CDP vs PDM: Correlation
COPT Defense Properties (CDP) and Piedmont Realty Trust, Inc. (PDM) show a strong relationship: their 3-year correlation of weekly returns is 0.65.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CDP and PDM?
Across a 3-year window, the weekly returns of CDP and PDM correlate at 0.65, strong. Recent behaviour matches the longer record: 0.57 over 1 year against 0.65 over 3. Stretching to 5 years gives 0.69, with an annualized covariance of 463.0 %².
In CDP's tracked universe of 11 assets, PDM sits right near the top at #3. Correlation aside, the last 12 months split them widely, with CDP ahead by 18.4 points (+34.4% versus +16.0%). Note the risk asymmetry: PDM runs 1.8 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.
CDP vs PDM: side by side
| CDP (COPT Defense Properties) | PDM (Piedmont Realty Trust, Inc.) | |
|---|---|---|
| 1-year return | +34.4% | +16.0% |
| 5-year return | +64.2% | -29.9% |
| Volatility (ann.) | 20.1% | 35.3% |
| Beta vs S&P 500 | 0.32 | 0.95 |
| Max drawdown (3Y) | -23.7% | -46.4% |
| Market cap | $4.3B | $1.2B |
| P/E (trailing) | 25.9 | – |
| Dividend yield | 3.35% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CDP | PDM |
|---|---|---|
| 2022 | -3.3% | -46.8% |
| 2023 | +3.7% | -14.8% |
| 2024 | +26.2% | +37.2% |
| 2025 | -6.2% | -7.3% |
| 2026 | +36.7% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDP and PDM good diversifiers for each other?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CDP and PDM?
The CDP/PDM correlation stands at 0.65 on a 3-year window (1 year: 0.57, 5 years: 0.69), computed from weekly returns as of 2026-08-27.
Is PDM a good diversifier for CDP?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.65 mean?
A reading of 0.65 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/cdp-vs-pdm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cdp-vs-pdm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CDP correlations · PDM correlations
