NSC vs TOVX: Correlation
Norfolk Southern (NSC) and Theriva Biologics, Inc. (TOVX) show a moderate relationship: their 3-year correlation of weekly returns is 0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NSC and TOVX?
Across a 3-year window, the weekly returns of NSC and TOVX correlate at 0.30, moderate. Little has changed lately, as the 1-year reading of 0.26 lands near the 3-year figure. Stretching to 5 years gives 0.25, with an annualized covariance of 721.0 %².
Within NSC's tracked universe of 32 assets, TOVX comes in at #22 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NSC outperformed by 69.9 percentage points (+30.0% for NSC against -39.9% for TOVX). Risk is not evenly split, since TOVX carries 4.9 times the volatility of the other side.
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.
NSC vs TOVX: side by side
| NSC (Norfolk Southern) | TOVX (Theriva Biologics, Inc.) | |
|---|---|---|
| 1-year return | +30.0% | -39.9% |
| 5-year return | +49.6% | -99.8% |
| Volatility (ann.) | 22.0% | 108.1% |
| Beta vs S&P 500 | 0.69 | 1.15 |
| Max drawdown (3Y) | -25.1% | -98.8% |
| Market cap | $78.1B | – |
| P/E (trailing) | 30.1 | 0.2 |
| Dividend yield | 1.53% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | NSC | TOVX |
|---|---|---|
| 2022 | -15.6% | -83.3% |
| 2023 | -1.6% | -4.4% |
| 2024 | +1.6% | -83.7% |
| 2025 | +25.6% | -88.0% |
| 2026 | +22.0% | +20.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NSC and TOVX good diversifiers for each other?
Reasonably. At 0.30, NSC and TOVX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NSC and TOVX?
As of 2026-08-27, the correlation of weekly returns between NSC and TOVX is 0.30 over 3 years, 0.26 over 1 year and 0.25 over 5 years.
Is TOVX a good diversifier for NSC?
Reasonably. At 0.30, NSC and TOVX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.30 mean?
A reading of 0.30 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/nsc-vs-tovx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nsc-vs-tovx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NSC correlations · TOVX correlations
