PHAR vs TOP: Correlation
How closely do Pharming Group N.V. (PHAR) and TOP Financial Group Limited - Class A (TOP) trade together? Their weekly returns over three years give a correlation of -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PHAR and TOP?
On 3 years of weekly data the PHAR/TOP correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.34 lands near the 3-year figure. The 5-year figure is -0.01, and annualized covariance runs at -2981.2 %².
TOP is close to the least connected end of PHAR's tracked universe, ranking #12 of 12. The last year tells two different stories: TOP led by 1233.6 percentage points, -15.7% for PHAR against +1217.9% for TOP. Note the risk asymmetry: TOP runs 4.4 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.
PHAR vs TOP: side by side
| PHAR (Pharming Group N.V.) | TOP (TOP Financial Group Limited - Class A) | |
|---|---|---|
| 1-year return | -15.7% | +1217.9% |
| 5-year return | +11.7% | -9.2% |
| Volatility (ann.) | 52.7% | 230.2% |
| Beta vs S&P 500 | 0.52 | 1.60 |
| Max drawdown (3Y) | -57.3% | -89.6% |
| Market cap | $0.8B | $1.9B |
| P/E (trailing) | 84.1 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PHAR | TOP |
|---|---|---|
| 2022 | +23.4% | – |
| 2023 | +3.6% | -22.5% |
| 2024 | -11.9% | -59.5% |
| 2025 | +75.6% | -34.3% |
| 2026 | -33.3% | +1434.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PHAR and TOP good diversifiers for each other?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
FAQ
What is the correlation between PHAR and TOP?
The PHAR/TOP correlation stands at -0.25 on a 3-year window (1 year: -0.34, 5 years: -0.01), computed from weekly returns as of 2026-08-27.
Is TOP a good diversifier for PHAR?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
What does a correlation of -0.25 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/phar-vs-top.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/phar-vs-top/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PHAR correlations · TOP correlations
