HSDT vs PPIH: Correlation
Solana Company (HSDT) and Perma-Pipe International Holdings, Inc. (PPIH) show a negative relationship: their 3-year correlation of weekly returns is -0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HSDT and PPIH?
Across a 3-year window, the weekly returns of HSDT and PPIH correlate at -0.30, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.44) runs below the 3-year figure (-0.30). Stretching to 5 years gives -0.25, with an annualized covariance of -3221.6 %².
PPIH is close to the least connected end of HSDT's tracked universe, ranking #16 of 17. The last year tells two different stories: PPIH led by 49.9 percentage points, -60.7% for HSDT against -10.8% for PPIH. One caveat on sizing: HSDT is 2.9 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.
HSDT vs PPIH: side by side
| HSDT (Solana Company) | PPIH (Perma-Pipe International Holdings, Inc.) | |
|---|---|---|
| 1-year return | -60.7% | -10.8% |
| 5-year return | -100.0% | +284.5% |
| Volatility (ann.) | 177.7% | 60.6% |
| Beta vs S&P 500 | 0.34 | 0.98 |
| Max drawdown (3Y) | -100.0% | -45.8% |
| Market cap | $0.1B | $0.2B |
| P/E (trailing) | 0.0 | 16.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HSDT | PPIH |
|---|---|---|
| 2022 | -94.1% | +8.9% |
| 2023 | -47.6% | -16.0% |
| 2024 | -91.7% | +88.3% |
| 2025 | -99.4% | +103.1% |
| 2026 | -15.9% | -10.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HSDT and PPIH good diversifiers for each other?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between HSDT and PPIH?
As of 2026-08-27, the correlation of weekly returns between HSDT and PPIH is -0.30 over 3 years, -0.44 over 1 year and -0.25 over 5 years.
Is PPIH a good diversifier for HSDT?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.30 mean?
On the −1 to +1 scale, -0.30 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hsdt-vs-ppih.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hsdt-vs-ppih/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HSDT correlations · PPIH correlations
