CART vs PUBM: Correlation
Measured on weekly returns over the past three years, Maplebear Inc. (CART) and PubMatic, Inc. (PUBM) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CART and PUBM?
Over the past 3 years, CART and PUBM moved with a correlation of 0.42, which is moderate. The relationship has been stable: the 1-year correlation (0.50) sits close to the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 1039.3 %².
Within CART's tracked universe of 11 assets, PUBM comes in at #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with PUBM ahead by 75.1 points (+16.6% versus +91.7%). One caveat on sizing: PUBM is 1.6 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.
CART vs PUBM: side by side
| CART (Maplebear Inc.) | PUBM (PubMatic, Inc.) | |
|---|---|---|
| 1-year return | +16.6% | +91.7% |
| 5-year return | n/a | -40.5% |
| Volatility (ann.) | 39.6% | 61.6% |
| Beta vs S&P 500 | 0.96 | 1.56 |
| Max drawdown (3Y) | -38.0% | -73.9% |
| Market cap | $11.7B | $0.7B |
| P/E (trailing) | 27.7 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CART | PUBM |
|---|---|---|
| 2022 | – | -62.4% |
| 2023 | – | +27.3% |
| 2024 | +76.5% | -9.9% |
| 2025 | +8.6% | -39.6% |
| 2026 | +12.2% | +84.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CART and PUBM good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CART and PUBM?
As of 2026-08-27, the correlation of weekly returns between CART and PUBM is 0.42 over 3 years, 0.50 over 1 year and n/a over 5 years.
Is PUBM a good diversifier for CART?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.42 mean?
On the −1 to +1 scale, 0.42 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/cart-vs-pubm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cart-vs-pubm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CART correlations · PUBM correlations
