PATH vs WDAY: Correlation
How closely do UiPath, Inc. (PATH) and Workday, Inc. (WDAY) trade together? Their weekly returns over three years give a correlation of 0.57, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PATH and WDAY?
Across a 3-year window, the weekly returns of PATH and WDAY correlate at 0.57, moderate. Little has changed lately, as the 1-year reading of 0.60 lands near the 3-year figure. Stretching to 5 years gives 0.56, with an annualized covariance of 1377.3 %².
WDAY is one of the assets that tracks PATH most closely: it ranks #3 out of the 14 assets we track against PATH. Correlation aside, the last 12 months split them widely, with PATH ahead by 80.2 points (+64.5% versus -15.7%). Risk is not evenly split, since PATH carries 1.5 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.
PATH vs WDAY: side by side
| PATH (UiPath, Inc.) | WDAY (Workday, Inc.) | |
|---|---|---|
| 1-year return | +64.5% | -15.7% |
| 5-year return | -71.6% | -28.7% |
| Volatility (ann.) | 60.8% | 40.0% |
| Beta vs S&P 500 | 1.40 | 1.09 |
| Max drawdown (3Y) | -65.1% | -63.4% |
| Market cap | $9.5B | $47.8B |
| P/E (trailing) | 27.8 | 59.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | PATH | WDAY |
|---|---|---|
| 2022 | -70.5% | -38.7% |
| 2023 | +95.4% | +65.0% |
| 2024 | -48.8% | -6.5% |
| 2025 | +29.0% | -16.8% |
| 2026 | +11.8% | -9.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PATH and WDAY good diversifiers for each other?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between PATH and WDAY?
Using weekly returns as of 2026-08-27: 0.57 over 3 years, with 0.60 over the last year and 0.56 over 5 years.
Is WDAY a good diversifier for PATH?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.57 mean?
On the −1 to +1 scale, 0.57 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/path-vs-wday.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/path-vs-wday/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: PATH correlations · WDAY correlations
