SPSC vs VRNS: Correlation
SPS Commerce, Inc. (SPSC) and Varonis Systems, Inc. (VRNS) show a moderate relationship: their 3-year correlation of weekly returns is 0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPSC and VRNS?
Across a 3-year window, the weekly returns of SPSC and VRNS correlate at 0.47, moderate. Little has changed lately, as the 1-year reading of 0.53 lands near the 3-year figure. Stretching to 5 years gives 0.50, with an annualized covariance of 1051.1 %².
Among the 24 assets we track against SPSC, VRNS ranks #18 by 3-year correlation. Their 12-month results are close: -25.4% for SPSC against -23.4% for VRNS.
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.
SPSC vs VRNS: side by side
| SPSC (SPS Commerce, Inc.) | VRNS (Varonis Systems, Inc.) | |
|---|---|---|
| 1-year return | -25.4% | -23.4% |
| 5-year return | -38.6% | -35.2% |
| Volatility (ann.) | 44.2% | 50.1% |
| Beta vs S&P 500 | 1.10 | 1.01 |
| Max drawdown (3Y) | -76.8% | -68.1% |
| Market cap | $3.0B | $5.1B |
| P/E (trailing) | 40.5 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SPSC | VRNS |
|---|---|---|
| 2022 | -9.8% | -50.9% |
| 2023 | +50.9% | +89.1% |
| 2024 | -5.1% | -1.9% |
| 2025 | -51.6% | -26.2% |
| 2026 | -5.5% | +36.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPSC and VRNS good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPSC and VRNS?
The SPSC/VRNS correlation stands at 0.47 on a 3-year window (1 year: 0.53, 5 years: 0.50), computed from weekly returns as of 2026-08-27.
Is VRNS a good diversifier for SPSC?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.47 mean?
On the −1 to +1 scale, 0.47 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: SPSC correlations · VRNS correlations
