PM vs TPB: Correlation
Measured on weekly returns over the past three years, Philip Morris International (PM) and Turning Point Brands, Inc. (TPB) carry a correlation of 0.38, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PM and TPB?
Across a 3-year window, the weekly returns of PM and TPB correlate at 0.38, moderate. Recent behaviour matches the longer record: 0.43 over 1 year against 0.38 over 3. Stretching to 5 years gives 0.36, with an annualized covariance of 387.9 %².
By 3-year correlation, TPB places #6 of the 47 assets tracked against PM. Their recent paths diverged sharply: over the last 12 months PM outperformed by 34.4 percentage points (+20.2% for PM against -14.2% for TPB). One caveat on sizing: TPB is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
PM vs TPB: side by side
| PM (Philip Morris International) | TPB (Turning Point Brands, Inc.) | |
|---|---|---|
| 1-year return | +20.2% | -14.2% |
| 5-year return | +133.5% | +74.4% |
| Volatility (ann.) | 23.1% | 44.7% |
| Beta vs S&P 500 | -0.01 | 0.76 |
| Max drawdown (3Y) | -20.6% | -50.6% |
| Market cap | $296.9B | $1.7B |
| P/E (trailing) | 26.7 | 38.3 |
| Dividend yield | 3.03% | 0.35% |
| Sector / category | Consumer Staples | US Listed |
Year-by-year returns
| Year | PM | TPB |
|---|---|---|
| 2022 | +12.3% | -42.2% |
| 2023 | -1.9% | +23.1% |
| 2024 | +34.3% | +130.1% |
| 2025 | +38.0% | +81.0% |
| 2026 | +20.8% | -22.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PM and TPB good diversifiers for each other?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between PM and TPB?
As of 2026-08-27, the correlation of weekly returns between PM and TPB is 0.38 over 3 years, 0.43 over 1 year and 0.36 over 5 years.
Is TPB a good diversifier for PM?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.38 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/pm-vs-tpb.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/pm-vs-tpb/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PM correlations · TPB correlations
