SFWL vs TCX: Correlation
Measured on weekly returns over the past three years, Shengfeng Development Limited - Class A (SFWL) and Tucows Inc. (TCX) carry a correlation of 0.28, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SFWL and TCX?
Over the past 3 years, SFWL and TCX moved with a correlation of 0.28, which is weak. The link has tightened recently: the 1-year correlation (0.58) runs above the 3-year figure (0.28). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 1918.5 %².
Among the 10 assets we track against SFWL, TCX ranks #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SFWL outperformed by 32.9 percentage points (-14.4% for SFWL against -47.3% for TCX).
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.
SFWL vs TCX: side by side
| SFWL (Shengfeng Development Limited - Class A) | TCX (Tucows Inc.) | |
|---|---|---|
| 1-year return | -14.4% | -47.3% |
| 5-year return | n/a | -86.5% |
| Volatility (ann.) | 94.3% | 72.4% |
| Beta vs S&P 500 | 0.08 | 1.23 |
| Max drawdown (3Y) | -95.9% | -69.3% |
| Market cap | $0.1B | $0.1B |
| P/E (trailing) | 6.2 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SFWL | TCX |
|---|---|---|
| 2022 | – | -59.5% |
| 2023 | – | -20.4% |
| 2024 | -63.3% | -36.5% |
| 2025 | -12.0% | +30.8% |
| 2026 | -8.9% | -55.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SFWL and TCX good diversifiers for each other?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SFWL and TCX?
Using weekly returns as of 2026-08-27: 0.28 over 3 years, with 0.58 over the last year and n/a over 5 years.
Is TCX a good diversifier for SFWL?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.28 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.
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Related comparisons
Hubs: SFWL correlations · TCX correlations
