CPHC vs TONX: Correlation
How closely do Canterbury Park Holding Corporation (CPHC) and TON Strategy Company (TONX) trade together? Their weekly returns over three years give a correlation of -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPHC and TONX?
Over the past 3 years, CPHC and TONX moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.16 lands near the 3-year figure. Over 5 years the correlation is -0.20, and the annualized covariance of weekly returns is -1281.7 %².
Among the 13 assets we track against CPHC, TONX sits near the bottom by co-movement, at rank #12. Their recent paths diverged sharply: over the last 12 months CPHC outperformed by 73.9 percentage points (-3.3% for CPHC against -77.2% for TONX). One caveat on sizing: TONX is 6.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
CPHC vs TONX: side by side
| CPHC (Canterbury Park Holding Corporation) | TONX (TON Strategy Company) | |
|---|---|---|
| 1-year return | -3.3% | -77.2% |
| 5-year return | +6.8% | -100.0% |
| Volatility (ann.) | 28.1% | 182.6% |
| Beta vs S&P 500 | 0.10 | 1.57 |
| Max drawdown (3Y) | -48.8% | -99.7% |
| Market cap | $0.1B | $0.2B |
| P/E (trailing) | 793.5 | – |
| Dividend yield | 1.76% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CPHC | TONX |
|---|---|---|
| 2022 | +83.8% | -86.8% |
| 2023 | -33.8% | -97.4% |
| 2024 | +1.7% | -81.0% |
| 2025 | -23.6% | -69.6% |
| 2026 | +4.0% | +71.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPHC and TONX 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 CPHC and TONX?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.16 over the last year and -0.20 over 5 years.
Is TONX a good diversifier for CPHC?
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/cphc-vs-tonx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cphc-vs-tonx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CPHC correlations · TONX correlations
