MKTX vs TCX: Correlation
How closely do MarketAxess Holdings, Inc. (MKTX) and Tucows Inc. (TCX) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MKTX and TCX?
Across a 3-year window, the weekly returns of MKTX and TCX correlate at 0.43, moderate. The link has tightened recently: the 1-year correlation (0.67) runs above the 3-year figure (0.43). Stretching to 5 years gives 0.31, with an annualized covariance of 1180.0 %².
Within MKTX's tracked universe of 14 assets, TCX comes in at #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MKTX ahead by 35.6 points (-11.7% versus -47.3%). One caveat on sizing: TCX is 1.9 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.
MKTX vs TCX: side by side
| MKTX (MarketAxess Holdings, Inc.) | TCX (Tucows Inc.) | |
|---|---|---|
| 1-year return | -11.7% | -47.3% |
| 5-year return | -63.7% | -86.5% |
| Volatility (ann.) | 37.8% | 72.4% |
| Beta vs S&P 500 | 0.21 | 1.23 |
| Max drawdown (3Y) | -61.8% | -69.3% |
| Market cap | $5.7B | $0.1B |
| P/E (trailing) | 19.2 | – |
| Dividend yield | 1.90% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MKTX | TCX |
|---|---|---|
| 2022 | -31.5% | -59.5% |
| 2023 | +6.1% | -20.4% |
| 2024 | -21.8% | -36.5% |
| 2025 | -18.5% | +30.8% |
| 2026 | -9.0% | -55.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MKTX and TCX good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MKTX and TCX?
Using weekly returns as of 2026-08-27: 0.43 over 3 years, with 0.67 over the last year and 0.31 over 5 years.
Is TCX a good diversifier for MKTX?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.43 mean?
A reading of 0.43 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/mktx-vs-tcx.json
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Related comparisons
Hubs: MKTX correlations · TCX correlations
