PNBK vs PSHG: Correlation
Patriot National Bancorp Inc. (PNBK) and Performance Shipping Inc. (PSHG) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PNBK and PSHG?
On 3 years of weekly data the PNBK/PSHG correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.33) sits close to the 3-year figure. The 5-year figure is -0.10, and annualized covariance runs at -1183.3 %².
Out of 15 assets tracked against PNBK, PSHG lands near the bottom at #11. Their recent paths diverged sharply: over the last 12 months PSHG outperformed by 20.4 percentage points (-32.1% for PNBK against -11.7% for PSHG). Note the risk asymmetry: PNBK runs 2.6 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.
PNBK vs PSHG: side by side
| PNBK (Patriot National Bancorp Inc.) | PSHG (Performance Shipping Inc.) | |
|---|---|---|
| 1-year return | -32.1% | -11.7% |
| 5-year return | -89.0% | -97.7% |
| Volatility (ann.) | 112.5% | 44.0% |
| Beta vs S&P 500 | 0.76 | 0.16 |
| Max drawdown (3Y) | -89.4% | -45.3% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | 1.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PNBK | PSHG |
|---|---|---|
| 2022 | -31.8% | -93.6% |
| 2023 | -63.9% | -35.9% |
| 2024 | -49.3% | -18.1% |
| 2025 | -6.2% | +14.5% |
| 2026 | -43.7% | -20.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PNBK and PSHG good diversifiers for each other?
Yes. With a correlation of -0.24, PNBK and PSHG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between PNBK and PSHG?
As of 2026-08-27, the correlation of weekly returns between PNBK and PSHG is -0.24 over 3 years, -0.33 over 1 year and -0.10 over 5 years.
Is PSHG a good diversifier for PNBK?
Yes. With a correlation of -0.24, PNBK and PSHG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/pnbk-vs-pshg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pnbk-vs-pshg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PNBK correlations · PSHG correlations
