TCX vs TOP: Correlation
Tucows Inc. (TCX) and TOP Financial Group Limited - Class A (TOP) show a moderate relationship: their 3-year correlation of weekly returns is 0.59.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TCX and TOP?
Over the past 3 years, TCX and TOP moved with a correlation of 0.59, which is moderate. The link has tightened recently: the 1-year correlation (0.80) runs above the 3-year figure (0.59). Over 5 years the correlation is 0.12, and the annualized covariance of weekly returns is 9840.8 %².
Few assets follow TCX as closely as TOP, which ranks #1 of 15 tracked partners. The last year tells two different stories: TOP led by 1265.2 percentage points, -47.3% for TCX against +1217.9% for TOP. Note the risk asymmetry: TOP 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.
TCX vs TOP: side by side
| TCX (Tucows Inc.) | TOP (TOP Financial Group Limited - Class A) | |
|---|---|---|
| 1-year return | -47.3% | +1217.9% |
| 5-year return | -86.5% | -9.2% |
| Volatility (ann.) | 72.4% | 230.2% |
| Beta vs S&P 500 | 1.23 | 1.60 |
| Max drawdown (3Y) | -69.3% | -89.6% |
| Market cap | $0.1B | $1.9B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TCX | TOP |
|---|---|---|
| 2022 | -59.5% | – |
| 2023 | -20.4% | -22.5% |
| 2024 | -36.5% | -59.5% |
| 2025 | +30.8% | -34.3% |
| 2026 | -55.5% | +1434.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TCX and TOP good diversifiers for each other?
To a limited degree. At 0.59 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between TCX and TOP?
The TCX/TOP correlation stands at 0.59 on a 3-year window (1 year: 0.80, 5 years: 0.12), computed from weekly returns as of 2026-08-27.
Is TOP a good diversifier for TCX?
To a limited degree. At 0.59 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.59 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/tcx-vs-top.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/tcx-vs-top/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TCX correlations · TOP correlations
