MNST vs TOP: Correlation
Measured on weekly returns over the past three years, Monster Beverage (MNST) and TOP Financial Group Limited - Class A (TOP) carry a correlation of -0.36, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MNST and TOP?
On 3 years of weekly data the MNST/TOP correlation comes out at -0.36, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.40) sits close to the 3-year figure. The 5-year figure is -0.04, and annualized covariance runs at -5606.7 %².
Within MNST's tracked universe of 66 assets, TOP comes in at #45 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months TOP outperformed by 1242.2 percentage points (-24.3% for MNST against +1217.9% for TOP). One caveat on sizing: TOP is 3.4 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.
MNST vs TOP: side by side
| MNST (Monster Beverage) | TOP (TOP Financial Group Limited - Class A) | |
|---|---|---|
| 1-year return | -24.3% | +1217.9% |
| 5-year return | -4.5% | -9.2% |
| Volatility (ann.) | 68.6% | 230.2% |
| Beta vs S&P 500 | 0.80 | 1.60 |
| Max drawdown (3Y) | -54.5% | -89.6% |
| Market cap | $91.5B | $1.9B |
| P/E (trailing) | 43.2 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Consumer Staples | US Listed |
Year-by-year returns
| Year | MNST | TOP |
|---|---|---|
| 2022 | +5.7% | – |
| 2023 | +13.5% | -22.5% |
| 2024 | -8.8% | -59.5% |
| 2025 | +45.9% | -34.3% |
| 2026 | -39.1% | +1434.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MNST and TOP good diversifiers for each other?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MNST and TOP?
As of 2026-08-27, the correlation of weekly returns between MNST and TOP is -0.36 over 3 years, -0.40 over 1 year and -0.04 over 5 years.
Is TOP a good diversifier for MNST?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.36 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/mnst-vs-top.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mnst-vs-top/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MNST correlations · TOP correlations
