FDX vs UPS: Correlation
FedEx (FDX) and United Parcel Service (UPS) 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 FDX and UPS?
Over the past 3 years, FDX and UPS moved with a correlation of 0.58, which is moderate. The link has tightened recently: the 1-year correlation (0.72) runs above the 3-year figure (0.58). Over 5 years the correlation is 0.60, and the annualized covariance of weekly returns is 527.6 %².
Few assets follow FDX as closely as UPS, which ranks #2 of 36 tracked partners. Correlation aside, the last 12 months split them widely, with FDX ahead by 52.4 points (+80.6% versus +28.2%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.29 to 0.83.
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.
FDX vs UPS: side by side
| FDX (FedEx) | UPS (United Parcel Service) | |
|---|---|---|
| 1-year return | +80.6% | +28.2% |
| 5-year return | +71.0% | -31.0% |
| Volatility (ann.) | 30.7% | 29.4% |
| Beta vs S&P 500 | 0.89 | 0.81 |
| Max drawdown (3Y) | -35.9% | -46.5% |
| Market cap | $78.4B | $89.9B |
| P/E (trailing) | 18.1 | 19.6 |
| Dividend yield | 1.66% | 6.21% |
| Sector / category | Industrials | Industrials |
Year-by-year returns
| Year | FDX | UPS |
|---|---|---|
| 2022 | -31.6% | -16.2% |
| 2023 | +49.1% | -6.0% |
| 2024 | +13.5% | -15.9% |
| 2025 | +5.1% | -15.9% |
| 2026 | +43.5% | +11.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FDX and UPS 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 FDX and UPS?
The FDX/UPS correlation stands at 0.58 on a 3-year window (1 year: 0.72, 5 years: 0.60), computed from weekly returns as of 2026-08-27.
Is UPS a good diversifier for FDX?
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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fdx-vs-ups.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fdx-vs-ups/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FDX correlations · UPS correlations
