON correlations · PAYX correlations
