EVLV vs. UPST

Last updated Jun 4, 2026

EVLV (Evolv Technologies Holdings Inc) and UPST (Upstart Holdings, Inc.) are both stocks. EVLV operates in Security & Protection Services (Industrials), while UPST operates in Credit Services (Financial Services). Over the past 5 years, EVLV returned -8.53%/yr vs -28.67%/yr for UPST. At a 0.35 correlation, their price movements are largely independent.

Performance

EVLV vs. UPST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Evolv Technologies Holdings Inc (EVLV) and Upstart Holdings, Inc. (UPST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EVLV achieves a -10.47% return, which is significantly higher than UPST's -30.73% return.

EVLV

• 1D: -4.75%
• 1M: -10.22%
• YTD: -10.47%
• 6M: -1.99%
• 1Y: 16.76%
• 3Y*: 2.57%
• 5Y*: -8.53%
• 10Y*: —

UPST

• 1D: -6.48%
• 1M: -5.58%
• YTD: -30.73%
• 6M: -33.13%
• 1Y: -40.58%
• 3Y*: 0.81%
• 5Y*: -28.67%
• 10Y*: —

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

EVLV vs. UPST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
EVLV Evolv Technologies Holdings Inc	-10.47%	81.27%	-16.31%	82.24%	-41.93%	-55.44%	0.10%
UPST Upstart Holdings, Inc.	-30.73%	-28.98%	50.69%	209.08%	-91.26%	271.29%	38.28%

Correlation

The correlation between EVLV and UPST is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (All Time) Calculated using the full available price history since Dec 17, 2020	0.35

Fundamentals

Market Cap EVLV : $1.13B UPST : $2.94B
EPS EVLV : -$0.21 UPST : $0.47
PS Ratio EVLV : 7.04 UPST : 2.74
PB Ratio EVLV : 9.41 UPST : 4.00
Total Revenue (TTM) EVLV : $160.23M UPST : $1.16B
Gross Profit (TTM) EVLV : $79.75M UPST : $810.61M
EBITDA (TTM) EVLV : -$39.27M UPST : $67.66M

Return for Risk

EVLV vs. UPST — Risk / Return Rank

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

EVLV

EVLV Risk / Return Rank: 49
EVLV Sharpe Ratio Rank: 53
EVLV Sortino Ratio Rank: 49
EVLV Omega Ratio Rank: 47
EVLV Calmar Ratio Rank: 49
EVLV Martin Ratio Rank: 49

UPST

UPST Risk / Return Rank: 20
UPST Sharpe Ratio Rank: 16
UPST Sortino Ratio Rank: 19
UPST Omega Ratio Rank: 19
UPST Calmar Ratio Rank: 20
UPST Martin Ratio Rank: 24

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.

EVLV vs. UPST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Evolv Technologies Holdings Inc (EVLV) 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.

	EVLV	UPST	Difference
Sharpe ratio Return per unit of total volatility	0.33	-0.58	+0.90
Sortino ratio Return per unit of downside risk	0.80	-0.52	+1.32
Omega ratio Gain probability vs. loss probability	1.10	0.94	+0.16
Calmar ratio Return relative to maximum drawdown	0.38	-0.57	+0.95
Martin ratio Return relative to average drawdown	0.74	-0.87	+1.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EVLV vs. UPST - Sharpe Ratio Comparison

The current EVLV Sharpe Ratio is 0.33, which is higher than the UPST Sharpe Ratio of -0.58. The chart below compares the historical Sharpe Ratios of EVLV and UPST, 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

	EVLV	UPST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.33	-0.58	+0.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.10	-0.28	+0.18
Sharpe Ratio (All Time) Calculated using the full available price history	-0.09	0.00	-0.09

Drawdowns

EVLV vs. UPST - Drawdown Comparison

The maximum EVLV drawdown since its inception was -84.50%, smaller than the maximum UPST drawdown of -96.90%. Use the drawdown chart below to compare losses from any high point for EVLV and UPST.

Drawdown Indicators

	EVLV	UPST	Difference
Max Drawdown Largest peak-to-trough decline	-84.50%	-96.90%	+12.40%
Max Drawdown (1Y) Largest decline over 1 year	-44.06%	-71.21%	+27.15%
Max Drawdown (3Y) Largest decline over 3 years	-72.92%	-72.72%	-0.20%
Max Drawdown (5Y) Largest decline over 5 years	-84.21%	-96.90%	+12.69%
Current Drawdown Current decline from peak	-41.19%	-92.23%	+51.04%
Average Drawdown Average peak-to-trough decline	-50.35%	-76.16%	+25.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.80%	46.66%	-23.86%

Volatility

EVLV vs. UPST - Volatility Comparison

The current volatility for Evolv Technologies Holdings Inc (EVLV) is 18.81%, while Upstart Holdings, Inc. (UPST) has a volatility of 20.07%. This indicates that EVLV 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.

Volatility by Period

	EVLV	UPST	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.81%	20.07%	-1.26%
Volatility (6M) Calculated over the trailing 6-month period	37.97%	49.56%	-11.59%
Volatility (1Y) Calculated over the trailing 1-year period	51.76%	70.71%	-18.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	85.92%	103.75%	-17.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.68%	114.03%	-33.35%

Dividends

EVLV vs. UPST - Dividend Comparison

Neither EVLV nor UPST has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

EVLV vs. UPST - Profitability Comparison

The chart below illustrates the profitability comparison between Evolv Technologies Holdings Inc and Upstart Holdings, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

EVLV - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Evolv Technologies Holdings Inc reported a gross profit of 23.60M and revenue of 46.33M. Therefore, the gross margin over that period was 50.9%.

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%.

EVLV - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Evolv Technologies Holdings Inc reported an operating income of -8.47M and revenue of 46.33M, resulting in an operating margin of -18.3%.

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%.

EVLV - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Evolv Technologies Holdings Inc reported a net income of -5.01M and revenue of 46.33M, resulting in a net margin of -10.8%.

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

Can I hold both EVLV and UPST in my portfolio?

EVLV and UPST have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EVLV or UPST?

UPST has higher volatility (20.07%) compared to EVLV (18.81%). In terms of maximum drawdown, EVLV dropped -84.50% vs UPST's -96.90%.

Which has better risk-adjusted returns?

EVLV currently has the higher Sharpe Ratio (0.33 vs -0.58), 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.