PATK vs PPIH: Correlation
Patrick Industries, Inc. (PATK) and Perma-Pipe International Holdings, Inc. (PPIH) show a moderate relationship: their 3-year correlation of weekly returns is 0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PATK and PPIH?
Across a 3-year window, the weekly returns of PATK and PPIH correlate at 0.37, moderate. The relationship has been stable: the 1-year correlation (0.38) sits close to the 3-year figure. Stretching to 5 years gives 0.28, with an annualized covariance of 788.3 %².
Among the 16 assets we track against PATK, PPIH sits near the bottom by co-movement, at rank #12. Their recent paths diverged sharply: over the last 12 months PPIH outperformed by 15.0 percentage points (-25.8% for PATK against -10.8% for PPIH). Note the risk asymmetry: PPIH runs 1.7 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.
PATK vs PPIH: side by side
| PATK (Patrick Industries, Inc.) | PPIH (Perma-Pipe International Holdings, Inc.) | |
|---|---|---|
| 1-year return | -25.8% | -10.8% |
| 5-year return | +62.2% | +284.5% |
| Volatility (ann.) | 35.5% | 60.6% |
| Beta vs S&P 500 | 1.04 | 0.98 |
| Max drawdown (3Y) | -42.9% | -45.8% |
| Market cap | $2.7B | $0.2B |
| P/E (trailing) | 19.9 | 16.0 |
| Dividend yield | 2.16% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PATK | PPIH |
|---|---|---|
| 2022 | -23.1% | +8.9% |
| 2023 | +69.6% | -16.0% |
| 2024 | +26.5% | +88.3% |
| 2025 | +32.7% | +103.1% |
| 2026 | -22.3% | -10.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PATK and PPIH good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between PATK and PPIH?
As of 2026-08-27, the correlation of weekly returns between PATK and PPIH is 0.37 over 3 years, 0.38 over 1 year and 0.28 over 5 years.
Is PPIH a good diversifier for PATK?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.37 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/patk-vs-ppih.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/patk-vs-ppih/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: PATK correlations · PPIH correlations
