BLKB vs EXLS: Correlation
How closely do Blackbaud, Inc. (BLKB) and ExlService Holdings, Inc. (EXLS) trade together? Their weekly returns over three years give a correlation of 0.58, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BLKB and EXLS?
Across a 3-year window, the weekly returns of BLKB and EXLS correlate at 0.58, moderate. The past 12 months show a tighter link (0.69) than the 3-year average (0.58). Stretching to 5 years gives 0.51, with an annualized covariance of 716.2 %².
Few assets follow BLKB as closely as EXLS, which ranks #1 of 16 tracked partners. Over the last 12 months EXLS came out ahead by 13.6 percentage points (-27.0% against -13.4%).
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.
BLKB vs EXLS: side by side
| BLKB (Blackbaud, Inc.) | EXLS (ExlService Holdings, Inc.) | |
|---|---|---|
| 1-year return | -27.0% | -13.4% |
| 5-year return | -30.1% | +55.2% |
| Volatility (ann.) | 39.2% | 31.7% |
| Beta vs S&P 500 | 0.81 | 0.77 |
| Max drawdown (3Y) | -69.8% | -51.3% |
| Market cap | $2.2B | $5.8B |
| P/E (trailing) | 14.7 | 23.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BLKB | EXLS |
|---|---|---|
| 2022 | -25.5% | +17.0% |
| 2023 | +47.3% | -9.0% |
| 2024 | -14.7% | +43.9% |
| 2025 | -14.3% | -4.4% |
| 2026 | -23.3% | -10.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BLKB and EXLS good diversifiers for each other?
Only partially. A correlation of 0.58 means BLKB and EXLS 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 BLKB and EXLS?
The BLKB/EXLS correlation stands at 0.58 on a 3-year window (1 year: 0.69, 5 years: 0.51), computed from weekly returns as of 2026-08-27.
Is EXLS a good diversifier for BLKB?
Only partially. A correlation of 0.58 means BLKB and EXLS share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.58 mean?
On the −1 to +1 scale, 0.58 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/blkb-vs-exls.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/blkb-vs-exls/)
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Related comparisons
Hubs: BLKB correlations · EXLS correlations
