MKTX vs TOP: Correlation
MarketAxess Holdings, Inc. (MKTX) and TOP Financial Group Limited - Class A (TOP) show a moderate relationship: their 3-year correlation of weekly returns is 0.57.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MKTX and TOP?
On 3 years of weekly data the MKTX/TOP correlation comes out at 0.57, moderate. The link has tightened recently: the 1-year correlation (0.78) runs above the 3-year figure (0.57). The 5-year figure is 0.09, and annualized covariance runs at 4981.7 %².
TOP is one of the assets that tracks MKTX most closely: it ranks #1 out of the 14 assets we track against MKTX. The last year tells two different stories: TOP led by 1229.6 percentage points, -11.7% for MKTX against +1217.9% for TOP. Note the risk asymmetry: TOP runs 6.1 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.
MKTX vs TOP: side by side
| MKTX (MarketAxess Holdings, Inc.) | TOP (TOP Financial Group Limited - Class A) | |
|---|---|---|
| 1-year return | -11.7% | +1217.9% |
| 5-year return | -63.7% | -9.2% |
| Volatility (ann.) | 37.8% | 230.2% |
| Beta vs S&P 500 | 0.21 | 1.60 |
| Max drawdown (3Y) | -61.8% | -89.6% |
| Market cap | $5.7B | $1.9B |
| P/E (trailing) | 19.2 | – |
| Dividend yield | 1.90% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MKTX | TOP |
|---|---|---|
| 2022 | -31.5% | – |
| 2023 | +6.1% | -22.5% |
| 2024 | -21.8% | -59.5% |
| 2025 | -18.5% | -34.3% |
| 2026 | -9.0% | +1434.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MKTX and TOP good diversifiers for each other?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between MKTX and TOP?
The MKTX/TOP correlation stands at 0.57 on a 3-year window (1 year: 0.78, 5 years: 0.09), computed from weekly returns as of 2026-08-27.
Is TOP a good diversifier for MKTX?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.57 mean?
On the −1 to +1 scale, 0.57 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/mktx-vs-top.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mktx-vs-top/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MKTX correlations · TOP correlations
