UNP vs VELO: Correlation
How closely do Union Pacific Corporation (UNP) and Velo3D, Inc. (VELO) trade together? Their weekly returns over three years give a correlation of -0.19, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are UNP and VELO?
Over the past 3 years, UNP and VELO moved with a correlation of -0.19, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.11 over 1 year against -0.19 over 3. Over 5 years the correlation is -0.07, and the annualized covariance of weekly returns is -976.6 %².
By 3-year correlation, VELO places #27 of the 33 assets tracked against UNP. Correlation aside, the last 12 months split them widely, with VELO ahead by 139.5 points (+42.4% versus +181.9%). Note the risk asymmetry: VELO runs 12.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
UNP vs VELO: side by side
| UNP (Union Pacific Corporation) | VELO (Velo3D, Inc.) | |
|---|---|---|
| 1-year return | +42.4% | +181.9% |
| 5-year return | +56.5% | -99.8% |
| Volatility (ann.) | 20.6% | 249.0% |
| Beta vs S&P 500 | 0.56 | -2.66 |
| Max drawdown (3Y) | -17.8% | -99.8% |
| Market cap | $182.8B | $0.4B |
| P/E (trailing) | 25.1 | – |
| Dividend yield | 1.78% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | UNP | VELO |
|---|---|---|
| 2022 | -15.9% | -77.1% |
| 2023 | +21.6% | -77.8% |
| 2024 | -5.1% | -95.2% |
| 2025 | +3.9% | +35.7% |
| 2026 | +34.4% | -6.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are UNP and VELO good diversifiers for each other?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between UNP and VELO?
Using weekly returns as of 2026-08-27: -0.19 over 3 years, with -0.11 over the last year and -0.07 over 5 years.
Is VELO a good diversifier for UNP?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.19 mean?
A reading of -0.19 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/unp-vs-velo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/unp-vs-velo/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: UNP correlations · VELO correlations
