BXMT vs TOP: Correlation
Blackstone Mortgage Trust, Inc. (BXMT) and TOP Financial Group Limited - Class A (TOP) show a negative relationship: their 3-year correlation of weekly returns is -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BXMT and TOP?
On 3 years of weekly data the BXMT/TOP correlation comes out at -0.27, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.59 versus -0.27 over 3 years. The 5-year figure is -0.03, and annualized covariance runs at -1633.0 %².
TOP is close to the least connected end of BXMT's tracked universe, ranking #10 of 12. Correlation aside, the last 12 months split them widely, with TOP ahead by 1239.2 points (-21.3% versus +1217.9%). Risk is not evenly split, since TOP carries 8.9 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.
BXMT vs TOP: side by side
| BXMT (Blackstone Mortgage Trust, Inc.) | TOP (TOP Financial Group Limited - Class A) | |
|---|---|---|
| 1-year return | -21.3% | +1217.9% |
| 5-year return | -28.8% | -9.2% |
| Volatility (ann.) | 25.8% | 230.2% |
| Beta vs S&P 500 | 0.63 | 1.60 |
| Max drawdown (3Y) | -29.8% | -89.6% |
| Market cap | $2.3B | $1.9B |
| P/E (trailing) | 172.6 | – |
| Dividend yield | 13.51% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BXMT | TOP |
|---|---|---|
| 2022 | -24.0% | – |
| 2023 | +13.5% | -22.5% |
| 2024 | -7.9% | -59.5% |
| 2025 | +21.1% | -34.3% |
| 2026 | -24.0% | +1434.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BXMT and TOP good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BXMT and TOP?
As of 2026-08-27, the correlation of weekly returns between BXMT and TOP is -0.27 over 3 years, -0.59 over 1 year and -0.03 over 5 years.
Is TOP a good diversifier for BXMT?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bxmt-vs-top.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bxmt-vs-top/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BXMT correlations · TOP correlations
