PACK vs TONX: Correlation
How closely do Ranpak Holdings Corp (PACK) and TON Strategy Company (TONX) trade together? Their weekly returns over three years give a correlation of 0.37, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PACK and TONX?
On 3 years of weekly data the PACK/TONX correlation comes out at 0.37, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.04 versus 0.37 over 3 years. The 5-year figure is 0.30, and annualized covariance runs at 5034.3 %².
By 3-year correlation, TONX places #9 of the 14 assets tracked against PACK. Correlation aside, the last 12 months split them widely, with PACK ahead by 70.3 points (-6.9% versus -77.2%). Risk is not evenly split, since TONX carries 2.4 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.
PACK vs TONX: side by side
| PACK (Ranpak Holdings Corp) | TONX (TON Strategy Company) | |
|---|---|---|
| 1-year return | -6.9% | -77.2% |
| 5-year return | -83.7% | -100.0% |
| Volatility (ann.) | 75.3% | 182.6% |
| Beta vs S&P 500 | 1.81 | 1.57 |
| Max drawdown (3Y) | -64.5% | -99.7% |
| Market cap | $0.4B | $0.2B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PACK | TONX |
|---|---|---|
| 2022 | -84.6% | -86.8% |
| 2023 | +0.9% | -97.4% |
| 2024 | +18.2% | -81.0% |
| 2025 | -21.4% | -69.6% |
| 2026 | -7.2% | +71.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PACK and TONX good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between PACK and TONX?
Using weekly returns as of 2026-08-27: 0.37 over 3 years, with 0.04 over the last year and 0.30 over 5 years.
Is TONX a good diversifier for PACK?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.37 mean?
On the −1 to +1 scale, 0.37 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/pack-vs-tonx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pack-vs-tonx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: PACK correlations · TONX correlations
