TBCH vs TONX: Correlation
Turtle Beach Corporation (TBCH) and TON Strategy Company (TONX) show a moderate relationship: their 3-year correlation of weekly returns is 0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TBCH and TONX?
On 3 years of weekly data the TBCH/TONX correlation comes out at 0.42, moderate. Little has changed lately, as the 1-year reading of 0.41 lands near the 3-year figure. The 5-year figure is 0.33, and annualized covariance runs at 4481.2 %².
Within TBCH's tracked universe of 23 assets, TONX comes in at #15 by 3-year correlation. Correlation aside, the last 12 months split them widely, with TBCH ahead by 60.6 points (-16.6% versus -77.2%). Note the risk asymmetry: TONX runs 3.2 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.
TBCH vs TONX: side by side
| TBCH (Turtle Beach Corporation) | TONX (TON Strategy Company) | |
|---|---|---|
| 1-year return | -16.6% | -77.2% |
| 5-year return | -55.7% | -100.0% |
| Volatility (ann.) | 57.8% | 182.6% |
| Beta vs S&P 500 | 2.21 | 1.57 |
| Max drawdown (3Y) | -51.8% | -99.7% |
| 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 | TBCH | TONX |
|---|---|---|
| 2022 | -67.8% | -86.8% |
| 2023 | +52.7% | -97.4% |
| 2024 | +58.1% | -81.0% |
| 2025 | -18.9% | -69.6% |
| 2026 | -7.5% | +71.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TBCH and TONX good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between TBCH and TONX?
As of 2026-08-27, the correlation of weekly returns between TBCH and TONX is 0.42 over 3 years, 0.41 over 1 year and 0.33 over 5 years.
Is TONX a good diversifier for TBCH?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.42 mean?
A reading of 0.42 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/tbch-vs-tonx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tbch-vs-tonx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: TBCH correlations · TONX correlations
