QTWO vs TOST: Correlation
Q2 Holdings, Inc. (QTWO) and Toast, Inc. (TOST) show a moderate relationship: their 3-year correlation of weekly returns is 0.54.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QTWO and TOST?
On 3 years of weekly data the QTWO/TOST correlation comes out at 0.54, moderate. The link has tightened recently: the 1-year correlation (0.66) runs above the 3-year figure (0.54). The 5-year figure is 0.57, and annualized covariance runs at 1059.7 %².
Among the 39 assets we track against QTWO, TOST ranks #13 by 3-year correlation. Twelve-month performance is nearly a tie, at -16.0% for QTWO and -19.8% for TOST.
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 TOST: side by side
| QTWO (Q2 Holdings, Inc.) | TOST (Toast, Inc.) | |
|---|---|---|
| 1-year return | -16.0% | -19.8% |
| 5-year return | -24.7% | -43.7% |
| Volatility (ann.) | 41.9% | 47.1% |
| Beta vs S&P 500 | 1.41 | 1.36 |
| Max drawdown (3Y) | -62.0% | -54.7% |
| Market cap | $4.1B | $20.3B |
| P/E (trailing) | 45.9 | 46.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | QTWO | TOST |
|---|---|---|
| 2022 | -66.2% | -48.1% |
| 2023 | +61.6% | +1.3% |
| 2024 | +131.9% | +99.6% |
| 2025 | -28.3% | -2.6% |
| 2026 | -9.0% | -1.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QTWO and TOST 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 QTWO and TOST?
The QTWO/TOST correlation stands at 0.54 on a 3-year window (1 year: 0.66, 5 years: 0.57), computed from weekly returns as of 2026-08-27.
Is TOST a good diversifier for QTWO?
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?
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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/qtwo-vs-tost.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/qtwo-vs-tost/)
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Related comparisons
Hubs: QTWO correlations · TOST correlations
