TONX vs ZDGE: Correlation
TON Strategy Company (TONX) and Zedge, Inc. (ZDGE) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TONX and ZDGE?
Over the past 3 years, TONX and ZDGE moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.24 lands near the 3-year figure. Over 5 years the correlation is -0.10, and the annualized covariance of weekly returns is -3075.9 %².
Out of 14 assets tracked against TONX, ZDGE lands near the bottom at #11. Their recent paths diverged sharply: over the last 12 months ZDGE outperformed by 74.2 percentage points (-77.2% for TONX against -3.0% for ZDGE). Risk is not evenly split, since TONX carries 2.4 times the volatility of the other side.
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.
TONX vs ZDGE: side by side
| TONX (TON Strategy Company) | ZDGE (Zedge, Inc.) | |
|---|---|---|
| 1-year return | -77.2% | -3.0% |
| 5-year return | -100.0% | -81.5% |
| Volatility (ann.) | 182.6% | 76.8% |
| Beta vs S&P 500 | 1.57 | 0.91 |
| Max drawdown (3Y) | -99.7% | -61.2% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 1.77% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TONX | ZDGE |
|---|---|---|
| 2022 | -86.8% | -79.3% |
| 2023 | -97.4% | +33.5% |
| 2024 | -81.0% | +14.5% |
| 2025 | -69.6% | +22.5% |
| 2026 | +71.9% | -9.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TONX and ZDGE good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between TONX and ZDGE?
The TONX/ZDGE correlation stands at -0.22 on a 3-year window (1 year: -0.24, 5 years: -0.10), computed from weekly returns as of 2026-08-27.
Is ZDGE a good diversifier for TONX?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
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/tonx-vs-zdge.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tonx-vs-zdge/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TONX correlations · ZDGE correlations
