EXLS vs PAYX: Correlation
How closely do ExlService Holdings, Inc. (EXLS) and Paychex (PAYX) 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 EXLS and PAYX?
Over the past 3 years, EXLS and PAYX moved with a correlation of 0.56, which is moderate. Little has changed lately, as the 1-year reading of 0.62 lands near the 3-year figure. Over 5 years the correlation is 0.58, and the annualized covariance of weekly returns is 379.2 %².
By 3-year correlation, PAYX places #21 of the 47 assets tracked against EXLS. Over the last 12 months PAYX came out ahead by 8.6 percentage points (-13.4% against -4.8%).
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 PAYX: side by side
| EXLS (ExlService Holdings, Inc.) | PAYX (Paychex) | |
|---|---|---|
| 1-year return | -13.4% | -4.8% |
| 5-year return | +55.2% | +29.0% |
| Volatility (ann.) | 31.7% | 21.3% |
| Beta vs S&P 500 | 0.77 | 0.47 |
| Max drawdown (3Y) | -51.3% | -45.0% |
| Market cap | $5.8B | $45.0B |
| P/E (trailing) | 23.7 | 25.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | EXLS | PAYX |
|---|---|---|
| 2022 | +17.0% | -13.2% |
| 2023 | -9.0% | +6.2% |
| 2024 | +43.9% | +21.3% |
| 2025 | -4.4% | -17.5% |
| 2026 | -10.0% | +16.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXLS and PAYX good diversifiers for each other?
Only partially. A correlation of 0.56 means EXLS and PAYX 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 PAYX?
The EXLS/PAYX correlation stands at 0.56 on a 3-year window (1 year: 0.62, 5 years: 0.58), computed from weekly returns as of 2026-08-27.
Is PAYX a good diversifier for EXLS?
Only partially. A correlation of 0.56 means EXLS and PAYX share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.56 mean?
On the −1 to +1 scale, 0.56 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/exls-vs-payx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/exls-vs-payx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EXLS correlations · PAYX correlations
