EXLS vs NDAQ: Correlation
ExlService Holdings, Inc. (EXLS) and Nasdaq, Inc. (NDAQ) show a moderate relationship: their 3-year correlation of weekly returns is 0.53.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXLS and NDAQ?
Over the past 3 years, EXLS and NDAQ moved with a correlation of 0.53, which is moderate. Recent behaviour matches the longer record: 0.56 over 1 year against 0.53 over 3. Over 5 years the correlation is 0.54, and the annualized covariance of weekly returns is 391.8 %².
Within EXLS's tracked universe of 47 assets, NDAQ comes in at #29 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NDAQ outperformed by 19.5 percentage points (-13.4% for EXLS against +6.1% for NDAQ).
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 NDAQ: side by side
| EXLS (ExlService Holdings, Inc.) | NDAQ (Nasdaq, Inc.) | |
|---|---|---|
| 1-year return | -13.4% | +6.1% |
| 5-year return | +55.2% | +64.4% |
| Volatility (ann.) | 31.7% | 23.2% |
| Beta vs S&P 500 | 0.77 | 0.80 |
| Max drawdown (3Y) | -51.3% | -23.4% |
| Market cap | $5.8B | $55.5B |
| P/E (trailing) | 23.7 | 29.0 |
| Dividend yield | 0.00% | 1.13% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | EXLS | NDAQ |
|---|---|---|
| 2022 | +17.0% | -11.2% |
| 2023 | -9.0% | -3.7% |
| 2024 | +43.9% | +34.8% |
| 2025 | -4.4% | +27.2% |
| 2026 | -10.0% | +3.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXLS and NDAQ good diversifiers for each other?
Only partially. A correlation of 0.53 means EXLS and NDAQ 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 NDAQ?
The EXLS/NDAQ correlation stands at 0.53 on a 3-year window (1 year: 0.56, 5 years: 0.54), computed from weekly returns as of 2026-08-27.
Is NDAQ a good diversifier for EXLS?
Only partially. A correlation of 0.53 means EXLS and NDAQ share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.53 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-ndaq.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/exls-vs-ndaq/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EXLS correlations · NDAQ correlations
