BG vs TOP: Correlation
Measured on weekly returns over the past three years, Bunge Global (BG) and TOP Financial Group Limited - Class A (TOP) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BG and TOP?
On 3 years of weekly data the BG/TOP correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.40 versus -0.25 over 3 years. The 5-year figure is -0.08, and annualized covariance runs at -1739.9 %².
Out of 37 assets tracked against BG, TOP lands near the bottom at #34. Correlation aside, the last 12 months split them widely, with TOP ahead by 1182.7 points (+35.2% versus +1217.9%). Risk is not evenly split, since TOP carries 7.5 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.
BG vs TOP: side by side
| BG (Bunge Global) | TOP (TOP Financial Group Limited - Class A) | |
|---|---|---|
| 1-year return | +35.2% | +1217.9% |
| 5-year return | +68.5% | -9.2% |
| Volatility (ann.) | 30.7% | 230.2% |
| Beta vs S&P 500 | 0.09 | 1.60 |
| Max drawdown (3Y) | -38.8% | -89.6% |
| Market cap | $21.4B | $1.9B |
| P/E (trailing) | 24.4 | – |
| Dividend yield | 2.51% | 0.00% |
| Sector / category | Consumer Staples | US Listed |
Year-by-year returns
| Year | BG | TOP |
|---|---|---|
| 2022 | +9.3% | – |
| 2023 | +3.8% | -22.5% |
| 2024 | -20.7% | -59.5% |
| 2025 | +18.6% | -34.3% |
| 2026 | +27.5% | +1434.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BG and TOP good diversifiers for each other?
Yes. With a correlation of -0.25, BG and TOP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BG and TOP?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.40 over the last year and -0.08 over 5 years.
Is TOP a good diversifier for BG?
Yes. With a correlation of -0.25, BG and TOP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bg-vs-top.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bg-vs-top/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BG correlations · TOP correlations
