MIDD vs PBT: Correlation
Measured on weekly returns over the past three years, The Middleby Corporation (MIDD) and Permian Basin Royalty Trust (PBT) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MIDD and PBT?
Across a 3-year window, the weekly returns of MIDD and PBT correlate at -0.22, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.40 versus -0.22 over 3 years. Stretching to 5 years gives 0.02, with an annualized covariance of -316.4 %².
Among the 13 assets we track against MIDD, PBT sits near the bottom by co-movement, at rank #10. Their recent paths diverged sharply: over the last 12 months PBT outperformed by 105.9 percentage points (+2.5% for MIDD against +108.4% for PBT).
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.
MIDD vs PBT: side by side
| MIDD (The Middleby Corporation) | PBT (Permian Basin Royalty Trust) | |
|---|---|---|
| 1-year return | +2.5% | +108.4% |
| 5-year return | -24.2% | +669.6% |
| Volatility (ann.) | 36.0% | 39.6% |
| Beta vs S&P 500 | 1.04 | 0.48 |
| Max drawdown (3Y) | -35.4% | -57.6% |
| Market cap | $5.1B | $1.6B |
| P/E (trailing) | 17.3 | 96.2 |
| Dividend yield | 0.00% | 0.81% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MIDD | PBT |
|---|---|---|
| 2022 | -31.9% | +166.2% |
| 2023 | +9.9% | -42.8% |
| 2024 | -8.0% | -16.9% |
| 2025 | +9.8% | +56.6% |
| 2026 | -5.0% | +100.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MIDD and PBT good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MIDD and PBT?
The MIDD/PBT correlation stands at -0.22 on a 3-year window (1 year: -0.40, 5 years: 0.02), computed from weekly returns as of 2026-08-27.
Is PBT a good diversifier for MIDD?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 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/midd-vs-pbt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/midd-vs-pbt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MIDD correlations · PBT correlations
