BTOG vs TXNM: Correlation
Measured on weekly returns over the past three years, Bit Origin Limited - Class A (BTOG) and TXNM Energy, Inc. (TXNM) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTOG and TXNM?
On 3 years of weekly data the BTOG/TXNM correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.18) sits close to the 3-year figure. The 5-year figure is -0.19, and annualized covariance runs at -945.8 %².
TXNM is close to the least connected end of BTOG's tracked universe, ranking #10 of 12. Correlation aside, the last 12 months split them widely, with TXNM ahead by 101.7 points (-97.2% versus +4.5%). Risk is not evenly split, since BTOG carries 13.4 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.
BTOG vs TXNM: side by side
| BTOG (Bit Origin Limited - Class A) | TXNM (TXNM Energy, Inc.) | |
|---|---|---|
| 1-year return | -97.2% | +4.5% |
| 5-year return | -100.0% | +36.1% |
| Volatility (ann.) | 229.6% | 17.1% |
| Beta vs S&P 500 | 1.61 | 0.10 |
| Max drawdown (3Y) | -99.9% | -21.0% |
| Market cap | – | $5.9B |
| P/E (trailing) | – | 31.4 |
| Dividend yield | 0.00% | 2.91% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BTOG | TXNM |
|---|---|---|
| 2022 | -87.2% | +10.2% |
| 2023 | -21.4% | -12.0% |
| 2024 | -76.4% | +23.0% |
| 2025 | -82.4% | +23.4% |
| 2026 | -93.1% | -0.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTOG and TXNM good diversifiers for each other?
Yes. With a correlation of -0.24, BTOG and TXNM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BTOG and TXNM?
As of 2026-08-27, the correlation of weekly returns between BTOG and TXNM is -0.24 over 3 years, -0.18 over 1 year and -0.19 over 5 years.
Is TXNM a good diversifier for BTOG?
Yes. With a correlation of -0.24, BTOG and TXNM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
A reading of -0.24 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/btog-vs-txnm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/btog-vs-txnm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BTOG correlations · TXNM correlations
