NEON vs PPIH: Correlation
Measured on weekly returns over the past three years, Neonode Inc. (NEON) and Perma-Pipe International Holdings, Inc. (PPIH) carry a correlation of 0.36, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEON and PPIH?
Across a 3-year window, the weekly returns of NEON and PPIH correlate at 0.36, moderate. The link has loosened recently: the 1-year correlation (0.13) runs below the 3-year figure (0.36). Stretching to 5 years gives 0.25, with an annualized covariance of 2562.3 %².
In NEON's tracked universe of 12 assets, PPIH sits right near the top at #3. Their recent paths diverged sharply: over the last 12 months PPIH outperformed by 85.4 percentage points (-96.2% for NEON against -10.8% for PPIH). Note the risk asymmetry: NEON runs 2.0 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.
NEON vs PPIH: side by side
| NEON (Neonode Inc.) | PPIH (Perma-Pipe International Holdings, Inc.) | |
|---|---|---|
| 1-year return | -96.2% | -10.8% |
| 5-year return | -82.6% | +284.5% |
| Volatility (ann.) | 119.0% | 60.6% |
| Beta vs S&P 500 | 1.95 | 0.98 |
| Max drawdown (3Y) | -97.4% | -45.8% |
| Market cap | – | $0.2B |
| P/E (trailing) | 1.9 | 16.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NEON | PPIH |
|---|---|---|
| 2022 | -37.9% | +8.9% |
| 2023 | -58.4% | -16.0% |
| 2024 | +259.4% | +88.3% |
| 2025 | -78.9% | +103.1% |
| 2026 | -49.4% | -10.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEON 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 NEON and PPIH?
As of 2026-08-27, the correlation of weekly returns between NEON and PPIH is 0.36 over 3 years, 0.13 over 1 year and 0.25 over 5 years.
Is PPIH a good diversifier for NEON?
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/neon-vs-ppih.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/neon-vs-ppih/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NEON correlations · PPIH correlations
