BFS vs PAPL: Correlation
Saul Centers, Inc. (BFS) and Pineapple Financial Inc. (PAPL) 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 BFS and PAPL?
On 3 years of weekly data the BFS/PAPL correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.24 over 1 year against -0.23 over 3. The 5-year figure is n/a, and annualized covariance runs at -882.9 %².
PAPL is close to the least connected end of BFS's tracked universe, ranking #15 of 17. Their recent paths diverged sharply: over the last 12 months BFS outperformed by 76.4 percentage points (+5.7% for BFS against -70.7% for PAPL). Note the risk asymmetry: PAPL runs 8.7 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.
BFS vs PAPL: side by side
| BFS (Saul Centers, Inc.) | PAPL (Pineapple Financial Inc.) | |
|---|---|---|
| 1-year return | +5.7% | -70.7% |
| 5-year return | -2.0% | n/a |
| Volatility (ann.) | 20.9% | 181.2% |
| Beta vs S&P 500 | 0.41 | -0.73 |
| Max drawdown (3Y) | -24.1% | -99.4% |
| Market cap | $1.2B | – |
| P/E (trailing) | 34.8 | – |
| Dividend yield | 7.01% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BFS | PAPL |
|---|---|---|
| 2022 | -19.4% | – |
| 2023 | +2.6% | – |
| 2024 | +5.0% | -74.7% |
| 2025 | -12.8% | -84.4% |
| 2026 | +11.8% | -25.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BFS and PAPL good diversifiers for each other?
Yes. With a correlation of -0.23, BFS and PAPL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BFS and PAPL?
As of 2026-08-27, the correlation of weekly returns between BFS and PAPL is -0.23 over 3 years, -0.24 over 1 year and n/a over 5 years.
Is PAPL a good diversifier for BFS?
Yes. With a correlation of -0.23, BFS and PAPL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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
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Related comparisons
Hubs: BFS correlations · PAPL correlations
