PPG vs TBPH: Correlation
Measured on weekly returns over the past three years, PPG Industries (PPG) and Theravance Biopharma, Inc. (TBPH) carry a correlation of 0.46, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PPG and TBPH?
Across a 3-year window, the weekly returns of PPG and TBPH correlate at 0.46, moderate. Little has changed lately, as the 1-year reading of 0.47 lands near the 3-year figure. Stretching to 5 years gives 0.36, with an annualized covariance of 498.7 %².
Within PPG's tracked universe of 67 assets, TBPH comes in at #48 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months TBPH outperformed by 19.7 percentage points (+3.8% for PPG against +23.5% for TBPH). Risk is not evenly split, since TBPH carries 1.7 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.
PPG vs TBPH: side by side
| PPG (PPG Industries) | TBPH (Theravance Biopharma, Inc.) | |
|---|---|---|
| 1-year return | +3.8% | +23.5% |
| 5-year return | -22.0% | +102.9% |
| Volatility (ann.) | 25.5% | 42.5% |
| Beta vs S&P 500 | 0.90 | 0.92 |
| Max drawdown (3Y) | -37.4% | -34.6% |
| Market cap | $25.2B | $0.9B |
| P/E (trailing) | 16.4 | 16.4 |
| Dividend yield | 2.48% | 0.00% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | PPG | TBPH |
|---|---|---|
| 2022 | -25.7% | +1.5% |
| 2023 | +21.2% | +0.2% |
| 2024 | -18.5% | -16.3% |
| 2025 | -12.0% | +98.8% |
| 2026 | +12.8% | -8.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PPG and TBPH good diversifiers for each other?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between PPG and TBPH?
The PPG/TBPH correlation stands at 0.46 on a 3-year window (1 year: 0.47, 5 years: 0.36), computed from weekly returns as of 2026-08-27.
Is TBPH a good diversifier for PPG?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 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/ppg-vs-tbph.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ppg-vs-tbph/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: PPG correlations · TBPH correlations
