EXLS vs ZG: Correlation
How closely do ExlService Holdings, Inc. (EXLS) and Zillow Group, Inc. (ZG) trade together? Their weekly returns over three years give a correlation of 0.55, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXLS and ZG?
On 3 years of weekly data the EXLS/ZG correlation comes out at 0.55, moderate. The past 12 months show a tighter link (0.66) than the 3-year average (0.55). The 5-year figure is 0.34, and annualized covariance runs at 815.1 %².
Within EXLS's tracked universe of 47 assets, ZG comes in at #26 by 3-year correlation. The last year tells two different stories: EXLS led by 42.1 percentage points, -13.4% for EXLS against -55.5% for ZG.
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 ZG: side by side
| EXLS (ExlService Holdings, Inc.) | ZG (Zillow Group, Inc.) | |
|---|---|---|
| 1-year return | -13.4% | -55.5% |
| 5-year return | +55.2% | -62.1% |
| Volatility (ann.) | 31.7% | 46.8% |
| Beta vs S&P 500 | 0.77 | 1.28 |
| Max drawdown (3Y) | -51.3% | -66.4% |
| Market cap | $5.8B | $8.2B |
| P/E (trailing) | 23.7 | 158.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EXLS | ZG |
|---|---|---|
| 2022 | +17.0% | -49.8% |
| 2023 | -9.0% | +81.7% |
| 2024 | +43.9% | +24.9% |
| 2025 | -4.4% | -3.7% |
| 2026 | -10.0% | -46.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXLS and ZG good diversifiers for each other?
Only partially. A correlation of 0.55 means EXLS and ZG 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 ZG?
As of 2026-08-27, the correlation of weekly returns between EXLS and ZG is 0.55 over 3 years, 0.66 over 1 year and 0.34 over 5 years.
Is ZG a good diversifier for EXLS?
Only partially. A correlation of 0.55 means EXLS and ZG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.55 mean?
On the −1 to +1 scale, 0.55 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.
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Related comparisons
Hubs: EXLS correlations · ZG correlations
