DPU vs XMAX: Correlation
How closely do Top KingWin Ltd - Class A (DPU) and XMAX, Inc. (XMAX) trade together? Their weekly returns over three years give a correlation of -0.19, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DPU and XMAX?
Over the past 3 years, DPU and XMAX moved with a correlation of -0.19, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.30) than the 3-year average (-0.19). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -4166.3 %².
Among the 12 assets we track against DPU, XMAX sits near the bottom by co-movement, at rank #8. The last year tells two different stories: XMAX led by 400.7 percentage points, -36.6% for DPU against +364.1% for XMAX.
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.
DPU vs XMAX: side by side
| DPU (Top KingWin Ltd - Class A) | XMAX (XMAX, Inc.) | |
|---|---|---|
| 1-year return | -36.6% | +364.1% |
| 5-year return | n/a | -21.0% |
| Volatility (ann.) | 134.1% | 161.3% |
| Beta vs S&P 500 | 1.75 | 0.59 |
| Max drawdown (3Y) | -99.9% | -91.3% |
| Market cap | – | $0.6B |
| P/E (trailing) | – | 18.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DPU | XMAX |
|---|---|---|
| 2022 | – | -77.0% |
| 2023 | – | +75.3% |
| 2024 | -80.6% | -82.2% |
| 2025 | -99.0% | +795.5% |
| 2026 | +4.2% | +50.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DPU and XMAX good diversifiers for each other?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between DPU and XMAX?
The DPU/XMAX correlation stands at -0.19 on a 3-year window (1 year: -0.30, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is XMAX a good diversifier for DPU?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
What does a correlation of -0.19 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.
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Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dpu-vs-xmax/)
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Related comparisons
Hubs: DPU correlations · XMAX correlations
