DBD vs PPG: Correlation
How closely do Diebold Nixdorf Incorporated (DBD) and PPG Industries (PPG) trade together? Their weekly returns over three years give a correlation of 0.49, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DBD and PPG?
Across a 3-year window, the weekly returns of DBD and PPG correlate at 0.49, moderate. Little has changed lately, as the 1-year reading of 0.54 lands near the 3-year figure. Stretching to 5 years gives n/a, with an annualized covariance of 485.5 %².
PPG is one of the assets that tracks DBD most closely: it ranks #3 out of the 12 assets we track against DBD. Neither side won the trailing year by much: +7.4% against +3.8%. Note the risk asymmetry: DBD runs 1.5 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.
DBD vs PPG: side by side
| DBD (Diebold Nixdorf Incorporated) | PPG (PPG Industries) | |
|---|---|---|
| 1-year return | +7.4% | +3.8% |
| 5-year return | n/a | -22.0% |
| Volatility (ann.) | 38.5% | 25.5% |
| Beta vs S&P 500 | 1.07 | 0.90 |
| Max drawdown (3Y) | -25.8% | -37.4% |
| Market cap | $2.3B | $25.2B |
| P/E (trailing) | 22.4 | 16.4 |
| Dividend yield | 0.00% | 2.48% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | DBD | PPG |
|---|---|---|
| 2022 | – | -25.7% |
| 2023 | – | +21.2% |
| 2024 | +48.7% | -18.5% |
| 2025 | +57.7% | -12.0% |
| 2026 | -0.3% | +12.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DBD and PPG good diversifiers for each other?
Reasonably. At 0.49, DBD and PPG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between DBD and PPG?
Using weekly returns as of 2026-08-27: 0.49 over 3 years, with 0.54 over the last year and n/a over 5 years.
Is PPG a good diversifier for DBD?
Reasonably. At 0.49, DBD and PPG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.49 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dbd-vs-ppg.json
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Related comparisons
Hubs: DBD correlations · PPG correlations
