ESTC vs WDAY: Correlation
How closely do Elastic N.V. (ESTC) and Workday, Inc. (WDAY) trade together? Their weekly returns over three years give a correlation of 0.56, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESTC and WDAY?
On 3 years of weekly data the ESTC/WDAY correlation comes out at 0.56, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.69 versus 0.56 over 3 years. The 5-year figure is 0.60, and annualized covariance runs at 1227.6 %².
In ESTC's tracked universe of 14 assets, WDAY sits right near the top at #3. Correlation aside, the last 12 months split them widely, with ESTC ahead by 16.2 points (+0.5% versus -15.7%).
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.
ESTC vs WDAY: side by side
| ESTC (Elastic N.V.) | WDAY (Workday, Inc.) | |
|---|---|---|
| 1-year return | +0.5% | -15.7% |
| 5-year return | -47.3% | -28.7% |
| Volatility (ann.) | 55.1% | 40.0% |
| Beta vs S&P 500 | 1.44 | 1.09 |
| Max drawdown (3Y) | -67.6% | -63.4% |
| Market cap | $8.7B | $47.8B |
| P/E (trailing) | 23.1 | 59.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | ESTC | WDAY |
|---|---|---|
| 2022 | -58.2% | -38.7% |
| 2023 | +118.8% | +65.0% |
| 2024 | -12.1% | -6.5% |
| 2025 | -23.9% | -16.8% |
| 2026 | +11.0% | -9.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESTC and WDAY good diversifiers for each other?
To a limited degree. At 0.56 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 ESTC and WDAY?
As of 2026-08-27, the correlation of weekly returns between ESTC and WDAY is 0.56 over 3 years, 0.69 over 1 year and 0.60 over 5 years.
Is WDAY a good diversifier for ESTC?
To a limited degree. At 0.56 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 0.56 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/estc-vs-wday.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/estc-vs-wday/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ESTC correlations · WDAY correlations
