BATL vs PPG: Correlation
Battalion Oil Corporation (BATL) and PPG Industries (PPG) show a negative relationship: their 3-year correlation of weekly returns is -0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BATL and PPG?
On 3 years of weekly data the BATL/PPG correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.41) runs below the 3-year figure (-0.23). The 5-year figure is -0.14, and annualized covariance runs at -1459.6 %².
Within BATL's tracked universe of 44 assets, PPG comes in at #32 by 3-year correlation. Over the last 12 months BATL came out ahead by 8.9 percentage points (+12.7% against +3.8%). Note the risk asymmetry: BATL runs 9.9 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.
BATL vs PPG: side by side
| BATL (Battalion Oil Corporation) | PPG (PPG Industries) | |
|---|---|---|
| 1-year return | +12.7% | +3.8% |
| 5-year return | -87.1% | -22.0% |
| Volatility (ann.) | 252.0% | 25.5% |
| Beta vs S&P 500 | -0.19 | 0.90 |
| Max drawdown (3Y) | -95.8% | -37.4% |
| Market cap | $0.1B | $25.2B |
| P/E (trailing) | – | 16.4 |
| Dividend yield | 0.00% | 2.48% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | BATL | PPG |
|---|---|---|
| 2022 | -0.9% | -25.7% |
| 2023 | -1.0% | +21.2% |
| 2024 | -82.1% | -18.5% |
| 2025 | -34.3% | -12.0% |
| 2026 | +17.7% | +12.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BATL and PPG good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between BATL and PPG?
As of 2026-08-27, the correlation of weekly returns between BATL and PPG is -0.23 over 3 years, -0.41 over 1 year and -0.14 over 5 years.
Is PPG a good diversifier for BATL?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/batl-vs-ppg.json
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Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BATL correlations · PPG correlations
