NOW vs WDAY: Correlation
How closely do ServiceNow (NOW) and Workday, Inc. (WDAY) trade together? Their weekly returns over three years give a correlation of 0.67, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NOW and WDAY?
Over the past 3 years, NOW and WDAY moved with a correlation of 0.67, which is strong. Recent behaviour matches the longer record: 0.76 over 1 year against 0.67 over 3. Over 5 years the correlation is 0.69, and the annualized covariance of weekly returns is 1152.4 %².
In NOW's tracked universe of 54 assets, WDAY sits right near the top at #3. Over the last 12 months WDAY came out ahead by 6.4 percentage points (-22.1% against -15.7%). The rolling one-year correlation moved between 0.39 and 0.80 over the past three years, a moderate range.
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 WDAY: side by side
| NOW (ServiceNow) | WDAY (Workday, Inc.) | |
|---|---|---|
| 1-year return | -22.1% | -15.7% |
| 5-year return | +7.9% | -28.7% |
| Volatility (ann.) | 43.2% | 40.0% |
| Beta vs S&P 500 | 1.38 | 1.09 |
| Max drawdown (3Y) | -64.5% | -63.4% |
| Market cap | $143.1B | $47.8B |
| P/E (trailing) | 78.7 | 59.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Information Technology | Information Technology |
Year-by-year returns
| Year | NOW | WDAY |
|---|---|---|
| 2022 | -40.2% | -38.7% |
| 2023 | +82.0% | +65.0% |
| 2024 | +50.1% | -6.5% |
| 2025 | -27.7% | -16.8% |
| 2026 | -9.6% | -9.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NOW and WDAY good diversifiers for each other?
To a limited degree. At 0.67 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 NOW and WDAY?
As of 2026-08-27, the correlation of weekly returns between NOW and WDAY is 0.67 over 3 years, 0.76 over 1 year and 0.69 over 5 years.
Is WDAY a good diversifier for NOW?
To a limited degree. At 0.67 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 0.67 mean?
A reading of 0.67 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/now-vs-wday.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/now-vs-wday/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NOW correlations · WDAY correlations
