SFWL vs TOP: Correlation
How closely do Shengfeng Development Limited - Class A (SFWL) and TOP Financial Group Limited - Class A (TOP) trade together? Their weekly returns over three years give a correlation of 0.32, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SFWL and TOP?
Over the past 3 years, SFWL and TOP moved with a correlation of 0.32, which is moderate. The past 12 months show a tighter link (0.63) than the 3-year average (0.32). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 6936.1 %².
TOP is one of the assets that tracks SFWL most closely: it ranks #3 out of the 10 assets we track against SFWL. The last year tells two different stories: TOP led by 1232.3 percentage points, -14.4% for SFWL against +1217.9% for TOP. Risk is not evenly split, since TOP 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.
SFWL vs TOP: side by side
| SFWL (Shengfeng Development Limited - Class A) | TOP (TOP Financial Group Limited - Class A) | |
|---|---|---|
| 1-year return | -14.4% | +1217.9% |
| 5-year return | n/a | -9.2% |
| Volatility (ann.) | 94.3% | 230.2% |
| Beta vs S&P 500 | 0.08 | 1.60 |
| Max drawdown (3Y) | -95.9% | -89.6% |
| Market cap | $0.1B | $1.9B |
| P/E (trailing) | 6.2 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SFWL | TOP |
|---|---|---|
| 2023 | – | -22.5% |
| 2024 | -63.3% | -59.5% |
| 2025 | -12.0% | -34.3% |
| 2026 | -8.9% | +1434.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SFWL and TOP good diversifiers for each other?
Reasonably. At 0.32, SFWL and TOP keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SFWL and TOP?
Using weekly returns as of 2026-08-27: 0.32 over 3 years, with 0.63 over the last year and n/a over 5 years.
Is TOP a good diversifier for SFWL?
Reasonably. At 0.32, SFWL and TOP keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.32 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/sfwl-vs-top.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/sfwl-vs-top/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SFWL correlations · TOP correlations
