GDYN vs UPLD: Correlation
Measured on weekly returns over the past three years, Grid Dynamics Holdings, Inc. (GDYN) and Upland Software, Inc. (UPLD) carry a correlation of 0.43, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDYN and UPLD?
Across a 3-year window, the weekly returns of GDYN and UPLD correlate at 0.43, moderate. The relationship has been stable: the 1-year correlation (0.52) sits close to the 3-year figure. Stretching to 5 years gives 0.30, with an annualized covariance of 2006.7 %².
UPLD is close to the least connected end of GDYN's tracked universe, ranking #12 of 16. Correlation aside, the last 12 months split them widely, with GDYN ahead by 81.3 points (-2.2% versus -83.5%). One caveat on sizing: UPLD is 2.0 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.
GDYN vs UPLD: side by side
| GDYN (Grid Dynamics Holdings, Inc.) | UPLD (Upland Software, Inc.) | |
|---|---|---|
| 1-year return | -2.2% | -83.5% |
| 5-year return | -70.4% | -98.8% |
| Volatility (ann.) | 48.4% | 95.6% |
| Beta vs S&P 500 | 1.54 | 2.34 |
| Max drawdown (3Y) | -78.3% | -92.4% |
| Market cap | $0.6B | – |
| P/E (trailing) | 263.0 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GDYN | UPLD |
|---|---|---|
| 2022 | -70.5% | -60.3% |
| 2023 | +18.8% | -40.7% |
| 2024 | +66.8% | +2.6% |
| 2025 | -59.4% | -67.1% |
| 2026 | -12.6% | -67.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDYN and UPLD good diversifiers for each other?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between GDYN and UPLD?
As of 2026-08-27, the correlation of weekly returns between GDYN and UPLD is 0.43 over 3 years, 0.52 over 1 year and 0.30 over 5 years.
Is UPLD a good diversifier for GDYN?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.43 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: GDYN correlations · UPLD correlations
