PAY vs QTWO: Correlation
Paymentus Holdings, Inc. (PAY) and Q2 Holdings, Inc. (QTWO) show a moderate relationship: their 3-year correlation of weekly returns is 0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAY and QTWO?
Over the past 3 years, PAY and QTWO moved with a correlation of 0.47, which is moderate. The past 12 months show a tighter link (0.68) than the 3-year average (0.47). Over 5 years the correlation is 0.49, and the annualized covariance of weekly returns is 1122.2 %².
Few assets follow PAY as closely as QTWO, which ranks #2 of 11 tracked partners. Over the last 12 months PAY came out ahead by 9.2 percentage points (-6.8% 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.
PAY vs QTWO: side by side
| PAY (Paymentus Holdings, Inc.) | QTWO (Q2 Holdings, Inc.) | |
|---|---|---|
| 1-year return | -6.8% | -16.0% |
| 5-year return | +38.6% | -24.7% |
| Volatility (ann.) | 57.0% | 41.9% |
| Beta vs S&P 500 | 1.24 | 1.41 |
| Max drawdown (3Y) | -49.3% | -62.0% |
| Market cap | $4.5B | $4.1B |
| P/E (trailing) | 60.4 | 45.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PAY | QTWO |
|---|---|---|
| 2022 | -77.1% | -66.2% |
| 2023 | +123.1% | +61.6% |
| 2024 | +82.8% | +131.9% |
| 2025 | -3.3% | -28.3% |
| 2026 | +12.7% | -9.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAY and QTWO good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between PAY and QTWO?
As of 2026-08-27, the correlation of weekly returns between PAY and QTWO is 0.47 over 3 years, 0.68 over 1 year and 0.49 over 5 years.
Is QTWO a good diversifier for PAY?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.47 mean?
A reading of 0.47 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/pay-vs-qtwo.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/pay-vs-qtwo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PAY correlations · QTWO correlations
