PAYO vs UPST: Correlation
How closely do Payoneer Global Inc. (PAYO) and Upstart Holdings, Inc. (UPST) trade together? Their weekly returns over three years give a correlation of 0.49, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAYO and UPST?
Over the past 3 years, PAYO and UPST moved with a correlation of 0.49, which is moderate. Recent behaviour matches the longer record: 0.40 over 1 year against 0.49 over 3. Over 5 years the correlation is 0.30, and the annualized covariance of weekly returns is 2140.3 %².
Few assets follow PAYO as closely as UPST, which ranks #3 of 14 tracked partners. Correlation aside, the last 12 months split them widely, with PAYO ahead by 61.2 points (+5.0% versus -56.2%). Note the risk asymmetry: UPST runs 1.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
PAYO vs UPST: side by side
| PAYO (Payoneer Global Inc.) | UPST (Upstart Holdings, Inc.) | |
|---|---|---|
| 1-year return | +5.0% | -56.2% |
| 5-year return | -27.7% | -85.9% |
| Volatility (ann.) | 48.1% | 91.0% |
| Beta vs S&P 500 | 1.27 | 3.51 |
| Max drawdown (3Y) | -61.4% | -72.7% |
| Market cap | $2.4B | $3.0B |
| P/E (trailing) | 50.9 | 58.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PAYO | UPST |
|---|---|---|
| 2022 | -25.6% | -91.3% |
| 2023 | -4.8% | +209.1% |
| 2024 | +92.7% | +50.7% |
| 2025 | -44.0% | -29.0% |
| 2026 | +26.9% | -30.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAYO and UPST good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between PAYO and UPST?
As of 2026-08-27, the correlation of weekly returns between PAYO and UPST is 0.49 over 3 years, 0.40 over 1 year and 0.30 over 5 years.
Is UPST a good diversifier for PAYO?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.49 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.
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Related comparisons
Hubs: PAYO correlations · UPST correlations
