QTWO vs UPWK: Correlation
How closely do Q2 Holdings, Inc. (QTWO) and Upwork Inc. (UPWK) trade together? Their weekly returns over three years give a correlation of 0.54, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QTWO and UPWK?
On 3 years of weekly data the QTWO/UPWK correlation comes out at 0.54, moderate. Little has changed lately, as the 1-year reading of 0.49 lands near the 3-year figure. The 5-year figure is 0.50, and annualized covariance runs at 1147.0 %².
Within QTWO's tracked universe of 39 assets, UPWK comes in at #14 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months QTWO outperformed by 23.7 percentage points (-16.0% for QTWO against -39.7% for UPWK).
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 UPWK: side by side
| QTWO (Q2 Holdings, Inc.) | UPWK (Upwork Inc.) | |
|---|---|---|
| 1-year return | -16.0% | -39.7% |
| 5-year return | -24.7% | -79.8% |
| Volatility (ann.) | 41.9% | 51.1% |
| Beta vs S&P 500 | 1.41 | 1.34 |
| Max drawdown (3Y) | -62.0% | -64.5% |
| Market cap | $4.1B | $1.1B |
| P/E (trailing) | 45.9 | 11.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | QTWO | UPWK |
|---|---|---|
| 2022 | -66.2% | -69.4% |
| 2023 | +61.6% | +42.4% |
| 2024 | +131.9% | +10.0% |
| 2025 | -28.3% | +21.2% |
| 2026 | -9.0% | -55.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QTWO and UPWK good diversifiers for each other?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between QTWO and UPWK?
Using weekly returns as of 2026-08-27: 0.54 over 3 years, with 0.49 over the last year and 0.50 over 5 years.
Is UPWK a good diversifier for QTWO?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
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/qtwo-vs-upwk.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/qtwo-vs-upwk/)
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Related comparisons
Hubs: QTWO correlations · UPWK correlations
