DOX vs GDYN: Correlation
How closely do Amdocs Limited (DOX) and Grid Dynamics Holdings, Inc. (GDYN) 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 DOX and GDYN?
Over the past 3 years, DOX and GDYN moved with a correlation of 0.58, which is moderate. The relationship has been stable: the 1-year correlation (0.65) sits close to the 3-year figure. Over 5 years the correlation is 0.37, and the annualized covariance of weekly returns is 600.0 %².
Among the 22 assets we track against DOX, GDYN ranks #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with GDYN ahead by 23.4 points (-25.6% versus -2.2%). Note the risk asymmetry: GDYN runs 2.3 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 GDYN: side by side
| DOX (Amdocs Limited) | GDYN (Grid Dynamics Holdings, Inc.) | |
|---|---|---|
| 1-year return | -25.6% | -2.2% |
| 5-year return | -8.4% | -70.4% |
| Volatility (ann.) | 21.3% | 48.4% |
| Beta vs S&P 500 | 0.54 | 1.54 |
| Max drawdown (3Y) | -45.5% | -78.3% |
| Market cap | $6.5B | $0.6B |
| P/E (trailing) | 14.8 | 263.0 |
| Dividend yield | 3.52% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DOX | GDYN |
|---|---|---|
| 2022 | +23.8% | -70.5% |
| 2023 | -1.4% | +18.8% |
| 2024 | -0.9% | +66.8% |
| 2025 | -3.1% | -59.4% |
| 2026 | -20.6% | -12.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DOX and GDYN good diversifiers for each other?
Only partially. A correlation of 0.58 means DOX and GDYN 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 DOX and GDYN?
As of 2026-08-27, the correlation of weekly returns between DOX and GDYN is 0.58 over 3 years, 0.65 over 1 year and 0.37 over 5 years.
Is GDYN a good diversifier for DOX?
Only partially. A correlation of 0.58 means DOX and GDYN 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.
Use this data
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Related comparisons
Hubs: DOX correlations · GDYN correlations
