NOW vs PD: Correlation
Measured on weekly returns over the past three years, ServiceNow (NOW) and PagerDuty, Inc. (PD) carry a correlation of 0.64, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NOW and PD?
Over the past 3 years, NOW and PD moved with a correlation of 0.64, which is strong. Little has changed lately, as the 1-year reading of 0.72 lands near the 3-year figure. Over 5 years the correlation is 0.68, and the annualized covariance of weekly returns is 1461.0 %².
Among the 54 assets we track against NOW, PD ranks #9 by 3-year correlation. Their 12-month results are close: -22.1% for NOW against -25.5% for PD.
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.
NOW vs PD: side by side
| NOW (ServiceNow) | PD (PagerDuty, Inc.) | |
|---|---|---|
| 1-year return | -22.1% | -25.5% |
| 5-year return | +7.9% | -70.4% |
| Volatility (ann.) | 43.2% | 52.9% |
| Beta vs S&P 500 | 1.38 | 1.44 |
| Max drawdown (3Y) | -64.5% | -78.4% |
| Market cap | $143.1B | $1.0B |
| P/E (trailing) | 78.7 | 5.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | NOW | PD |
|---|---|---|
| 2022 | -40.2% | -23.6% |
| 2023 | +82.0% | -12.8% |
| 2024 | +50.1% | -21.1% |
| 2025 | -27.7% | -28.2% |
| 2026 | -9.6% | -3.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NOW and PD good diversifiers for each other?
Only partially. A correlation of 0.64 means NOW and PD 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 NOW and PD?
The NOW/PD correlation stands at 0.64 on a 3-year window (1 year: 0.72, 5 years: 0.68), computed from weekly returns as of 2026-08-27.
Is PD a good diversifier for NOW?
Only partially. A correlation of 0.64 means NOW and PD share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.64 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/now-vs-pd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/now-vs-pd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NOW correlations · PD correlations
