CRVL vs EXLS: Correlation
CorVel Corp. (CRVL) and ExlService Holdings, Inc. (EXLS) show a moderate relationship: their 3-year correlation of weekly returns is 0.55.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CRVL and EXLS?
Across a 3-year window, the weekly returns of CRVL and EXLS correlate at 0.55, moderate. Recent behaviour matches the longer record: 0.57 over 1 year against 0.55 over 3. Stretching to 5 years gives 0.47, with an annualized covariance of 587.5 %².
Few assets follow CRVL as closely as EXLS, which ranks #1 of 16 tracked partners. Over the last 12 months EXLS came out ahead by 9.6 percentage points (-23.0% 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.
CRVL vs EXLS: side by side
| CRVL (CorVel Corp.) | EXLS (ExlService Holdings, Inc.) | |
|---|---|---|
| 1-year return | -23.0% | -13.4% |
| 5-year return | +27.9% | +55.2% |
| Volatility (ann.) | 34.0% | 31.7% |
| Beta vs S&P 500 | 0.68 | 0.77 |
| Max drawdown (3Y) | -64.2% | -51.3% |
| Market cap | $3.5B | $5.8B |
| P/E (trailing) | 31.3 | 23.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CRVL | EXLS |
|---|---|---|
| 2022 | -30.1% | +17.0% |
| 2023 | +70.1% | -9.0% |
| 2024 | +35.0% | +43.9% |
| 2025 | -39.2% | -4.4% |
| 2026 | +2.6% | -10.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CRVL and EXLS good diversifiers for each other?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between CRVL and EXLS?
Using weekly returns as of 2026-08-27: 0.55 over 3 years, with 0.57 over the last year and 0.47 over 5 years.
Is EXLS a good diversifier for CRVL?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.55 mean?
On the −1 to +1 scale, 0.55 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/crvl-vs-exls.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/crvl-vs-exls/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CRVL correlations · EXLS correlations
