FET vs PPIH: Correlation
How closely do Forum Energy Technologies, Inc. (FET) 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 FET and PPIH?
On 3 years of weekly data the FET/PPIH correlation comes out at 0.36, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.21 versus 0.36 over 3 years. The 5-year figure is 0.24, and annualized covariance runs at 1071.7 %².
Within FET's tracked universe of 12 assets, PPIH comes in at #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months FET outperformed by 223.5 percentage points (+212.7% for FET against -10.8% for PPIH).
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.
FET vs PPIH: side by side
| FET (Forum Energy Technologies, Inc.) | PPIH (Perma-Pipe International Holdings, Inc.) | |
|---|---|---|
| 1-year return | +212.7% | -10.8% |
| 5-year return | +307.0% | +284.5% |
| Volatility (ann.) | 49.1% | 60.6% |
| Beta vs S&P 500 | 0.80 | 0.98 |
| Max drawdown (3Y) | -47.1% | -45.8% |
| Market cap | $0.9B | $0.2B |
| P/E (trailing) | – | 16.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FET | PPIH |
|---|---|---|
| 2022 | +83.8% | +8.9% |
| 2023 | -24.8% | -16.0% |
| 2024 | -30.1% | +88.3% |
| 2025 | +138.5% | +103.1% |
| 2026 | +115.9% | -10.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FET and PPIH good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FET and PPIH?
Using weekly returns as of 2026-08-27: 0.36 over 3 years, with 0.21 over the last year and 0.24 over 5 years.
Is PPIH a good diversifier for FET?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined 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/fet-vs-ppih.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fet-vs-ppih/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FET correlations · PPIH correlations
