Seasonality
UPWK seasonality — Upwork, Inc.
Over the last 9 years, UPWK's strongest month on average has been November (+13.2%) and its weakest March (-14.1%).
Average return by month
Month-by-month statistics
| Month | Avg | Median | Up % | Best | Worst | Yrs |
|---|---|---|---|---|---|---|
| Jan | +0.77% | -1.27% | 50% | +24.1% | -20.4% | 8 |
| Feb | -1.12% | -5.06% | 38% | +30.0% | -33.0% | 8 |
| Mar | -14.09% | -17.49% | 0% | -0.2% | -25.5% | 8 |
| Apr | +0.23% | -1.90% | 50% | +29.1% | -15.5% | 8 |
| May | -0.93% | -11.31% | 38% | +49.3% | -25.1% | 8 |
| Jun | +7.22% | +10.33% | 75% | +23.8% | -13.2% | 8 |
| Jul | +0.98% | +3.13% | 62% | +12.7% | -11.2% | 8 |
| Aug | +2.28% | -3.83% | 38% | +42.0% | -20.5% | 8 |
| Sep | -2.29% | -3.62% | 50% | +20.7% | -23.3% | 8 |
| Oct | +5.24% | +5.22% | 62% | +29.8% | -14.2% | 8 |
| Nov | +13.23% | +10.44% | 50% | +77.3% | -22.5% | 8 |
| Dec | -3.31% | -3.22% | 38% | +5.5% | -14.8% | 8 |
Monthly returns heat map — UPWK
price return, %| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.1 | -33.0 | -18.3 | -5.6 | -14.8 | -5.2 | 9.6 | -1.4 | -9.6 | 12.1 | 9.5 | -49.5% | |
| 2025 | -3.6 | 1.1 | -18.1 | 0.8 | 17.8 | -13.2 | -11.0 | 28.7 | 20.7 | -14.2 | 23.8 | 0.4 | +21.2% |
| 2024 | -7.8 | -4.5 | -6.4 | -4.6 | -9.7 | 1.7 | 12.7 | -20.5 | 8.4 | 29.8 | 25.1 | -3.6 | +9.9% |
| 2023 | 24.1 | -12.5 | -0.2 | -15.5 | -14.3 | 13.9 | 11.7 | 42.0 | -23.3 | -8.0 | 34.8 | 5.5 | +42.4% |
| 2022 | -20.4 | -7.1 | -8.1 | -9.8 | -13.0 | 13.3 | -10.2 | -6.2 | -21.7 | -1.2 | -8.9 | -14.8 | -69.4% |
| 2021 | 20.1 | 30.0 | -16.9 | 2.9 | 2.2 | 23.8 | -11.2 | -13.7 | 0.7 | 4.6 | -20.9 | -8.3 | -1.0% |
| 2020 | -14.0 | -5.7 | -25.5 | 29.1 | 49.3 | 16.1 | 4.0 | 1.4 | 14.5 | 5.8 | 77.3 | 5.5 | +223.5% |
| 2019 | 6.6 | 22.7 | -19.2 | 4.4 | -25.1 | 7.3 | 2.2 | -12.0 | -8.0 | 13.0 | -22.5 | -8.4 | -41.1% |
| 2018 | -3.0 | -2.8 |