SXTC vs TNON: Correlation
China SXT Pharmaceuticals, Inc. - Class A (SXTC) and Tenon Medical, Inc. (TNON) show a very strong relationship: their 3-year correlation of weekly returns is 0.99.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SXTC and TNON?
Across a 3-year window, the weekly returns of SXTC and TNON correlate at 0.99, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 1.00 over 1 year against 0.99 over 3. Stretching to 5 years gives 0.99, with an annualized covariance of 20835217.3 %².
Few assets follow SXTC as closely as TNON, which ranks #3 of 29 tracked partners. Their recent paths diverged sharply: over the last 12 months TNON outperformed by 381.6 percentage points (-98.4% for SXTC against +283.2% for TNON). One caveat on sizing: SXTC is 2.3 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
SXTC vs TNON: side by side
| SXTC (China SXT Pharmaceuticals, Inc. - Class A) | TNON (Tenon Medical, Inc.) | |
|---|---|---|
| 1-year return | -98.4% | +283.2% |
| 5-year return | -99.9% | -99.7% |
| Volatility (ann.) | 6970.7% | 3014.0% |
| Beta vs S&P 500 | 6.97 | 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 | SXTC | TNON |
|---|---|---|
| 2022 | -16.6% | – |
| 2023 | -70.7% | -90.0% |
| 2024 | -87.2% | -85.1% |
| 2025 | +215.0% | -49.4% |
| 2026 | -98.6% | +427.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SXTC and TNON good diversifiers for each other?
No: a correlation of 0.99 means SXTC and TNON tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between SXTC and TNON?
Using weekly returns as of 2026-08-27: 0.99 over 3 years, with 1.00 over the last year and 0.99 over 5 years.
Is TNON a good diversifier for SXTC?
No: a correlation of 0.99 means SXTC and TNON tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.99 mean?
On the −1 to +1 scale, 0.99 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/sxtc-vs-tnon.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/sxtc-vs-tnon/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SXTC correlations · TNON correlations
