UPM.HE vs. ELISA.HE

Last updated Jun 5, 2026

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

Performance

UPM.HE vs. ELISA.HE - Performance Comparison

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

Returns By Period

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

UPM.HE

• 1D: -0.04%
• 1M: -2.37%
• YTD: 4.24%
• 6M: 6.61%
• 1Y: 11.41%
• 3Y*: 0.58%
• 5Y*: -0.16%
• 10Y*: 8.66%

ELISA.HE

• 1D: -0.75%
• 1M: -4.03%
• YTD: 6.34%
• 6M: 6.85%
• 1Y: -13.97%
• 3Y*: -5.33%
• 5Y*: -0.37%
• 10Y*: 5.53%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
ELISA.HE Elisa Oyj	6.34%	-4.83%	5.13%	-11.97%	-5.15%	25.36%	-5.93%	42.56%	15.22%	10.77%

Correlation

The correlation between UPM.HE and ELISA.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 UPM.HE and ELISA.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

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

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

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

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

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.

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

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

	UPM.HE	ELISA.HE	Difference
Sharpe ratio: Return per unit of total volatility	0.48	-0.77	+1.25
Sortino ratio: Return per unit of downside risk	0.89	-0.95	+1.84
Omega ratio: Gain probability vs. loss probability	1.10	0.87	+0.23
Calmar ratio: Return relative to maximum drawdown	0.84	-0.65	+1.49
Martin ratio: Return relative to average drawdown	2.10	-1.18	+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.

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

The current UPM.HE Sharpe Ratio is 0.48, which is higher than the ELISA.HE Sharpe Ratio of -0.77. The chart below compares the historical Sharpe Ratios of UPM.HE and ELISA.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

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

Drawdowns

UPM.HE vs. ELISA.HE - Drawdown Comparison

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

Drawdown Indicators

	UPM.HE	ELISA.HE	Difference
Max Drawdown Largest peak-to-trough decline	-74.52%	-92.10%	+17.58%
Max Drawdown (1Y) Largest decline over 1 year	-13.91%	-21.54%	+7.63%
Max Drawdown (3Y) Largest decline over 3 years	-35.38%	-23.46%	-11.92%
Max Drawdown (5Y) Largest decline over 5 years	-35.38%	-30.01%	-5.37%
Max Drawdown (10Y) Largest decline over 10 years	-37.15%	-30.01%	-7.14%
Current Drawdown Current decline from peak	-21.06%	-20.90%	-0.16%
Average Drawdown Average peak-to-trough decline	-18.95%	-39.01%	+20.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.55%	11.82%	-6.27%

Volatility

UPM.HE vs. ELISA.HE - Volatility Comparison

UPM-Kymmene Oyj (UPM.HE) and Elisa Oyj (ELISA.HE) have volatilities of 4.19% and 4.02%, 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

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

Dividends

UPM.HE vs. ELISA.HE - Dividend Comparison

UPM.HE's dividend yield for the trailing twelve months is around 5.97%, more than ELISA.HE's 4.47% 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 UPM.HE and ELISA.HE in my portfolio?

UPM.HE and ELISA.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.