AFRM vs. UPST
AFRM (Affirm Holdings, Inc.) and UPST (Upstart Holdings, Inc.) are both stocks. AFRM operates in Information Technology Services (Technology), while UPST operates in Credit Services (Financial Services). Over the past 5 years, AFRM returned -0.54%/yr vs -24.64%/yr for UPST. A 0.65 correlation means they provide meaningful diversification when combined.
Performance
AFRM vs. UPST - Performance Comparison
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Returns By Period
In the year-to-date period, AFRM achieves a -11.10% return, which is significantly higher than UPST's -30.25% return.
AFRM
- 1D
- -0.48%
- 1M
- 0.53%
- YTD
- -11.10%
- 6M
- -1.61%
- 1Y
- 11.94%
- 3Y*
- 52.28%
- 5Y*
- -0.54%
- 10Y*
- —
UPST
- 1D
- -4.06%
- 1M
- 3.35%
- YTD
- -30.25%
- 6M
- -38.20%
- 1Y
- -41.37%
- 3Y*
- -6.21%
- 5Y*
- -24.64%
- 10Y*
- —
AFRM vs. UPST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
AFRM Affirm Holdings, Inc. | -11.10% | 22.22% | 23.93% | 408.17% | -90.38% | 10.63% |
UPST Upstart Holdings, Inc. | -30.25% | -28.98% | 50.69% | 209.08% | -91.26% | 142.16% |
Correlation
The correlation between AFRM and UPST is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Jan 13, 2021 | 0.65 |
The correlation between AFRM and UPST has been stable across timeframes, ranging from 0.65 to 0.69 - a consistent structural relationship.
Fundamentals
AFRM:
$23.03B
UPST:
$2.96B
AFRM:
$1.10
UPST:
$0.47
AFRM:
60.05
UPST:
65.09
AFRM:
7.18
UPST:
2.76
AFRM:
6.09
UPST:
4.03
AFRM:
$3.20B
UPST:
$1.16B
AFRM:
$2.00B
UPST:
$810.61M
AFRM:
$908.84M
UPST:
$67.66M
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Return for Risk
AFRM vs. UPST — Risk / Return Rank
AFRM
UPST
AFRM vs. UPST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Affirm Holdings, Inc. (AFRM) and Upstart Holdings, Inc. (UPST). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| AFRM | UPST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.76 | ||
| Sortino ratioReturn per unit of downside risk | +1.26 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 0.93 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.16 | -0.62 | +0.78 |
| Martin ratioReturn relative to average drawdown | 0.31 | -0.92 | +1.23 |
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Drawdowns
AFRM vs. UPST - Drawdown Comparison
The maximum AFRM drawdown since its inception was -94.71%, roughly equal to the maximum UPST drawdown of -96.90%. Use the drawdown chart below to compare losses from any high point for AFRM and UPST.
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Drawdown Indicators
| AFRM | UPST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.71% | -96.90% | +2.19% |
Max Drawdown (1Y)Largest decline over 1 year | -53.86% | -71.21% | +17.35% |
Max Drawdown (3Y)Largest decline over 3 years | -55.85% | -72.72% | +16.87% |
Max Drawdown (5Y)Largest decline over 5 years | -94.71% | -96.90% | +2.19% |
Current DrawdownCurrent decline from peak | -60.73% | -92.18% | +31.45% |
Average DrawdownAverage peak-to-trough decline | -68.65% | -76.18% | +7.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 27.04% | 47.83% | -20.79% |
Volatility
AFRM vs. UPST - Volatility Comparison
The current volatility for Affirm Holdings, Inc. (AFRM) is 17.80%, while Upstart Holdings, Inc. (UPST) has a volatility of 21.77%. This indicates that AFRM experiences smaller price fluctuations and is considered to be less risky than UPST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AFRM | UPST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.80% | 21.77% | -3.97% |
Volatility (6M)Calculated over the trailing 6-month period | 43.83% | 50.33% | -6.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.85% | 71.10% | -10.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 96.23% | 103.59% | -7.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.46% | 113.97% | -18.51% |
Dividends
AFRM vs. UPST - Dividend Comparison
Neither AFRM nor UPST has paid dividends to shareholders.
Financials
AFRM vs. UPST - Financials Comparison
This section allows you to compare key financial metrics between Affirm Holdings, Inc. and Upstart Holdings, Inc.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
AFRM vs. UPST - Profitability Comparison
AFRM - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Affirm Holdings, Inc. reported a gross profit of 0.00 and revenue of 268.03M. Therefore, the gross margin over that period was 0.0%.
UPST - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Upstart Holdings, Inc. reported a gross profit of 0.00 and revenue of 308.21M. Therefore, the gross margin over that period was 0.0%.
AFRM - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Affirm Holdings, Inc. reported an operating income of 88.43M and revenue of 268.03M, resulting in an operating margin of 33.0%.
UPST - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Upstart Holdings, Inc. reported an operating income of -7.52M and revenue of 308.21M, resulting in an operating margin of -2.4%.
AFRM - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Affirm Holdings, Inc. reported a net income of 102.90M and revenue of 268.03M, resulting in a net margin of 38.4%.
UPST - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Upstart Holdings, Inc. reported a net income of -6.65M and revenue of 308.21M, resulting in a net margin of -2.2%.
Frequently Asked Questions
AFRM and UPST have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UPST has higher volatility (21.77%) compared to AFRM (17.80%). In terms of maximum drawdown, AFRM dropped -94.71% vs UPST's -96.90%.
AFRM currently has the higher Sharpe Ratio (0.14 vs -0.62), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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