AXON vs UPST: Correlation
Axon Enterprise (AXON) and Upstart Holdings, Inc. (UPST) show a moderate relationship: their 3-year correlation of weekly returns is 0.52.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXON and UPST?
Across a 3-year window, the weekly returns of AXON and UPST correlate at 0.52, moderate. The link has loosened recently: the 1-year correlation (0.42) runs below the 3-year figure (0.52). Stretching to 5 years gives 0.39, with an annualized covariance of 2703.5 %².
Within AXON's tracked universe of 35 assets, UPST comes in at #7 by 3-year correlation. The last year tells two different stories: AXON led by 35.6 percentage points, -20.6% for AXON against -56.2% for UPST. Risk is not evenly split, since UPST carries 1.6 times the volatility of the other side.
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 UPST: side by side
| AXON (Axon Enterprise) | UPST (Upstart Holdings, Inc.) | |
|---|---|---|
| 1-year return | -20.6% | -56.2% |
| 5-year return | +216.9% | -85.9% |
| Volatility (ann.) | 57.4% | 91.0% |
| Beta vs S&P 500 | 1.51 | 3.51 |
| Max drawdown (3Y) | -60.3% | -72.7% |
| Market cap | $49.7B | $3.0B |
| P/E (trailing) | 250.5 | 58.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | AXON | UPST |
|---|---|---|
| 2022 | +5.7% | -91.3% |
| 2023 | +55.7% | +209.1% |
| 2024 | +130.1% | +50.7% |
| 2025 | -4.4% | -29.0% |
| 2026 | +7.6% | -30.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AXON and UPST good diversifiers for each other?
Only partially. A correlation of 0.52 means AXON 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 AXON and UPST?
Using weekly returns as of 2026-08-27: 0.52 over 3 years, with 0.42 over the last year and 0.39 over 5 years.
Is UPST a good diversifier for AXON?
Only partially. A correlation of 0.52 means AXON 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 0.52 mean?
A reading of 0.52 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/axon-vs-upst.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/axon-vs-upst/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AXON correlations · UPST correlations
