LII vs TNON: Correlation
Lennox International (LII) and Tenon Medical, Inc. (TNON) show a negative relationship: their 3-year correlation of weekly returns is -0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LII and TNON?
Over the past 3 years, LII and TNON moved with a correlation of -0.34, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.48 versus -0.34 over 3 years. Over 5 years the correlation is -0.28, and the annualized covariance of weekly returns is -32999.7 %².
Within LII's tracked universe of 37 assets, TNON comes in at #24 by 3-year correlation. The last year tells two different stories: TNON led by 313.5 percentage points, -30.3% for LII against +283.2% for TNON. Note the risk asymmetry: TNON runs 94.2 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.
LII vs TNON: side by side
| LII (Lennox International) | TNON (Tenon Medical, Inc.) | |
|---|---|---|
| 1-year return | -30.3% | +283.2% |
| 5-year return | +23.7% | -99.7% |
| Volatility (ann.) | 32.0% | 3014.0% |
| Beta vs S&P 500 | 0.96 | 4.59 |
| Max drawdown (3Y) | -41.7% | -99.5% |
| Market cap | $13.5B | – |
| P/E (trailing) | 17.5 | – |
| Dividend yield | 1.34% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | LII | TNON |
|---|---|---|
| 2022 | -24.9% | – |
| 2023 | +89.5% | -90.0% |
| 2024 | +37.3% | -85.1% |
| 2025 | -19.5% | -49.4% |
| 2026 | -19.0% | +427.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LII and TNON good diversifiers for each other?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
FAQ
What is the correlation between LII and TNON?
The LII/TNON correlation stands at -0.34 on a 3-year window (1 year: -0.48, 5 years: -0.28), computed from weekly returns as of 2026-08-27.
Is TNON a good diversifier for LII?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
What does a correlation of -0.34 mean?
A reading of -0.34 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/lii-vs-tnon.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/lii-vs-tnon/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: LII correlations · TNON correlations
