RCON vs TNON: Correlation
Measured on weekly returns over the past three years, Recon Technology, Ltd. - Class A (RCON) and Tenon Medical, Inc. (TNON) carry a correlation of 0.99, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RCON and TNON?
Across a 3-year window, the weekly returns of RCON and TNON correlate 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. Stretching to 5 years gives 0.99, with an annualized covariance of 40851447.7 %².
Among the 48 assets we track against RCON, TNON ranks #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with TNON ahead by 305.8 points (-22.6% versus +283.2%). Note the risk asymmetry: RCON runs 4.6 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.
RCON vs TNON: side by side
| RCON (Recon Technology, Ltd. - Class A) | TNON (Tenon Medical, Inc.) | |
|---|---|---|
| 1-year return | -22.6% | +283.2% |
| 5-year return | -97.1% | -99.7% |
| Volatility (ann.) | 13728.9% | 3014.0% |
| Beta vs S&P 500 | 22.04 | 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 | RCON | TNON |
|---|---|---|
| 2022 | -3.8% | – |
| 2023 | -81.7% | -90.0% |
| 2024 | -49.5% | -85.1% |
| 2025 | -24.4% | -49.4% |
| 2026 | +10.8% | +427.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RCON and TNON good diversifiers for each other?
No. With a correlation of 0.99, RCON and TNON move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between RCON and TNON?
Using weekly returns as of 2026-08-27: 0.99 over 3 years, with 0.99 over the last year and 0.99 over 5 years.
Is TNON a good diversifier for RCON?
No. With a correlation of 0.99, RCON and TNON move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.99 mean?
A reading of 0.99 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/rcon-vs-tnon.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/rcon-vs-tnon/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: RCON correlations · TNON correlations
