FR vs PDEX: Correlation
How closely do First Industrial Realty Trust, Inc. (FR) and Pro-Dex, Inc. (PDEX) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FR and PDEX?
Across a 3-year window, the weekly returns of FR and PDEX correlate at -0.23, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.13 lands near the 3-year figure. Stretching to 5 years gives -0.14, with an annualized covariance of -304.5 %².
PDEX is close to the least connected end of FR's tracked universe, ranking #12 of 14. Correlation aside, the last 12 months split them widely, with PDEX ahead by 19.5 points (+23.0% versus +42.5%). Risk is not evenly split, since PDEX carries 2.7 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.
FR vs PDEX: side by side
| FR (First Industrial Realty Trust, Inc.) | PDEX (Pro-Dex, Inc.) | |
|---|---|---|
| 1-year return | +23.0% | +42.5% |
| 5-year return | +26.5% | +152.4% |
| Volatility (ann.) | 22.2% | 59.6% |
| Beta vs S&P 500 | 0.70 | 0.17 |
| Max drawdown (3Y) | -25.1% | -65.3% |
| Market cap | $8.5B | $0.2B |
| P/E (trailing) | 22.7 | 17.5 |
| Dividend yield | 3.01% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FR | PDEX |
|---|---|---|
| 2022 | -25.4% | -31.5% |
| 2023 | +11.9% | +10.2% |
| 2024 | -2.0% | +166.8% |
| 2025 | +18.2% | -17.7% |
| 2026 | +10.8% | +68.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FR and PDEX good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FR and PDEX?
As of 2026-08-27, the correlation of weekly returns between FR and PDEX is -0.23 over 3 years, -0.13 over 1 year and -0.14 over 5 years.
Is PDEX a good diversifier for FR?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 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/fr-vs-pdex.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fr-vs-pdex/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FR correlations · PDEX correlations
