QTWO vs SPSC: Correlation
Measured on weekly returns over the past three years, Q2 Holdings, Inc. (QTWO) and SPS Commerce, Inc. (SPSC) carry a correlation of 0.57, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QTWO and SPSC?
On 3 years of weekly data the QTWO/SPSC correlation comes out at 0.57, moderate. Little has changed lately, as the 1-year reading of 0.58 lands near the 3-year figure. The 5-year figure is 0.52, and annualized covariance runs at 1054.6 %².
By 3-year correlation, SPSC places #9 of the 39 assets tracked against QTWO. Over the last 12 months QTWO came out ahead by 9.4 percentage points (-16.0% against -25.4%).
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.
QTWO vs SPSC: side by side
| QTWO (Q2 Holdings, Inc.) | SPSC (SPS Commerce, Inc.) | |
|---|---|---|
| 1-year return | -16.0% | -25.4% |
| 5-year return | -24.7% | -38.6% |
| Volatility (ann.) | 41.9% | 44.2% |
| Beta vs S&P 500 | 1.41 | 1.10 |
| Max drawdown (3Y) | -62.0% | -76.8% |
| Market cap | $4.1B | $3.0B |
| P/E (trailing) | 45.9 | 40.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | QTWO | SPSC |
|---|---|---|
| 2022 | -66.2% | -9.8% |
| 2023 | +61.6% | +50.9% |
| 2024 | +131.9% | -5.1% |
| 2025 | -28.3% | -51.6% |
| 2026 | -9.0% | -5.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QTWO and SPSC good diversifiers for each other?
Only partially. A correlation of 0.57 means QTWO and SPSC share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between QTWO and SPSC?
The QTWO/SPSC correlation stands at 0.57 on a 3-year window (1 year: 0.58, 5 years: 0.52), computed from weekly returns as of 2026-08-27.
Is SPSC a good diversifier for QTWO?
Only partially. A correlation of 0.57 means QTWO and SPSC share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
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.
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Related comparisons
Hubs: QTWO correlations · SPSC correlations
