FLEX vs UPLD: Correlation
Measured on weekly returns over the past three years, Flex Ltd. (FLEX) and Upland Software, Inc. (UPLD) carry a correlation of 0.45, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLEX and UPLD?
Across a 3-year window, the weekly returns of FLEX and UPLD correlate at 0.45, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.58 versus 0.45 over 3 years. Stretching to 5 years gives 0.39, with an annualized covariance of 2182.6 %².
Among the 45 assets we track against FLEX, UPLD ranks #31 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months FLEX outperformed by 198.1 percentage points (+114.6% for FLEX against -83.5% for UPLD). One caveat on sizing: UPLD is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
FLEX vs UPLD: side by side
| FLEX (Flex Ltd.) | UPLD (Upland Software, Inc.) | |
|---|---|---|
| 1-year return | +114.6% | -83.5% |
| 5-year return | +716.5% | -98.8% |
| Volatility (ann.) | 50.9% | 95.6% |
| Beta vs S&P 500 | 1.70 | 2.34 |
| Max drawdown (3Y) | -40.0% | -92.4% |
| Market cap | $42.6B | – |
| P/E (trailing) | 43.2 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | FLEX | UPLD |
|---|---|---|
| 2022 | +17.1% | -60.3% |
| 2023 | +41.9% | -40.7% |
| 2024 | +67.2% | +2.6% |
| 2025 | +57.4% | -67.1% |
| 2026 | +90.8% | -67.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLEX and UPLD good diversifiers for each other?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FLEX and UPLD?
Using weekly returns as of 2026-08-27: 0.45 over 3 years, with 0.58 over the last year and 0.39 over 5 years.
Is UPLD a good diversifier for FLEX?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.45 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.
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Related comparisons
Hubs: FLEX correlations · UPLD correlations
