UPST vs ZG: Correlation
How closely do Upstart Holdings, Inc. (UPST) and Zillow Group, Inc. (ZG) trade together? Their weekly returns over three years give a correlation of 0.56, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are UPST and ZG?
On 3 years of weekly data the UPST/ZG correlation comes out at 0.56, moderate. Little has changed lately, as the 1-year reading of 0.48 lands near the 3-year figure. The 5-year figure is 0.45, and annualized covariance runs at 2376.7 %².
By 3-year correlation, ZG places #11 of the 28 assets tracked against UPST. Neither side won the trailing year by much: -56.2% against -55.5%. One caveat on sizing: UPST is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
UPST vs ZG: side by side
| UPST (Upstart Holdings, Inc.) | ZG (Zillow Group, Inc.) | |
|---|---|---|
| 1-year return | -56.2% | -55.5% |
| 5-year return | -85.9% | -62.1% |
| Volatility (ann.) | 91.0% | 46.8% |
| Beta vs S&P 500 | 3.51 | 1.28 |
| Max drawdown (3Y) | -72.7% | -66.4% |
| Market cap | $3.0B | $8.2B |
| P/E (trailing) | 58.6 | 158.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | UPST | ZG |
|---|---|---|
| 2022 | -91.3% | -49.8% |
| 2023 | +209.1% | +81.7% |
| 2024 | +50.7% | +24.9% |
| 2025 | -29.0% | -3.7% |
| 2026 | -30.3% | -46.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are UPST and ZG good diversifiers for each other?
Only partially. A correlation of 0.56 means UPST and ZG 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 UPST and ZG?
The UPST/ZG correlation stands at 0.56 on a 3-year window (1 year: 0.48, 5 years: 0.45), computed from weekly returns as of 2026-08-27.
Is ZG a good diversifier for UPST?
Only partially. A correlation of 0.56 means UPST and ZG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.56 mean?
A reading of 0.56 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: UPST correlations · ZG correlations
