SLGL vs TNXP: Correlation
Measured on weekly returns over the past three years, Sol-Gel Technologies Ltd. (SLGL) and Tonix Pharmaceuticals Holding Corp. (TNXP) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SLGL and TNXP?
Across a 3-year window, the weekly returns of SLGL and TNXP correlate at -0.22, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.27 over 1 year against -0.22 over 3. Stretching to 5 years gives -0.16, with an annualized covariance of -4759.8 %².
TNXP is close to the least connected end of SLGL's tracked universe, ranking #11 of 12. The last year tells two different stories: SLGL led by 288.5 percentage points, +230.6% for SLGL against -57.9% for TNXP.
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.
SLGL vs TNXP: side by side
| SLGL (Sol-Gel Technologies Ltd.) | TNXP (Tonix Pharmaceuticals Holding Corp.) | |
|---|---|---|
| 1-year return | +230.6% | -57.9% |
| 5-year return | -25.1% | -100.0% |
| Volatility (ann.) | 130.8% | 164.8% |
| Beta vs S&P 500 | 1.42 | 1.57 |
| Max drawdown (3Y) | -86.8% | -99.8% |
| Market cap | $0.2B | $0.2B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SLGL | TNXP |
|---|---|---|
| 2022 | -38.4% | -96.6% |
| 2023 | -75.8% | -83.6% |
| 2024 | -15.8% | -97.4% |
| 2025 | +353.1% | -52.7% |
| 2026 | +72.2% | -13.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SLGL and TNXP good diversifiers for each other?
Yes. With a correlation of -0.22, SLGL and TNXP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SLGL and TNXP?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.27 over the last year and -0.16 over 5 years.
Is TNXP a good diversifier for SLGL?
Yes. With a correlation of -0.22, SLGL and TNXP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 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/slgl-vs-tnxp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/slgl-vs-tnxp/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SLGL correlations · TNXP correlations
