DOX vs EXLS: Correlation
How closely do Amdocs Limited (DOX) and ExlService Holdings, Inc. (EXLS) trade together? Their weekly returns over three years give a correlation of 0.62, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DOX and EXLS?
On 3 years of weekly data the DOX/EXLS correlation comes out at 0.62, strong. The link has tightened recently: the 1-year correlation (0.74) runs above the 3-year figure (0.62). The 5-year figure is 0.52, and annualized covariance runs at 416.4 %².
Few assets follow DOX as closely as EXLS, which ranks #3 of 22 tracked partners. On 12-month performance EXLS holds a 12.2-point edge, -25.6% 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.
DOX vs EXLS: side by side
| DOX (Amdocs Limited) | EXLS (ExlService Holdings, Inc.) | |
|---|---|---|
| 1-year return | -25.6% | -13.4% |
| 5-year return | -8.4% | +55.2% |
| Volatility (ann.) | 21.3% | 31.7% |
| Beta vs S&P 500 | 0.54 | 0.77 |
| Max drawdown (3Y) | -45.5% | -51.3% |
| Market cap | $6.5B | $5.8B |
| P/E (trailing) | 14.8 | 23.7 |
| Dividend yield | 3.52% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DOX | EXLS |
|---|---|---|
| 2022 | +23.8% | +17.0% |
| 2023 | -1.4% | -9.0% |
| 2024 | -0.9% | +43.9% |
| 2025 | -3.1% | -4.4% |
| 2026 | -20.6% | -10.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DOX and EXLS good diversifiers for each other?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between DOX and EXLS?
The DOX/EXLS correlation stands at 0.62 on a 3-year window (1 year: 0.74, 5 years: 0.52), computed from weekly returns as of 2026-08-27.
Is EXLS a good diversifier for DOX?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.62 mean?
On the −1 to +1 scale, 0.62 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/dox-vs-exls.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dox-vs-exls/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DOX correlations · EXLS correlations
