DNUT vs TOVX: Correlation
Measured on weekly returns over the past three years, Krispy Kreme, Inc. (DNUT) and Theriva Biologics, Inc. (TOVX) carry a correlation of 0.34, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DNUT and TOVX?
Across a 3-year window, the weekly returns of DNUT and TOVX correlate at 0.34, moderate. Little has changed lately, as the 1-year reading of 0.26 lands near the 3-year figure. Stretching to 5 years gives 0.28, with an annualized covariance of 2350.6 %².
By 3-year correlation, TOVX places #7 of the 13 assets tracked against DNUT. Correlation aside, the last 12 months split them widely, with DNUT ahead by 34.9 points (-5.0% versus -39.9%). Note the risk asymmetry: TOVX runs 1.7 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.
DNUT vs TOVX: side by side
| DNUT (Krispy Kreme, Inc.) | TOVX (Theriva Biologics, Inc.) | |
|---|---|---|
| 1-year return | -5.0% | -39.9% |
| 5-year return | -78.8% | -99.8% |
| Volatility (ann.) | 64.8% | 108.1% |
| Beta vs S&P 500 | 1.27 | 1.15 |
| Max drawdown (3Y) | -84.9% | -98.8% |
| Market cap | $0.6B | – |
| P/E (trailing) | – | 0.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DNUT | TOVX |
|---|---|---|
| 2022 | -44.9% | -83.3% |
| 2023 | +47.7% | -4.4% |
| 2024 | -33.4% | -83.7% |
| 2025 | -59.0% | -88.0% |
| 2026 | -14.9% | +20.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DNUT and TOVX good diversifiers for each other?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between DNUT and TOVX?
The DNUT/TOVX correlation stands at 0.34 on a 3-year window (1 year: 0.26, 5 years: 0.28), computed from weekly returns as of 2026-08-27.
Is TOVX a good diversifier for DNUT?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.34 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/dnut-vs-tovx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dnut-vs-tovx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DNUT correlations · TOVX correlations
