AG vs TOPS: Correlation
First Majestic Silver Corp. (AG) and TOP Ships, Inc. (TOPS) show a moderate relationship: their 3-year correlation of weekly returns is 0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AG and TOPS?
Over the past 3 years, AG and TOPS moved with a correlation of 0.37, which is moderate. The relationship has been stable: the 1-year correlation (0.39) sits close to the 3-year figure. Over 5 years the correlation is 0.29, and the annualized covariance of weekly returns is 2022.3 %².
Within AG's tracked universe of 27 assets, TOPS comes in at #20 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months AG outperformed by 225.8 percentage points (+139.9% for AG against -85.9% for TOPS).
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.
AG vs TOPS: side by side
| AG (First Majestic Silver Corp.) | TOPS (TOP Ships, Inc.) | |
|---|---|---|
| 1-year return | +139.9% | -85.9% |
| 5-year return | +74.1% | -99.7% |
| Volatility (ann.) | 70.1% | 78.4% |
| Beta vs S&P 500 | 1.45 | 1.09 |
| Max drawdown (3Y) | -53.0% | -96.5% |
| Market cap | $10.7B | – |
| P/E (trailing) | 30.2 | 1.2 |
| Dividend yield | 0.22% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AG | TOPS |
|---|---|---|
| 2022 | -24.7% | -92.4% |
| 2023 | -26.0% | +2.5% |
| 2024 | -10.5% | -61.4% |
| 2025 | +204.1% | -25.2% |
| 2026 | +30.7% | -82.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AG and TOPS good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AG and TOPS?
As of 2026-08-27, the correlation of weekly returns between AG and TOPS is 0.37 over 3 years, 0.39 over 1 year and 0.29 over 5 years.
Is TOPS a good diversifier for AG?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.37 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/ag-vs-tops.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ag-vs-tops/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AG correlations · TOPS correlations
