BILL vs DOCU: Correlation
How closely do BILL Holdings, Inc. (BILL) and DocuSign, Inc. (DOCU) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BILL and DOCU?
On 3 years of weekly data the BILL/DOCU correlation comes out at 0.46, moderate. The relationship has been stable: the 1-year correlation (0.50) sits close to the 3-year figure. The 5-year figure is 0.54, and annualized covariance runs at 1269.8 %².
Within BILL's tracked universe of 13 assets, DOCU comes in at #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months BILL outperformed by 32.0 percentage points (+17.4% for BILL against -14.6% for DOCU).
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.
BILL vs DOCU: side by side
| BILL (BILL Holdings, Inc.) | DOCU (DocuSign, Inc.) | |
|---|---|---|
| 1-year return | +17.4% | -14.6% |
| 5-year return | -82.7% | -79.0% |
| Volatility (ann.) | 57.0% | 48.0% |
| Beta vs S&P 500 | 1.26 | 1.22 |
| Max drawdown (3Y) | -73.0% | -61.0% |
| Market cap | $4.9B | $12.2B |
| P/E (trailing) | – | 41.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BILL | DOCU |
|---|---|---|
| 2022 | -56.3% | -63.6% |
| 2023 | -25.1% | +7.3% |
| 2024 | +3.8% | +51.3% |
| 2025 | -35.6% | -23.9% |
| 2026 | -10.4% | -6.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BILL and DOCU good diversifiers for each other?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BILL and DOCU?
Using weekly returns as of 2026-08-27: 0.46 over 3 years, with 0.50 over the last year and 0.54 over 5 years.
Is DOCU a good diversifier for BILL?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bill-vs-docu.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bill-vs-docu/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BILL correlations · DOCU correlations
