NA vs TOVX: Correlation
Measured on weekly returns over the past three years, Nano Labs Ltd - Class A (NA) and Theriva Biologics, Inc. (TOVX) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NA and TOVX?
Over the past 3 years, NA and TOVX moved with a correlation of -0.27, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.22 lands near the 3-year figure. Over 5 years the correlation is -0.21, and the annualized covariance of weekly returns is -5351.7 %².
TOVX is close to the least connected end of NA's tracked universe, ranking #16 of 17. Correlation aside, the last 12 months split them widely, with TOVX ahead by 25.4 points (-65.3% versus -39.9%). Note the risk asymmetry: NA runs 1.7 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.
NA vs TOVX: side by side
| NA (Nano Labs Ltd - Class A) | TOVX (Theriva Biologics, Inc.) | |
|---|---|---|
| 1-year return | -65.3% | -39.9% |
| 5-year return | -98.2% | -99.8% |
| Volatility (ann.) | 181.1% | 108.1% |
| Beta vs S&P 500 | 0.36 | 1.15 |
| Max drawdown (3Y) | -92.7% | -98.8% |
| Market cap | – | – |
| P/E (trailing) | 2.1 | 0.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NA | TOVX |
|---|---|---|
| 2022 | – | -83.3% |
| 2023 | +57.4% | -4.4% |
| 2024 | -50.5% | -83.7% |
| 2025 | -64.8% | -88.0% |
| 2026 | -32.7% | +20.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NA and TOVX good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NA and TOVX?
As of 2026-08-27, the correlation of weekly returns between NA and TOVX is -0.27 over 3 years, -0.22 over 1 year and -0.21 over 5 years.
Is TOVX a good diversifier for NA?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 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/na-vs-tovx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/na-vs-tovx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NA correlations · TOVX correlations
