EXLS vs SPSC: Correlation
ExlService Holdings, Inc. (EXLS) and SPS Commerce, Inc. (SPSC) show a moderate relationship: their 3-year correlation of weekly returns is 0.58.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXLS and SPSC?
On 3 years of weekly data the EXLS/SPSC correlation comes out at 0.58, moderate. Recent behaviour matches the longer record: 0.67 over 1 year against 0.58 over 3. The 5-year figure is 0.51, and annualized covariance runs at 812.0 %².
By 3-year correlation, SPSC places #17 of the 47 assets tracked against EXLS. Over the last 12 months EXLS came out ahead by 12.0 percentage points (-13.4% against -25.4%).
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 SPSC: side by side
| EXLS (ExlService Holdings, Inc.) | SPSC (SPS Commerce, Inc.) | |
|---|---|---|
| 1-year return | -13.4% | -25.4% |
| 5-year return | +55.2% | -38.6% |
| Volatility (ann.) | 31.7% | 44.2% |
| Beta vs S&P 500 | 0.77 | 1.10 |
| Max drawdown (3Y) | -51.3% | -76.8% |
| Market cap | $5.8B | $3.0B |
| P/E (trailing) | 23.7 | 40.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EXLS | SPSC |
|---|---|---|
| 2022 | +17.0% | -9.8% |
| 2023 | -9.0% | +50.9% |
| 2024 | +43.9% | -5.1% |
| 2025 | -4.4% | -51.6% |
| 2026 | -10.0% | -5.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXLS and SPSC good diversifiers for each other?
To a limited degree. At 0.58 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 SPSC?
As of 2026-08-27, the correlation of weekly returns between EXLS and SPSC is 0.58 over 3 years, 0.67 over 1 year and 0.51 over 5 years.
Is SPSC a good diversifier for EXLS?
To a limited degree. At 0.58 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 0.58 mean?
A reading of 0.58 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: EXLS correlations · SPSC correlations
