CBZ vs EXLS: Correlation
How closely do CBIZ, Inc. (CBZ) 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 CBZ and EXLS?
Across a 3-year window, the weekly returns of CBZ and EXLS correlate at 0.58, moderate. Little has changed lately, as the 1-year reading of 0.63 lands near the 3-year figure. Stretching to 5 years gives 0.57, with an annualized covariance of 817.6 %².
In CBZ's tracked universe of 20 assets, EXLS sits right near the top at #3. Neither side won the trailing year by much: -16.9% 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.
CBZ vs EXLS: side by side
| CBZ (CBIZ, Inc.) | EXLS (ExlService Holdings, Inc.) | |
|---|---|---|
| 1-year return | -16.9% | -13.4% |
| 5-year return | +61.7% | +55.2% |
| Volatility (ann.) | 44.6% | 31.7% |
| Beta vs S&P 500 | 1.02 | 0.77 |
| Max drawdown (3Y) | -71.6% | -51.3% |
| Market cap | $3.0B | $5.8B |
| P/E (trailing) | 26.3 | 23.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CBZ | EXLS |
|---|---|---|
| 2022 | +19.8% | +17.0% |
| 2023 | +33.6% | -9.0% |
| 2024 | +30.7% | +43.9% |
| 2025 | -38.3% | -4.4% |
| 2026 | +8.4% | -10.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CBZ and EXLS good diversifiers for each other?
Only partially. A correlation of 0.58 means CBZ 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 CBZ and EXLS?
The CBZ/EXLS correlation stands at 0.58 on a 3-year window (1 year: 0.63, 5 years: 0.57), computed from weekly returns as of 2026-08-27.
Is EXLS a good diversifier for CBZ?
Only partially. A correlation of 0.58 means CBZ 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?
A reading of 0.58 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CBZ correlations · EXLS correlations
