CNL vs TRSG: Correlation
Measured on weekly returns over the past three years, Collective Mining Ltd. (CNL) and Tungray Technologies Inc - Class A (TRSG) carry a correlation of -0.21, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNL and TRSG?
Across a 3-year window, the weekly returns of CNL and TRSG correlate at -0.21, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.17 over 1 year against -0.21 over 3. Stretching to 5 years gives n/a, with an annualized covariance of -1211.6 %².
Among the 10 assets we track against CNL, TRSG sits near the bottom by co-movement, at rank #9. Correlation aside, the last 12 months split them widely, with CNL ahead by 38.8 points (+31.0% versus -7.8%). Note the risk asymmetry: TRSG runs 1.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CNL vs TRSG: side by side
| CNL (Collective Mining Ltd.) | TRSG (Tungray Technologies Inc - Class A) | |
|---|---|---|
| 1-year return | +31.0% | -7.8% |
| 5-year return | +565.6% | n/a |
| Volatility (ann.) | 59.9% | 92.3% |
| Beta vs S&P 500 | 0.70 | 0.67 |
| Max drawdown (3Y) | -51.6% | -86.3% |
| Market cap | $1.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNL | TRSG |
|---|---|---|
| 2022 | -12.8% | – |
| 2023 | +67.4% | – |
| 2024 | +29.6% | – |
| 2025 | +250.7% | -49.2% |
| 2026 | +9.8% | +36.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNL and TRSG good diversifiers for each other?
Yes. With a correlation of -0.21, CNL and TRSG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CNL and TRSG?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with -0.17 over the last year and n/a over 5 years.
Is TRSG a good diversifier for CNL?
Yes. With a correlation of -0.21, CNL and TRSG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 mean?
A reading of -0.21 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/cnl-vs-trsg.json
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[](https://www.pairbook.io/pair/cnl-vs-trsg/)
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Related comparisons
Hubs: CNL correlations · TRSG correlations
