PGY vs UPST: Correlation
Measured on weekly returns over the past three years, Pagaya Technologies Ltd. - Class A (PGY) and Upstart Holdings, Inc. (UPST) carry a correlation of 0.54, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PGY and UPST?
On 3 years of weekly data the PGY/UPST correlation comes out at 0.54, moderate. The past 12 months show a tighter link (0.74) than the 3-year average (0.54). The 5-year figure is 0.20, and annualized covariance runs at 4202.2 %².
Few assets follow PGY as closely as UPST, which ranks #1 of 11 tracked partners. Correlation aside, the last 12 months split them widely, with PGY ahead by 23.2 points (-33.0% versus -56.2%).
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.
PGY vs UPST: side by side
| PGY (Pagaya Technologies Ltd. - Class A) | UPST (Upstart Holdings, Inc.) | |
|---|---|---|
| 1-year return | -33.0% | -56.2% |
| 5-year return | -79.9% | -85.9% |
| Volatility (ann.) | 86.1% | 91.0% |
| Beta vs S&P 500 | 2.49 | 3.51 |
| Max drawdown (3Y) | -75.7% | -72.7% |
| Market cap | $1.9B | $3.0B |
| P/E (trailing) | 15.9 | 58.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PGY | UPST |
|---|---|---|
| 2022 | -87.5% | -91.3% |
| 2023 | +11.3% | +209.1% |
| 2024 | -43.9% | +50.7% |
| 2025 | +125.0% | -29.0% |
| 2026 | +11.3% | -30.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PGY and UPST good diversifiers for each other?
To a limited degree. At 0.54 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 PGY and UPST?
The PGY/UPST correlation stands at 0.54 on a 3-year window (1 year: 0.74, 5 years: 0.20), computed from weekly returns as of 2026-08-27.
Is UPST a good diversifier for PGY?
To a limited degree. At 0.54 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 0.54 mean?
A reading of 0.54 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/pgy-vs-upst.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/pgy-vs-upst/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PGY correlations · UPST correlations
