CSL vs PPIH: Correlation
How closely do Carlisle Companies Incorporated (CSL) and Perma-Pipe International Holdings, Inc. (PPIH) trade together? Their weekly returns over three years give a correlation of 0.36, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CSL and PPIH?
On 3 years of weekly data the CSL/PPIH correlation comes out at 0.36, moderate. The link has tightened recently: the 1-year correlation (0.49) runs above the 3-year figure (0.36). The 5-year figure is 0.29, and annualized covariance runs at 739.7 %².
Out of 19 assets tracked against CSL, PPIH lands near the bottom at #15. Neither side won the trailing year by much: -6.4% against -10.8%. Note the risk asymmetry: PPIH 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.
CSL vs PPIH: side by side
| CSL (Carlisle Companies Incorporated) | PPIH (Perma-Pipe International Holdings, Inc.) | |
|---|---|---|
| 1-year return | -6.4% | -10.8% |
| 5-year return | +78.0% | +284.5% |
| Volatility (ann.) | 33.9% | 60.6% |
| Beta vs S&P 500 | 1.10 | 0.98 |
| Max drawdown (3Y) | -37.7% | -45.8% |
| Market cap | $14.3B | $0.2B |
| P/E (trailing) | 20.5 | 16.0 |
| Dividend yield | 1.20% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CSL | PPIH |
|---|---|---|
| 2022 | -4.1% | +8.9% |
| 2023 | +34.3% | -16.0% |
| 2024 | +19.1% | +88.3% |
| 2025 | -12.3% | +103.1% |
| 2026 | +13.9% | -10.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CSL and PPIH good diversifiers for each other?
Reasonably. At 0.36, CSL and PPIH keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CSL and PPIH?
The CSL/PPIH correlation stands at 0.36 on a 3-year window (1 year: 0.49, 5 years: 0.29), computed from weekly returns as of 2026-08-27.
Is PPIH a good diversifier for CSL?
Reasonably. At 0.36, CSL and PPIH keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.36 mean?
A reading of 0.36 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/csl-vs-ppih.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/csl-vs-ppih/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CSL correlations · PPIH correlations
