IPW vs TOP: Correlation
Measured on weekly returns over the past three years, iPower Inc. (IPW) and TOP Financial Group Limited - Class A (TOP) carry a correlation of 0.77, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IPW and TOP?
On 3 years of weekly data the IPW/TOP correlation comes out at 0.77, strong. Lately the two have moved closer together, with the 1-year correlation at 0.96 versus 0.77 over 3 years. The 5-year figure is 0.18, and annualized covariance runs at 72006.2 %².
In IPW's tracked universe of 37 assets, TOP sits right near the top at #3. Correlation aside, the last 12 months split them widely, with TOP ahead by 1316.5 points (-98.6% versus +1217.9%). One caveat on sizing: IPW is 1.8 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.
IPW vs TOP: side by side
| IPW (iPower Inc.) | TOP (TOP Financial Group Limited - Class A) | |
|---|---|---|
| 1-year return | -98.6% | +1217.9% |
| 5-year return | -99.8% | -9.2% |
| Volatility (ann.) | 405.9% | 230.2% |
| Beta vs S&P 500 | 2.99 | 1.60 |
| Max drawdown (3Y) | -100.0% | -89.6% |
| Market cap | – | $1.9B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IPW | TOP |
|---|---|---|
| 2022 | -83.2% | – |
| 2023 | +12.5% | -22.5% |
| 2024 | +85.1% | -59.5% |
| 2025 | -70.1% | -34.3% |
| 2026 | -96.8% | +1434.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IPW and TOP good diversifiers for each other?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IPW and TOP?
The IPW/TOP correlation stands at 0.77 on a 3-year window (1 year: 0.96, 5 years: 0.18), computed from weekly returns as of 2026-08-27.
Is TOP a good diversifier for IPW?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.77 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/ipw-vs-top.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ipw-vs-top/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IPW correlations · TOP correlations
