AIRI vs PPIH: Correlation
Measured on weekly returns over the past three years, Air Industries Group (AIRI) and Perma-Pipe International Holdings, Inc. (PPIH) carry a correlation of 0.35, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AIRI and PPIH?
Over the past 3 years, AIRI and PPIH moved with a correlation of 0.35, which is moderate. The link has loosened recently: the 1-year correlation (0.12) runs below the 3-year figure (0.35). Over 5 years the correlation is 0.28, and the annualized covariance of weekly returns is 1384.1 %².
In AIRI's tracked universe of 11 assets, PPIH sits right near the top at #3. On 12-month performance PPIH holds a 7.2-point edge, -18.0% against -10.8%.
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.
AIRI vs PPIH: side by side
| AIRI (Air Industries Group) | PPIH (Perma-Pipe International Holdings, Inc.) | |
|---|---|---|
| 1-year return | -18.0% | -10.8% |
| 5-year return | -78.6% | +284.5% |
| Volatility (ann.) | 64.8% | 60.6% |
| Beta vs S&P 500 | 0.80 | 0.98 |
| Max drawdown (3Y) | -69.2% | -45.8% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | 16.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AIRI | PPIH |
|---|---|---|
| 2022 | -53.3% | +8.9% |
| 2023 | -23.5% | -16.0% |
| 2024 | +25.2% | +88.3% |
| 2025 | -24.6% | +103.1% |
| 2026 | -15.6% | -10.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AIRI and PPIH good diversifiers for each other?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AIRI and PPIH?
As of 2026-08-27, the correlation of weekly returns between AIRI and PPIH is 0.35 over 3 years, 0.12 over 1 year and 0.28 over 5 years.
Is PPIH a good diversifier for AIRI?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.35 mean?
A reading of 0.35 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/airi-vs-ppih.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/airi-vs-ppih/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AIRI correlations · PPIH correlations
