CHRW vs TOP: Correlation
C.H. Robinson (CHRW) and TOP Financial Group Limited - Class A (TOP) show a negative relationship: their 3-year correlation of weekly returns is -0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHRW and TOP?
Over the past 3 years, CHRW and TOP moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.41) than the 3-year average (-0.25). Over 5 years the correlation is -0.01, and the annualized covariance of weekly returns is -2047.3 %².
Among the 31 assets we track against CHRW, TOP ranks #25 by 3-year correlation. The last year tells two different stories: TOP led by 1198.0 percentage points, +19.9% for CHRW against +1217.9% for TOP. Risk is not evenly split, since TOP carries 6.4 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.
CHRW vs TOP: side by side
| CHRW (C.H. Robinson) | TOP (TOP Financial Group Limited - Class A) | |
|---|---|---|
| 1-year return | +19.9% | +1217.9% |
| 5-year return | +86.8% | -9.2% |
| Volatility (ann.) | 35.7% | 230.2% |
| Beta vs S&P 500 | 0.69 | 1.60 |
| Max drawdown (3Y) | -32.4% | -89.6% |
| Market cap | $17.7B | $1.9B |
| P/E (trailing) | 29.0 | – |
| Dividend yield | 1.65% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | CHRW | TOP |
|---|---|---|
| 2022 | -13.1% | – |
| 2023 | -3.1% | -22.5% |
| 2024 | +22.9% | -59.5% |
| 2025 | +59.0% | -34.3% |
| 2026 | -5.3% | +1434.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHRW and TOP good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CHRW and TOP?
The CHRW/TOP correlation stands at -0.25 on a 3-year window (1 year: -0.41, 5 years: -0.01), computed from weekly returns as of 2026-08-27.
Is TOP a good diversifier for CHRW?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 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/chrw-vs-top.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/chrw-vs-top/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CHRW correlations · TOP correlations
