NCNO vs QTWO: Correlation
nCino, Inc. (NCNO) and Q2 Holdings, Inc. (QTWO) show a moderate relationship: their 3-year correlation of weekly returns is 0.55.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NCNO and QTWO?
Over the past 3 years, NCNO and QTWO moved with a correlation of 0.55, which is moderate. The link has tightened recently: the 1-year correlation (0.67) runs above the 3-year figure (0.55). Over 5 years the correlation is 0.61, and the annualized covariance of weekly returns is 1070.0 %².
In NCNO's tracked universe of 11 assets, QTWO sits right near the top at #1. Over the last 12 months QTWO came out ahead by 12.7 percentage points (-28.7% against -16.0%).
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.
NCNO vs QTWO: side by side
| NCNO (nCino, Inc.) | QTWO (Q2 Holdings, Inc.) | |
|---|---|---|
| 1-year return | -28.7% | -16.0% |
| 5-year return | -62.7% | -24.7% |
| Volatility (ann.) | 46.7% | 41.9% |
| Beta vs S&P 500 | 1.44 | 1.41 |
| Max drawdown (3Y) | -67.1% | -62.0% |
| Market cap | $2.5B | $4.1B |
| P/E (trailing) | 68.6 | 45.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NCNO | QTWO |
|---|---|---|
| 2022 | -51.8% | -66.2% |
| 2023 | +27.2% | +61.6% |
| 2024 | -0.1% | +131.9% |
| 2025 | -23.6% | -28.3% |
| 2026 | -9.0% | -9.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NCNO and QTWO good diversifiers for each other?
To a limited degree. At 0.55 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 NCNO and QTWO?
As of 2026-08-27, the correlation of weekly returns between NCNO and QTWO is 0.55 over 3 years, 0.67 over 1 year and 0.61 over 5 years.
Is QTWO a good diversifier for NCNO?
To a limited degree. At 0.55 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 0.55 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ncno-vs-qtwo.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ncno-vs-qtwo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NCNO correlations · QTWO correlations
