PBA vs VELO: Correlation
How closely do Pembina Pipeline Corp. (PBA) and Velo3D, Inc. (VELO) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PBA and VELO?
Across a 3-year window, the weekly returns of PBA and VELO correlate at -0.26, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.21 over 1 year against -0.26 over 3. Stretching to 5 years gives -0.13, with an annualized covariance of -1295.4 %².
Out of 13 assets tracked against PBA, VELO lands near the bottom at #13. The last year tells two different stories: VELO led by 150.5 percentage points, +31.4% for PBA against +181.9% for VELO. Risk is not evenly split, since VELO carries 12.4 times the volatility of the other side.
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.
PBA vs VELO: side by side
| PBA (Pembina Pipeline Corp.) | VELO (Velo3D, Inc.) | |
|---|---|---|
| 1-year return | +31.4% | +181.9% |
| 5-year return | +98.2% | -99.8% |
| Volatility (ann.) | 20.0% | 249.0% |
| Beta vs S&P 500 | 0.08 | -2.66 |
| Max drawdown (3Y) | -17.9% | -99.8% |
| Market cap | $28.1B | $0.4B |
| P/E (trailing) | 23.7 | – |
| Dividend yield | 5.93% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PBA | VELO |
|---|---|---|
| 2022 | +18.3% | -77.1% |
| 2023 | +7.8% | -77.8% |
| 2024 | +13.2% | -95.2% |
| 2025 | +5.7% | +35.7% |
| 2026 | +30.0% | -6.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PBA and VELO good diversifiers for each other?
Yes. With a correlation of -0.26, PBA and VELO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between PBA and VELO?
As of 2026-08-27, the correlation of weekly returns between PBA and VELO is -0.26 over 3 years, -0.21 over 1 year and -0.13 over 5 years.
Is VELO a good diversifier for PBA?
Yes. With a correlation of -0.26, PBA and VELO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 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/pba-vs-velo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/pba-vs-velo/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: PBA correlations · VELO correlations
