NXTT vs TNON: Correlation
How closely do Next Technology Holding Inc. (NXTT) and Tenon Medical, Inc. (TNON) trade together? Their weekly returns over three years give a correlation of 0.99, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NXTT and TNON?
On 3 years of weekly data the NXTT/TNON correlation comes out at 0.99, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.99) sits close to the 3-year figure. The 5-year figure is 0.99, and annualized covariance runs at 22993663.0 %².
In NXTT's tracked universe of 31 assets, TNON sits right near the top at #3. Their recent paths diverged sharply: over the last 12 months TNON outperformed by 377.5 percentage points (-94.3% for NXTT against +283.2% for TNON). Note the risk asymmetry: NXTT runs 2.6 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.
NXTT vs TNON: side by side
| NXTT (Next Technology Holding Inc.) | TNON (Tenon Medical, Inc.) | |
|---|---|---|
| 1-year return | -94.3% | +283.2% |
| 5-year return | -100.0% | -99.7% |
| Volatility (ann.) | 7704.0% | 3014.0% |
| Beta vs S&P 500 | 8.14 | 4.59 |
| Max drawdown (3Y) | -100.0% | -99.5% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NXTT | TNON |
|---|---|---|
| 2023 | -93.9% | -90.0% |
| 2024 | -36.6% | -85.1% |
| 2025 | -98.8% | -49.4% |
| 2026 | +14.6% | +427.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NXTT and TNON good diversifiers for each other?
Not really. At 0.99, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between NXTT and TNON?
As of 2026-08-27, the correlation of weekly returns between NXTT and TNON is 0.99 over 3 years, 0.99 over 1 year and 0.99 over 5 years.
Is TNON a good diversifier for NXTT?
Not really. At 0.99, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.99 mean?
On the −1 to +1 scale, 0.99 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/nxtt-vs-tnon.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nxtt-vs-tnon/)
Free with attribution; caching and terms are described in the API documentation.
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Hubs: NXTT correlations · TNON correlations
