FTEK vs PAPL: Correlation
How closely do Fuel Tech, Inc. (FTEK) and Pineapple Financial Inc. (PAPL) trade together? Their weekly returns over three years give a correlation of 0.34, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FTEK and PAPL?
Over the past 3 years, FTEK and PAPL moved with a correlation of 0.34, which is moderate. The past 12 months show a weaker link (0.14) than the 3-year average (0.34). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 3596.3 %².
Within FTEK's tracked universe of 13 assets, PAPL comes in at #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months FTEK outperformed by 20.9 percentage points (-49.8% for FTEK against -70.7% for PAPL). One caveat on sizing: PAPL is 3.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
FTEK vs PAPL: side by side
| FTEK (Fuel Tech, Inc.) | PAPL (Pineapple Financial Inc.) | |
|---|---|---|
| 1-year return | -49.8% | -70.7% |
| 5-year return | -21.1% | n/a |
| Volatility (ann.) | 58.1% | 181.2% |
| Beta vs S&P 500 | 0.70 | -0.73 |
| Max drawdown (3Y) | -67.2% | -99.4% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FTEK | PAPL |
|---|---|---|
| 2022 | -9.3% | – |
| 2023 | -17.3% | – |
| 2024 | +0.0% | -74.7% |
| 2025 | +48.6% | -84.4% |
| 2026 | -6.4% | -25.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FTEK and PAPL good diversifiers for each other?
Reasonably. At 0.34, FTEK and PAPL keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FTEK and PAPL?
Using weekly returns as of 2026-08-27: 0.34 over 3 years, with 0.14 over the last year and n/a over 5 years.
Is PAPL a good diversifier for FTEK?
Reasonably. At 0.34, FTEK and PAPL keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.34 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/ftek-vs-papl.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ftek-vs-papl/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FTEK correlations · PAPL correlations
