MRNA vs TOYO: Correlation
Measured on weekly returns over the past three years, Moderna (MRNA) and TOYO Co., Ltd (TOYO) 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 MRNA and TOYO?
On 3 years of weekly data the MRNA/TOYO correlation comes out at -0.21, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.27) sits close to the 3-year figure. The 5-year figure is -0.20, and annualized covariance runs at -2299.1 %².
By 3-year correlation, TOYO places #33 of the 38 assets tracked against MRNA. Correlation aside, the last 12 months split them widely, with MRNA ahead by 482.4 points (+468.8% versus -13.6%).
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.
MRNA vs TOYO: side by side
| MRNA (Moderna) | TOYO (TOYO Co., Ltd) | |
|---|---|---|
| 1-year return | +468.8% | -13.6% |
| 5-year return | -61.5% | -54.4% |
| Volatility (ann.) | 100.7% | 107.7% |
| Beta vs S&P 500 | 0.98 | 0.34 |
| Max drawdown (3Y) | -86.6% | -86.3% |
| Market cap | $57.0B | $0.2B |
| P/E (trailing) | – | 2.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | MRNA | TOYO |
|---|---|---|
| 2022 | -29.3% | – |
| 2023 | -44.6% | +8.0% |
| 2024 | -58.2% | -69.3% |
| 2025 | -29.1% | +73.4% |
| 2026 | +384.1% | -23.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MRNA and TOYO good diversifiers for each other?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MRNA and TOYO?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with -0.27 over the last year and -0.20 over 5 years.
Is TOYO a good diversifier for MRNA?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.21 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/mrna-vs-toyo.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mrna-vs-toyo/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MRNA correlations · TOYO correlations
