TGB vs TOPS: Correlation
Trekor Metals Limited (TGB) and TOP Ships, Inc. (TOPS) show a moderate relationship: their 3-year correlation of weekly returns is 0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TGB and TOPS?
On 3 years of weekly data the TGB/TOPS correlation comes out at 0.37, moderate. Recent behaviour matches the longer record: 0.39 over 1 year against 0.37 over 3. The 5-year figure is 0.25, and annualized covariance runs at 1804.6 %².
TOPS is close to the least connected end of TGB's tracked universe, ranking #12 of 16. Correlation aside, the last 12 months split them widely, with TGB ahead by 290.3 points (+204.4% versus -85.9%).
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.
TGB vs TOPS: side by side
| TGB (Trekor Metals Limited) | TOPS (TOP Ships, Inc.) | |
|---|---|---|
| 1-year return | +204.4% | -85.9% |
| 5-year return | +450.0% | -99.7% |
| Volatility (ann.) | 62.1% | 78.4% |
| Beta vs S&P 500 | 1.89 | 1.09 |
| Max drawdown (3Y) | -44.3% | -96.5% |
| Market cap | $3.5B | – |
| P/E (trailing) | 484.0 | 1.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TGB | TOPS |
|---|---|---|
| 2022 | -28.3% | -92.4% |
| 2023 | -4.8% | +2.5% |
| 2024 | +38.6% | -61.4% |
| 2025 | +191.8% | -25.2% |
| 2026 | +71.0% | -82.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TGB and TOPS good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between TGB and TOPS?
The TGB/TOPS correlation stands at 0.37 on a 3-year window (1 year: 0.39, 5 years: 0.25), computed from weekly returns as of 2026-08-27.
Is TOPS a good diversifier for TGB?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.37 mean?
A reading of 0.37 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/tgb-vs-tops.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tgb-vs-tops/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: TGB correlations · TOPS correlations
