ALRS vs PDEX: Correlation
How closely do Alerus Financial Corporation (ALRS) and Pro-Dex, Inc. (PDEX) trade together? Their weekly returns over three years give a correlation of -0.18, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALRS and PDEX?
Across a 3-year window, the weekly returns of ALRS and PDEX correlate at -0.18, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.04) than the 3-year average (-0.18). Stretching to 5 years gives -0.06, with an annualized covariance of -335.5 %².
Out of 16 assets tracked against ALRS, PDEX lands near the bottom at #14. The trailing year gives ALRS the advantage: +53.2% versus +42.5%, a 10.7-point spread. Note the risk asymmetry: PDEX runs 1.9 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.
ALRS vs PDEX: side by side
| ALRS (Alerus Financial Corporation) | PDEX (Pro-Dex, Inc.) | |
|---|---|---|
| 1-year return | +53.2% | +42.5% |
| 5-year return | +33.2% | +152.4% |
| Volatility (ann.) | 31.4% | 59.6% |
| Beta vs S&P 500 | 0.88 | 0.17 |
| Max drawdown (3Y) | -32.5% | -65.3% |
| Market cap | $0.8B | $0.2B |
| P/E (trailing) | 30.8 | 17.5 |
| Dividend yield | 2.56% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ALRS | PDEX |
|---|---|---|
| 2022 | -17.9% | -31.5% |
| 2023 | -0.2% | +10.2% |
| 2024 | -10.7% | +166.8% |
| 2025 | +21.7% | -17.7% |
| 2026 | +50.0% | +68.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALRS and PDEX good diversifiers for each other?
Yes. With a correlation of -0.18, ALRS and PDEX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ALRS and PDEX?
As of 2026-08-27, the correlation of weekly returns between ALRS and PDEX is -0.18 over 3 years, -0.04 over 1 year and -0.06 over 5 years.
Is PDEX a good diversifier for ALRS?
Yes. With a correlation of -0.18, ALRS and PDEX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.18 mean?
On the −1 to +1 scale, -0.18 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: ALRS correlations · PDEX correlations
