DBD vs TOPS: Correlation
How closely do Diebold Nixdorf Incorporated (DBD) and TOP Ships, Inc. (TOPS) trade together? Their weekly returns over three years give a correlation of 0.36, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DBD and TOPS?
On 3 years of weekly data the DBD/TOPS correlation comes out at 0.36, moderate. Little has changed lately, as the 1-year reading of 0.43 lands near the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at 1081.5 %².
Out of 12 assets tracked against DBD, TOPS lands near the bottom at #8. The last year tells two different stories: DBD led by 93.3 percentage points, +7.4% for DBD against -85.9% for TOPS. One caveat on sizing: TOPS 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.
DBD vs TOPS: side by side
| DBD (Diebold Nixdorf Incorporated) | TOPS (TOP Ships, Inc.) | |
|---|---|---|
| 1-year return | +7.4% | -85.9% |
| 5-year return | n/a | -99.7% |
| Volatility (ann.) | 38.5% | 78.4% |
| Beta vs S&P 500 | 1.07 | 1.09 |
| Max drawdown (3Y) | -25.8% | -96.5% |
| Market cap | $2.3B | – |
| P/E (trailing) | 22.4 | 1.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DBD | TOPS |
|---|---|---|
| 2022 | – | -92.4% |
| 2023 | – | +2.5% |
| 2024 | +48.7% | -61.4% |
| 2025 | +57.7% | -25.2% |
| 2026 | -0.3% | -82.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DBD and TOPS good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between DBD and TOPS?
As of 2026-08-27, the correlation of weekly returns between DBD and TOPS is 0.36 over 3 years, 0.43 over 1 year and n/a over 5 years.
Is TOPS a good diversifier for DBD?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.36 mean?
On the −1 to +1 scale, 0.36 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/dbd-vs-tops.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dbd-vs-tops/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DBD correlations · TOPS correlations
