JRSH vs PPIH: Correlation
How closely do Jerash Holdings (US), Inc. (JRSH) 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 JRSH and PPIH?
Over the past 3 years, JRSH and PPIH moved with a correlation of 0.36, which is moderate. Little has changed lately, as the 1-year reading of 0.40 lands near the 3-year figure. Over 5 years the correlation is 0.20, and the annualized covariance of weekly returns is 607.2 %².
Within JRSH's tracked universe of 13 assets, PPIH comes in at #7 by 3-year correlation. The last year tells two different stories: JRSH led by 85.3 percentage points, +74.5% for JRSH against -10.8% for PPIH. Note the risk asymmetry: PPIH runs 2.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
JRSH vs PPIH: side by side
| JRSH (Jerash Holdings (US), Inc.) | PPIH (Perma-Pipe International Holdings, Inc.) | |
|---|---|---|
| 1-year return | +74.5% | -10.8% |
| 5-year return | -9.0% | +284.5% |
| Volatility (ann.) | 27.8% | 60.6% |
| Beta vs S&P 500 | 0.45 | 0.98 |
| Max drawdown (3Y) | -25.2% | -45.8% |
| Market cap | $0.1B | $0.2B |
| P/E (trailing) | 15.0 | 16.0 |
| Dividend yield | 3.55% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | JRSH | PPIH |
|---|---|---|
| 2022 | -37.6% | +8.9% |
| 2023 | -15.5% | -16.0% |
| 2024 | +17.2% | +88.3% |
| 2025 | -5.4% | +103.1% |
| 2026 | +89.8% | -10.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JRSH and PPIH good diversifiers for each other?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between JRSH and PPIH?
The JRSH/PPIH correlation stands at 0.36 on a 3-year window (1 year: 0.40, 5 years: 0.20), computed from weekly returns as of 2026-08-27.
Is PPIH a good diversifier for JRSH?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.36 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/jrsh-vs-ppih.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/jrsh-vs-ppih/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: JRSH correlations · PPIH correlations
