EXLS vs FORR: Correlation
How closely do ExlService Holdings, Inc. (EXLS) and Forrester Research, Inc. (FORR) trade together? Their weekly returns over three years give a correlation of 0.50, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXLS and FORR?
On 3 years of weekly data the EXLS/FORR correlation comes out at 0.50, moderate. The relationship has been stable: the 1-year correlation (0.59) sits close to the 3-year figure. The 5-year figure is 0.44, and annualized covariance runs at 785.9 %².
By 3-year correlation, FORR places #35 of the 47 assets tracked against EXLS. Their recent paths diverged sharply: over the last 12 months FORR outperformed by 39.1 percentage points (-13.4% for EXLS against +25.7% for FORR). One caveat on sizing: FORR is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
EXLS vs FORR: side by side
| EXLS (ExlService Holdings, Inc.) | FORR (Forrester Research, Inc.) | |
|---|---|---|
| 1-year return | -13.4% | +25.7% |
| 5-year return | +55.2% | -74.7% |
| Volatility (ann.) | 31.7% | 50.1% |
| Beta vs S&P 500 | 0.77 | 0.82 |
| Max drawdown (3Y) | -51.3% | -83.9% |
| Market cap | $5.8B | $0.2B |
| P/E (trailing) | 23.7 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EXLS | FORR |
|---|---|---|
| 2022 | +17.0% | -39.1% |
| 2023 | -9.0% | -25.0% |
| 2024 | +43.9% | -41.6% |
| 2025 | -4.4% | -48.2% |
| 2026 | -10.0% | +50.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXLS and FORR good diversifiers for each other?
Only partially. A correlation of 0.50 means EXLS and FORR 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 EXLS and FORR?
The EXLS/FORR correlation stands at 0.50 on a 3-year window (1 year: 0.59, 5 years: 0.44), computed from weekly returns as of 2026-08-27.
Is FORR a good diversifier for EXLS?
Only partially. A correlation of 0.50 means EXLS and FORR share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.50 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.
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Related comparisons
Hubs: EXLS correlations · FORR correlations
