AEHL vs TNON: Correlation
How closely do Antelope Enterprise Holdings Limited - Class A (AEHL) and Tenon Medical, Inc. (TNON) trade together? Their weekly returns over three years give a correlation of 0.98, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEHL and TNON?
Over the past 3 years, AEHL and TNON moved with a correlation of 0.98, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.99 over 1 year against 0.98 over 3. Over 5 years the correlation is 0.98, and the annualized covariance of weekly returns is 3529671.0 %².
Among the 26 assets we track against AEHL, TNON ranks #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months TNON outperformed by 356.8 percentage points (-73.6% for AEHL against +283.2% for TNON). One caveat on sizing: TNON is 2.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AEHL vs TNON: side by side
| AEHL (Antelope Enterprise Holdings Limited - Class A) | TNON (Tenon Medical, Inc.) | |
|---|---|---|
| 1-year return | -73.6% | +283.2% |
| 5-year return | -99.9% | -99.7% |
| Volatility (ann.) | 1193.4% | 3014.0% |
| Beta vs S&P 500 | 1.91 | 4.59 |
| Max drawdown (3Y) | -100.0% | -99.5% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AEHL | TNON |
|---|---|---|
| 2022 | -62.9% | – |
| 2023 | -56.1% | -90.0% |
| 2024 | -91.1% | -85.1% |
| 2025 | -80.8% | -49.4% |
| 2026 | -52.1% | +427.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEHL and TNON good diversifiers for each other?
Not really. At 0.98, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between AEHL and TNON?
The AEHL/TNON correlation stands at 0.98 on a 3-year window (1 year: 0.99, 5 years: 0.98), computed from weekly returns as of 2026-08-27.
Is TNON a good diversifier for AEHL?
Not really. At 0.98, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.98 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aehl-vs-tnon.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aehl-vs-tnon/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AEHL correlations · TNON correlations
