PGY vs. UPST

Last updated Apr 2, 2026

Compare and contrast key facts about Pagaya Technologies Ltd. (PGY) and Upstart Holdings, Inc. (UPST).

Performance

PGY vs. UPST - Performance Comparison

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

PGY vs. UPST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PGY Pagaya Technologies Ltd.	-44.02%	124.97%	-43.90%	11.29%	-79.61%
UPST Upstart Holdings, Inc.	-42.01%	-28.98%	50.69%	209.08%	-65.88%

Fundamentals

Market Cap PGY : $1.19B UPST : $2.85B
EPS PGY : $0.90 UPST : $0.50
PE Ratio PGY : 13.06 UPST : 51.22
PS Ratio PGY : 0.84 UPST : 2.63
PB Ratio PGY : 2.48 UPST : 3.56
Total Revenue (TTM) PGY : $1.26B UPST : $1.04B
Gross Profit (TTM) PGY : $512.17M UPST : $700.93M
EBITDA (TTM) PGY : $192.27M UPST : $72.99M

Returns By Period

The year-to-date returns for both investments are quite close, with PGY having a -44.02% return and UPST slightly higher at -42.01%.

PGY

• 1D: 0.43%
• 1M: 3.17%
• YTD: -44.02%
• 6M: -60.88%
• 1Y: 10.80%
• 3Y*: -1.49%
• 5Y*: —
• 10Y*: —

UPST

• 1D: -1.13%
• 1M: -10.33%
• YTD: -42.01%
• 6M: -51.35%
• 1Y: -44.87%
• 3Y*: 16.86%
• 5Y*: -29.37%
• 10Y*: —

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

Return for Risk

PGY vs. UPST — Risk / Return Rank

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

PGY

PGY Risk / Return Rank: 46
PGY Sharpe Ratio Rank: 45
PGY Sortino Ratio Rank: 50
PGY Omega Ratio Rank: 48
PGY Calmar Ratio Rank: 44
PGY Martin Ratio Rank: 44

UPST

UPST Risk / Return Rank: 18
UPST Sharpe Ratio Rank: 15
UPST Sortino Ratio Rank: 18
UPST Omega Ratio Rank: 19
UPST Calmar Ratio Rank: 19
UPST Martin Ratio Rank: 19

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.

PGY vs. UPST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pagaya Technologies Ltd. (PGY) 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.

	PGY	UPST	Difference
Sharpe ratio Return per unit of total volatility	0.13	-0.59	+0.71
Sortino ratio Return per unit of downside risk	0.83	-0.52	+1.35
Omega ratio Gain probability vs. loss probability	1.10	0.94	+0.16
Calmar ratio Return relative to maximum drawdown	0.15	-0.63	+0.78
Martin ratio Return relative to average drawdown	0.30	-1.16	+1.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PGY vs. UPST - Sharpe Ratio Comparison

The current PGY Sharpe Ratio is 0.13, which is higher than the UPST Sharpe Ratio of -0.59. The chart below compares the historical Sharpe Ratios of PGY and UPST, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PGY	UPST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.13	-0.59	+0.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.28	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.26	-0.02	-0.24

Correlation

The correlation between PGY and UPST is 0.49, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

PGY vs. UPST - Dividend Comparison

Neither PGY nor UPST has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

PGY vs. UPST - Drawdown Comparison

The maximum PGY drawdown since its inception was -98.09%, roughly equal to the maximum UPST drawdown of -96.90%. Use the drawdown chart below to compare losses from any high point for PGY and UPST.

Drawdown Indicators

	PGY	UPST	Difference
Max Drawdown Largest peak-to-trough decline	-98.09%	-96.90%	-1.19%
Max Drawdown (1Y) Largest decline over 1 year	-75.71%	-71.21%	-4.50%
Max Drawdown (5Y) Largest decline over 5 years	—	-96.90%	—
Current Drawdown Current decline from peak	-96.74%	-93.50%	-3.24%
Average Drawdown Average peak-to-trough decline	-91.80%	-75.64%	-16.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.17%	38.82%	+0.35%

Volatility

PGY vs. UPST - Volatility Comparison

Pagaya Technologies Ltd. (PGY) and Upstart Holdings, Inc. (UPST) have volatilities of 17.79% and 17.58%, 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

	PGY	UPST	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.79%	17.58%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	57.75%	50.08%	+7.67%
Volatility (1Y) Calculated over the trailing 1-year period	84.56%	76.79%	+7.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	147.44%	105.43%	+42.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	147.44%	115.19%	+32.25%

Financials

PGY vs. UPST - Profitability Comparison

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

PGY - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Pagaya Technologies Ltd. reported a gross profit of 130.99M and revenue of 321.04M. Therefore, the gross margin over that period was 40.8%.

UPST - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Upstart Holdings, Inc. reported a gross profit of 0.00 and revenue of 280.28M. Therefore, the gross margin over that period was 0.0%.

PGY - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Pagaya Technologies Ltd. reported an operating income of 65.94M and revenue of 321.04M, resulting in an operating margin of 20.5%.

UPST - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Upstart Holdings, Inc. reported an operating income of 18.92M and revenue of 280.28M, resulting in an operating margin of 6.8%.

PGY - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Pagaya Technologies Ltd. reported a net income of 34.30M and revenue of 321.04M, resulting in a net margin of 10.7%.

UPST - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Upstart Holdings, Inc. reported a net income of 18.64M and revenue of 280.28M, resulting in a net margin of 6.7%.