PGY vs. UPST
PGY (Pagaya Technologies Ltd.) and UPST (Upstart Holdings, Inc.) are both stocks. PGY operates in Software - Infrastructure (Technology), while UPST operates in Credit Services (Financial Services). Over the past 3 years, PGY returned 2.59%/yr vs 3.08%/yr for UPST. At a 0.50 correlation, their price movements are largely independent.
Performance
PGY vs. UPST - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with PGY having a -26.84% return and UPST slightly higher at -25.93%.
PGY
- 1D
- -2.24%
- 1M
- 7.37%
- YTD
- -26.84%
- 6M
- -34.15%
- 1Y
- -8.55%
- 3Y*
- 2.59%
- 5Y*
- —
- 10Y*
- —
UPST
- 1D
- -3.63%
- 1M
- -1.07%
- YTD
- -25.93%
- 6M
- -24.15%
- 1Y
- -32.38%
- 3Y*
- 3.08%
- 5Y*
- -27.78%
- 10Y*
- —
PGY vs. UPST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
PGY Pagaya Technologies Ltd. | -26.84% | 124.97% | -43.90% | 11.29% | -79.61% |
UPST Upstart Holdings, Inc. | -25.93% | -28.98% | 50.69% | 209.08% | -65.88% |
Correlation
The correlation between PGY and UPST is 0.67, 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 | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Jun 24, 2022 | 0.50 |
The correlation between PGY and UPST shifts across timeframes, from 0.50 (all time) to 0.67 (1 year), reflecting how their relationship changes across market environments.
Fundamentals
PGY:
$1.48B
UPST:
$3.14B
PGY:
$1.06
UPST:
$0.47
PGY:
14.38
UPST:
69.12
PGY:
1.09
UPST:
2.94
PGY:
2.79
UPST:
4.28
PGY:
$1.30B
UPST:
$1.16B
PGY:
$396.55M
UPST:
$810.61M
PGY:
$180.28M
UPST:
$67.66M
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Return for Risk
PGY vs. UPST — Risk / Return Rank
PGY
UPST
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 ratioReturn per unit of total volatility | -0.11 | -0.46 | +0.35 |
Sortino ratioReturn per unit of downside risk | 0.41 | -0.27 | +0.68 |
Omega ratioGain probability vs. loss probability | 1.05 | 0.97 | +0.08 |
Calmar ratioReturn relative to maximum drawdown | -0.09 | -0.44 | +0.35 |
Martin ratioReturn relative to average drawdown | -0.15 | -0.67 | +0.53 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PGY | UPST | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.11 | -0.46 | +0.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.27 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.23 | 0.02 | -0.24 |
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.
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Drawdown Indicators
| PGY | UPST | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 (3Y)Largest decline over 3 years | -75.71% | -72.72% | -2.99% |
Max Drawdown (5Y)Largest decline over 5 years | — | -96.90% | — |
Current DrawdownCurrent decline from peak | -95.75% | -91.69% | -4.06% |
Average DrawdownAverage peak-to-trough decline | -91.98% | -76.15% | -15.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 48.07% | 46.48% | +1.59% |
Volatility
PGY vs. UPST - Volatility Comparison
The current volatility for Pagaya Technologies Ltd. (PGY) is 18.02%, while Upstart Holdings, Inc. (UPST) has a volatility of 19.01%. This indicates that PGY 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
| PGY | UPST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.02% | 19.01% | -0.99% |
Volatility (6M)Calculated over the trailing 6-month period | 54.35% | 49.16% | +5.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 78.62% | 70.44% | +8.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 144.85% | 103.73% | +41.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 144.85% | 114.03% | +30.82% |
Dividends
PGY vs. UPST - Dividend Comparison
Neither PGY nor UPST has paid dividends to shareholders.
Financials
PGY vs. UPST - Financials Comparison
This section allows you to compare key financial metrics between Pagaya Technologies Ltd. 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
PGY vs. UPST - Profitability Comparison
PGY - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Pagaya Technologies Ltd. reported a gross profit of 0.00 and revenue of 317.94M. 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%.
PGY - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Pagaya Technologies Ltd. reported an operating income of 80.01M and revenue of 317.94M, resulting in an operating margin of 25.2%.
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%.
PGY - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Pagaya Technologies Ltd. reported a net income of 24.69M and revenue of 317.94M, resulting in a net margin of 7.8%.
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
PGY and UPST have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UPST has higher volatility (19.01%) compared to PGY (18.02%). In terms of maximum drawdown, PGY dropped -98.09% vs UPST's -96.90%.
PGY currently has the higher Sharpe Ratio (-0.11 vs -0.46), 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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