ELISA.HE vs. UPM.HE

Last updated Jun 5, 2026

ELISA.HE (Elisa Oyj) and UPM.HE (UPM-Kymmene Oyj) are both stocks. ELISA.HE operates in Telecom Services (Communication Services), while UPM.HE operates in Paper & Paper Products (Basic Materials). Over the past 10 years, ELISA.HE returned 5.53%/yr vs 8.66%/yr for UPM.HE. At a 0.27 correlation, their price movements are largely independent.

Performance

ELISA.HE vs. UPM.HE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Elisa Oyj (ELISA.HE) and UPM-Kymmene Oyj (UPM.HE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ELISA.HE achieves a 6.34% return, which is significantly higher than UPM.HE's 4.24% return. Over the past 10 years, ELISA.HE has underperformed UPM.HE with an annualized return of 5.53%, while UPM.HE has yielded a comparatively higher 8.66% annualized return.

ELISA.HE

• 1D: -0.75%
• 1M: -4.40%
• YTD: 6.34%
• 6M: 7.31%
• 1Y: -13.87%
• 3Y*: -5.33%
• 5Y*: -0.37%
• 10Y*: 5.53%

UPM.HE

• 1D: -0.04%
• 1M: -2.94%
• YTD: 4.24%
• 6M: 5.56%
• 1Y: 11.59%
• 3Y*: 0.58%
• 5Y*: -0.16%
• 10Y*: 8.66%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ELISA.HE vs. UPM.HE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ELISA.HE Elisa Oyj	6.34%	-4.83%	5.13%	-11.97%	-5.15%	25.36%	-5.93%	42.56%	15.22%	10.77%
UPM.HE UPM-Kymmene Oyj	4.24%	-0.70%	-18.00%	2.38%	8.87%	14.34%	3.96%	46.28%	-11.11%	15.80%

Correlation

The correlation between ELISA.HE and UPM.HE is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (10Y) Calculated over the trailing 10-year period	0.20
Correlation (All Time) Calculated using the full available price history since Jul 5, 1999	0.27

The correlation between ELISA.HE and UPM.HE shifts across timeframes, from 0.11 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ELISA.HE vs. UPM.HE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ELISA.HE

ELISA.HE Risk / Return Rank: 13
ELISA.HE Sharpe Ratio Rank: 10
ELISA.HE Sortino Ratio Rank: 12
ELISA.HE Omega Ratio Rank: 12
ELISA.HE Calmar Ratio Rank: 18
ELISA.HE Martin Ratio Rank: 16

UPM.HE

UPM.HE Risk / Return Rank: 56
UPM.HE Sharpe Ratio Rank: 58
UPM.HE Sortino Ratio Rank: 51
UPM.HE Omega Ratio Rank: 49
UPM.HE Calmar Ratio Rank: 59
UPM.HE Martin Ratio Rank: 61

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ELISA.HE vs. UPM.HE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Elisa Oyj (ELISA.HE) and UPM-Kymmene Oyj (UPM.HE). 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.

	ELISA.HE	UPM.HE	Difference
Sharpe ratio: Return per unit of total volatility	-0.77	0.48	-1.25
Sortino ratio: Return per unit of downside risk	-0.95	0.89	-1.84
Omega ratio: Gain probability vs. loss probability	0.87	1.10	-0.23
Calmar ratio: Return relative to maximum drawdown	-0.65	0.84	-1.49
Martin ratio: Return relative to average drawdown	-1.18	2.10	-3.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ELISA.HE vs. UPM.HE - Sharpe Ratio Comparison

The current ELISA.HE Sharpe Ratio is -0.77, which is lower than the UPM.HE Sharpe Ratio of 0.48. The chart below compares the historical Sharpe Ratios of ELISA.HE and UPM.HE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ELISA.HE	UPM.HE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.77	0.48	-1.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.02	-0.01	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	0.33	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.23	0.00

Drawdowns

ELISA.HE vs. UPM.HE - Drawdown Comparison

The maximum ELISA.HE drawdown since its inception was -92.10%, which is greater than UPM.HE's maximum drawdown of -74.52%. Use the drawdown chart below to compare losses from any high point for ELISA.HE and UPM.HE.

Drawdown Indicators

	ELISA.HE	UPM.HE	Difference
Max Drawdown Largest peak-to-trough decline	-92.10%	-74.52%	-17.58%
Max Drawdown (1Y) Largest decline over 1 year	-21.54%	-13.91%	-7.63%
Max Drawdown (3Y) Largest decline over 3 years	-24.74%	-35.38%	+10.64%
Max Drawdown (5Y) Largest decline over 5 years	-30.01%	-35.38%	+5.37%
Max Drawdown (10Y) Largest decline over 10 years	-30.01%	-37.15%	+7.14%
Current Drawdown Current decline from peak	-20.90%	-21.06%	+0.16%
Average Drawdown Average peak-to-trough decline	-39.01%	-18.95%	-20.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.82%	5.55%	+6.27%

Volatility

ELISA.HE vs. UPM.HE - Volatility Comparison

Elisa Oyj (ELISA.HE) and UPM-Kymmene Oyj (UPM.HE) have volatilities of 4.02% and 4.19%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ELISA.HE	UPM.HE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.02%	4.19%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	12.24%	17.04%	-4.80%
Volatility (1Y) Calculated over the trailing 1-year period	18.45%	24.27%	-5.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.94%	24.63%	-7.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.71%	26.01%	-6.30%

Dividends

ELISA.HE vs. UPM.HE - Dividend Comparison

ELISA.HE's dividend yield for the trailing twelve months is around 4.47%, less than UPM.HE's 5.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ELISA.HE Elisa Oyj	4.47%	6.23%	5.38%	5.13%	4.14%	3.60%	4.12%	3.55%	4.57%	4.58%	4.53%	3.79%
UPM.HE UPM-Kymmene Oyj	5.97%	6.05%	5.65%	4.40%	3.72%	3.89%	4.27%	4.21%	5.19%	3.67%	3.21%	4.06%

Financials

Frequently Asked Questions

Can I hold both ELISA.HE and UPM.HE in my portfolio?

ELISA.HE and UPM.HE have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.