CURV vs TONX: Correlation
How closely do Torrid Holdings Inc. (CURV) and TON Strategy Company (TONX) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CURV and TONX?
Over the past 3 years, CURV and TONX moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.08) runs above the 3-year figure (-0.26). Over 5 years the correlation is -0.12, and the annualized covariance of weekly returns is -4397.2 %².
Among the 10 assets we track against CURV, TONX sits near the bottom by co-movement, at rank #10. Correlation aside, the last 12 months split them widely, with CURV ahead by 78.6 points (+1.4% versus -77.2%). One caveat on sizing: TONX is 2.0 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.
CURV vs TONX: side by side
| CURV (Torrid Holdings Inc.) | TONX (TON Strategy Company) | |
|---|---|---|
| 1-year return | +1.4% | -77.2% |
| 5-year return | -90.6% | -100.0% |
| Volatility (ann.) | 90.9% | 182.6% |
| Beta vs S&P 500 | 0.43 | 1.57 |
| Max drawdown (3Y) | -89.2% | -99.7% |
| Market cap | $0.2B | $0.2B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CURV | TONX |
|---|---|---|
| 2022 | -70.0% | -86.8% |
| 2023 | +94.9% | -97.4% |
| 2024 | -9.4% | -81.0% |
| 2025 | -81.3% | -69.6% |
| 2026 | +129.0% | +71.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CURV and TONX good diversifiers for each other?
Yes. With a correlation of -0.26, CURV and TONX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CURV and TONX?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with 0.08 over the last year and -0.12 over 5 years.
Is TONX a good diversifier for CURV?
Yes. With a correlation of -0.26, CURV and TONX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/curv-vs-tonx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/curv-vs-tonx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CURV correlations · TONX correlations
