CNET vs TCX: Correlation
Measured on weekly returns over the past three years, ZW Data Action Technologies Inc. (CNET) and Tucows Inc. (TCX) carry a correlation of 0.48, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNET and TCX?
On 3 years of weekly data the CNET/TCX correlation comes out at 0.48, moderate. The link has tightened recently: the 1-year correlation (0.64) runs above the 3-year figure (0.48). The 5-year figure is 0.37, and annualized covariance runs at 3601.0 %².
Within CNET's tracked universe of 11 assets, TCX comes in at #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months CNET outperformed by 43.3 percentage points (-4.0% for CNET against -47.3% for TCX).
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.
CNET vs TCX: side by side
| CNET (ZW Data Action Technologies Inc.) | TCX (Tucows Inc.) | |
|---|---|---|
| 1-year return | -4.0% | -47.3% |
| 5-year return | -94.9% | -86.5% |
| Volatility (ann.) | 104.7% | 72.4% |
| Beta vs S&P 500 | 1.46 | 1.23 |
| Max drawdown (3Y) | -85.2% | -69.3% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNET | TCX |
|---|---|---|
| 2022 | -54.0% | -59.5% |
| 2023 | -63.9% | -20.4% |
| 2024 | -45.8% | -36.5% |
| 2025 | -24.4% | +30.8% |
| 2026 | +6.6% | -55.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNET and TCX good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CNET and TCX?
As of 2026-08-27, the correlation of weekly returns between CNET and TCX is 0.48 over 3 years, 0.64 over 1 year and 0.37 over 5 years.
Is TCX a good diversifier for CNET?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.48 mean?
On the −1 to +1 scale, 0.48 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.
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Related comparisons
Hubs: CNET correlations · TCX correlations
