MNDY vs SAP: Correlation
How closely do monday.com Ltd. (MNDY) and SAP SE (SAP) trade together? Their weekly returns over three years give a correlation of 0.54, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MNDY and SAP?
On 3 years of weekly data the MNDY/SAP correlation comes out at 0.54, moderate. Little has changed lately, as the 1-year reading of 0.52 lands near the 3-year figure. The 5-year figure is 0.50, and annualized covariance runs at 945.3 %².
Among the 13 assets we track against MNDY, SAP ranks #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SAP outperformed by 27.1 percentage points (-45.3% for MNDY against -18.2% for SAP). Risk is not evenly split, since MNDY carries 2.0 times the volatility of the other side.
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.
MNDY vs SAP: side by side
| MNDY (monday.com Ltd.) | SAP (SAP SE) | |
|---|---|---|
| 1-year return | -45.3% | -18.2% |
| 5-year return | -74.0% | +60.5% |
| Volatility (ann.) | 59.2% | 29.4% |
| Beta vs S&P 500 | 1.96 | 1.02 |
| Max drawdown (3Y) | -82.1% | -52.3% |
| Market cap | $4.2B | $255.3B |
| P/E (trailing) | 42.2 | 27.2 |
| Dividend yield | 0.00% | 1.18% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MNDY | SAP |
|---|---|---|
| 2022 | -60.5% | -24.2% |
| 2023 | +53.9% | +52.3% |
| 2024 | +25.4% | +61.3% |
| 2025 | -37.3% | -0.4% |
| 2026 | -32.6% | -7.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MNDY and SAP good diversifiers for each other?
Only partially. A correlation of 0.54 means MNDY and SAP 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 MNDY and SAP?
Using weekly returns as of 2026-08-27: 0.54 over 3 years, with 0.52 over the last year and 0.50 over 5 years.
Is SAP a good diversifier for MNDY?
Only partially. A correlation of 0.54 means MNDY and SAP share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.54 mean?
On the −1 to +1 scale, 0.54 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mndy-vs-sap.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mndy-vs-sap/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MNDY correlations · SAP correlations
