EPAM vs EXLS: Correlation
How closely do EPAM Systems, Inc. (EPAM) and ExlService Holdings, Inc. (EXLS) trade together? Their weekly returns over three years give a correlation of 0.57, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EPAM and EXLS?
Over the past 3 years, EPAM and EXLS moved with a correlation of 0.57, which is moderate. The link has tightened recently: the 1-year correlation (0.69) runs above the 3-year figure (0.57). Over 5 years the correlation is 0.47, and the annualized covariance of weekly returns is 853.7 %².
Among the 16 assets we track against EPAM, EXLS ranks #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with EXLS ahead by 21.6 points (-35.0% versus -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.
EPAM vs EXLS: side by side
| EPAM (EPAM Systems, Inc.) | EXLS (ExlService Holdings, Inc.) | |
|---|---|---|
| 1-year return | -35.0% | -13.4% |
| 5-year return | -82.3% | +55.2% |
| Volatility (ann.) | 47.0% | 31.7% |
| Beta vs S&P 500 | 0.98 | 0.77 |
| Max drawdown (3Y) | -75.8% | -51.3% |
| Market cap | $5.8B | $5.8B |
| P/E (trailing) | 14.8 | 23.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EPAM | EXLS |
|---|---|---|
| 2022 | -51.0% | +17.0% |
| 2023 | -9.3% | -9.0% |
| 2024 | -21.4% | +43.9% |
| 2025 | -12.4% | -4.4% |
| 2026 | -45.0% | -10.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EPAM and EXLS good diversifiers for each other?
Only partially. A correlation of 0.57 means EPAM 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 EPAM and EXLS?
As of 2026-08-27, the correlation of weekly returns between EPAM and EXLS is 0.57 over 3 years, 0.69 over 1 year and 0.47 over 5 years.
Is EXLS a good diversifier for EPAM?
Only partially. A correlation of 0.57 means EPAM 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 0.57 mean?
A reading of 0.57 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
$ curl https://www.pairbook.io/api/v1/pairs/epam-vs-exls.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/epam-vs-exls/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EPAM correlations · EXLS correlations
