ARQ vs TONX: Correlation
Measured on weekly returns over the past three years, Arq, Inc. (ARQ) and TON Strategy Company (TONX) 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 ARQ and TONX?
On 3 years of weekly data the ARQ/TONX correlation comes out at 0.39, moderate. The past 12 months show a weaker link (0.14) than the 3-year average (0.39). The 5-year figure is 0.26, and annualized covariance runs at 5679.8 %².
By 3-year correlation, TONX places #7 of the 15 assets tracked against ARQ. Over the last 12 months ARQ came out ahead by 6.1 percentage points (-71.1% against -77.2%). Note the risk asymmetry: TONX runs 2.3 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
ARQ vs TONX: side by side
| ARQ (Arq, Inc.) | TONX (TON Strategy Company) | |
|---|---|---|
| 1-year return | -71.1% | -77.2% |
| 5-year return | -67.7% | -100.0% |
| Volatility (ann.) | 78.9% | 182.6% |
| Beta vs S&P 500 | 1.85 | 1.57 |
| Max drawdown (3Y) | -79.6% | -99.7% |
| Market cap | $0.1B | $0.2B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ARQ | TONX |
|---|---|---|
| 2022 | -63.3% | -86.8% |
| 2023 | +22.6% | -97.4% |
| 2024 | +154.0% | -81.0% |
| 2025 | -56.8% | -69.6% |
| 2026 | -32.7% | +71.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARQ and TONX good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ARQ and TONX?
The ARQ/TONX correlation stands at 0.39 on a 3-year window (1 year: 0.14, 5 years: 0.26), computed from weekly returns as of 2026-08-27.
Is TONX a good diversifier for ARQ?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined 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/arq-vs-tonx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/arq-vs-tonx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ARQ correlations · TONX correlations
