ALVO vs TOP: Correlation
Measured on weekly returns over the past three years, Alvotech (ALVO) and TOP Financial Group Limited - Class A (TOP) carry a correlation of 0.39, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALVO and TOP?
Over the past 3 years, ALVO and TOP moved with a correlation of 0.39, which is moderate. The link has tightened recently: the 1-year correlation (0.57) runs above the 3-year figure (0.39). Over 5 years the correlation is 0.09, and the annualized covariance of weekly returns is 4736.3 %².
Few assets follow ALVO as closely as TOP, which ranks #2 of 12 tracked partners. Correlation aside, the last 12 months split them widely, with TOP ahead by 1257.1 points (-39.2% versus +1217.9%). Risk is not evenly split, since TOP carries 4.4 times the volatility of the other side.
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.
ALVO vs TOP: side by side
| ALVO (Alvotech) | TOP (TOP Financial Group Limited - Class A) | |
|---|---|---|
| 1-year return | -39.2% | +1217.9% |
| 5-year return | -56.4% | -9.2% |
| Volatility (ann.) | 52.8% | 230.2% |
| Beta vs S&P 500 | 0.81 | 1.60 |
| Max drawdown (3Y) | -82.6% | -89.6% |
| Market cap | $1.7B | $1.9B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ALVO | TOP |
|---|---|---|
| 2023 | +14.8% | -22.5% |
| 2024 | +15.2% | -59.5% |
| 2025 | -61.2% | -34.3% |
| 2026 | -4.9% | +1434.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALVO and TOP good diversifiers for each other?
Reasonably. At 0.39, ALVO and TOP keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ALVO and TOP?
Using weekly returns as of 2026-08-27: 0.39 over 3 years, with 0.57 over the last year and 0.09 over 5 years.
Is TOP a good diversifier for ALVO?
Reasonably. At 0.39, ALVO and TOP keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.39 mean?
A reading of 0.39 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/alvo-vs-top.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/alvo-vs-top/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ALVO correlations · TOP correlations
