JBL vs TONX: Correlation
Measured on weekly returns over the past three years, Jabil (JBL) and TON Strategy Company (TONX) carry a correlation of -0.21, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JBL and TONX?
Over the past 3 years, JBL and TONX moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.17 lands near the 3-year figure. Over 5 years the correlation is -0.12, and the annualized covariance of weekly returns is -1567.3 %².
Within JBL's tracked universe of 34 assets, TONX comes in at #27 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months JBL outperformed by 127.6 percentage points (+50.4% for JBL against -77.2% for TONX). One caveat on sizing: TONX is 4.5 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.
JBL vs TONX: side by side
| JBL (Jabil) | TONX (TON Strategy Company) | |
|---|---|---|
| 1-year return | +50.4% | -77.2% |
| 5-year return | +405.5% | -100.0% |
| Volatility (ann.) | 40.6% | 182.6% |
| Beta vs S&P 500 | 1.47 | 1.57 |
| Max drawdown (3Y) | -36.8% | -99.7% |
| Market cap | $32.7B | $0.2B |
| P/E (trailing) | 38.9 | – |
| Dividend yield | 0.10% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | JBL | TONX |
|---|---|---|
| 2022 | -2.5% | -86.8% |
| 2023 | +87.4% | -97.4% |
| 2024 | +13.3% | -81.0% |
| 2025 | +58.7% | -69.6% |
| 2026 | +37.0% | +71.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JBL and TONX good diversifiers for each other?
Yes. With a correlation of -0.21, JBL and TONX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between JBL and TONX?
The JBL/TONX correlation stands at -0.21 on a 3-year window (1 year: -0.17, 5 years: -0.12), computed from weekly returns as of 2026-08-27.
Is TONX a good diversifier for JBL?
Yes. With a correlation of -0.21, JBL and TONX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 mean?
On the −1 to +1 scale, -0.21 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/jbl-vs-tonx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/jbl-vs-tonx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: JBL correlations · TONX correlations
