BHC vs TOP: Correlation
Bausch Health Companies Inc. (BHC) and TOP Financial Group Limited - Class A (TOP) show a moderate relationship: their 3-year correlation of weekly returns is 0.46.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BHC and TOP?
Over the past 3 years, BHC and TOP moved with a correlation of 0.46, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.82 versus 0.46 over 3 years. Over 5 years the correlation is 0.07, and the annualized covariance of weekly returns is 7095.4 %².
In BHC's tracked universe of 11 assets, TOP sits right near the top at #2. The last year tells two different stories: TOP led by 1231.2 percentage points, -13.3% for BHC against +1217.9% for TOP. One caveat on sizing: TOP is 3.4 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.
BHC vs TOP: side by side
| BHC (Bausch Health Companies Inc.) | TOP (TOP Financial Group Limited - Class A) | |
|---|---|---|
| 1-year return | -13.3% | +1217.9% |
| 5-year return | -78.4% | -9.2% |
| Volatility (ann.) | 67.6% | 230.2% |
| Beta vs S&P 500 | 0.94 | 1.60 |
| Max drawdown (3Y) | -59.3% | -89.6% |
| Market cap | $2.4B | $1.9B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BHC | TOP |
|---|---|---|
| 2022 | -77.3% | – |
| 2023 | +27.7% | -22.5% |
| 2024 | +0.5% | -59.5% |
| 2025 | -13.8% | -34.3% |
| 2026 | -9.4% | +1434.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BHC and TOP good diversifiers for each other?
Reasonably. At 0.46, BHC and TOP keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BHC and TOP?
As of 2026-08-27, the correlation of weekly returns between BHC and TOP is 0.46 over 3 years, 0.82 over 1 year and 0.07 over 5 years.
Is TOP a good diversifier for BHC?
Reasonably. At 0.46, BHC and TOP keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.46 mean?
A reading of 0.46 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/bhc-vs-top.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bhc-vs-top/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BHC correlations · TOP correlations
