EXLS vs NCNO: Correlation
Measured on weekly returns over the past three years, ExlService Holdings, Inc. (EXLS) and nCino, Inc. (NCNO) carry a correlation of 0.52, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXLS and NCNO?
Over the past 3 years, EXLS and NCNO moved with a correlation of 0.52, which is moderate. The past 12 months show a tighter link (0.64) than the 3-year average (0.52). Over 5 years the correlation is 0.42, and the annualized covariance of weekly returns is 763.6 %².
Among the 47 assets we track against EXLS, NCNO ranks #30 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months EXLS outperformed by 15.3 percentage points (-13.4% for EXLS against -28.7% for NCNO).
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 NCNO: side by side
| EXLS (ExlService Holdings, Inc.) | NCNO (nCino, Inc.) | |
|---|---|---|
| 1-year return | -13.4% | -28.7% |
| 5-year return | +55.2% | -62.7% |
| Volatility (ann.) | 31.7% | 46.7% |
| Beta vs S&P 500 | 0.77 | 1.44 |
| Max drawdown (3Y) | -51.3% | -67.1% |
| Market cap | $5.8B | $2.5B |
| P/E (trailing) | 23.7 | 68.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EXLS | NCNO |
|---|---|---|
| 2022 | +17.0% | -51.8% |
| 2023 | -9.0% | +27.2% |
| 2024 | +43.9% | -0.1% |
| 2025 | -4.4% | -23.6% |
| 2026 | -10.0% | -9.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXLS and NCNO good diversifiers for each other?
To a limited degree. At 0.52 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 EXLS and NCNO?
The EXLS/NCNO correlation stands at 0.52 on a 3-year window (1 year: 0.64, 5 years: 0.42), computed from weekly returns as of 2026-08-27.
Is NCNO a good diversifier for EXLS?
To a limited degree. At 0.52 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 0.52 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/exls-vs-ncno.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/exls-vs-ncno/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EXLS correlations · NCNO correlations
