DJP vs PBHC: Correlation
iPath Bloomberg Commodity Index Total Return ETN (DJP) and Pathfinder Bancorp, Inc. (PBHC) 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 DJP and PBHC?
On 3 years of weekly data the DJP/PBHC correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.19 over 1 year against -0.23 over 3. The 5-year figure is -0.05, and annualized covariance runs at -101.7 %².
Among the 42 assets we track against DJP, PBHC ranks #24 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months DJP outperformed by 36.8 percentage points (+49.2% for DJP against +12.4% for PBHC). Risk is not evenly split, since PBHC carries 1.7 times the volatility of the other side.
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.
DJP vs PBHC: side by side
| DJP (iPath Bloomberg Commodity Index Total Return ETN) | PBHC (Pathfinder Bancorp, Inc.) | |
|---|---|---|
| 1-year return | +49.2% | +12.4% |
| 5-year return | +82.1% | +13.4% |
| Volatility (ann.) | 16.3% | 27.4% |
| Beta vs S&P 500 | 0.11 | -0.02 |
| Max drawdown (3Y) | -16.4% | -33.6% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | 1632.0 |
| Dividend yield | – | 2.42% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DJP | PBHC |
|---|---|---|
| 2022 | +17.5% | +13.5% |
| 2023 | -9.8% | -25.1% |
| 2024 | +5.6% | +28.5% |
| 2025 | +17.2% | -17.3% |
| 2026 | +34.7% | +18.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DJP and PBHC good diversifiers for each other?
Yes. With a correlation of -0.23, DJP and PBHC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DJP and PBHC?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.19 over the last year and -0.05 over 5 years.
Is PBHC a good diversifier for DJP?
Yes. With a correlation of -0.23, DJP and PBHC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 mean?
A reading of -0.23 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/djp-vs-pbhc.json
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[](https://www.pairbook.io/pair/djp-vs-pbhc/)
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Related comparisons
Hubs: DJP correlations · PBHC correlations
