OLN vs TOP: Correlation
Measured on weekly returns over the past three years, Olin Corporation (OLN) and TOP Financial Group Limited - Class A (TOP) carry a correlation of -0.20, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OLN and TOP?
Over the past 3 years, OLN and TOP moved with a correlation of -0.20, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.37) than the 3-year average (-0.20). Over 5 years the correlation is -0.05, and the annualized covariance of weekly returns is -2093.0 %².
Out of 20 assets tracked against OLN, TOP lands near the bottom at #18. Correlation aside, the last 12 months split them widely, with TOP ahead by 1241.2 points (-23.3% versus +1217.9%). Risk is not evenly split, since TOP carries 5.1 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.
OLN vs TOP: side by side
| OLN (Olin Corporation) | TOP (TOP Financial Group Limited - Class A) | |
|---|---|---|
| 1-year return | -23.3% | +1217.9% |
| 5-year return | -62.2% | -9.2% |
| Volatility (ann.) | 45.4% | 230.2% |
| Beta vs S&P 500 | 1.04 | 1.60 |
| Max drawdown (3Y) | -69.3% | -89.6% |
| Market cap | – | $1.9B |
| P/E (trailing) | – | – |
| Dividend yield | 4.62% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OLN | TOP |
|---|---|---|
| 2022 | -6.6% | – |
| 2023 | +3.5% | -22.5% |
| 2024 | -36.3% | -59.5% |
| 2025 | -36.2% | -34.3% |
| 2026 | -15.8% | +1434.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OLN and TOP good diversifiers for each other?
Yes: at -0.20, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between OLN and TOP?
Using weekly returns as of 2026-08-27: -0.20 over 3 years, with -0.37 over the last year and -0.05 over 5 years.
Is TOP a good diversifier for OLN?
Yes: at -0.20, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.20 mean?
On the −1 to +1 scale, -0.20 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/oln-vs-top.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/oln-vs-top/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: OLN correlations · TOP correlations
