PPIH vs SMP: Correlation
Perma-Pipe International Holdings, Inc. (PPIH) and Standard Motor Products, Inc. (SMP) show a moderate relationship: their 3-year correlation of weekly returns is 0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PPIH and SMP?
On 3 years of weekly data the PPIH/SMP correlation comes out at 0.38, moderate. Little has changed lately, as the 1-year reading of 0.33 lands near the 3-year figure. The 5-year figure is 0.28, and annualized covariance runs at 815.5 %².
SMP is one of the assets that tracks PPIH most closely: it ranks #1 out of the 12 assets we track against PPIH. On 12-month performance SMP holds a 8.1-point edge, -10.8% against -2.7%. Risk is not evenly split, since PPIH 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.
PPIH vs SMP: side by side
| PPIH (Perma-Pipe International Holdings, Inc.) | SMP (Standard Motor Products, Inc.) | |
|---|---|---|
| 1-year return | -10.8% | -2.7% |
| 5-year return | +284.5% | +1.1% |
| Volatility (ann.) | 60.6% | 35.3% |
| Beta vs S&P 500 | 0.98 | 0.75 |
| Max drawdown (3Y) | -45.8% | -44.8% |
| Market cap | $0.2B | $0.8B |
| P/E (trailing) | 16.0 | 9.4 |
| Dividend yield | 0.00% | 3.50% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PPIH | SMP |
|---|---|---|
| 2022 | +8.9% | -31.8% |
| 2023 | -16.0% | +18.0% |
| 2024 | +88.3% | -19.4% |
| 2025 | +103.1% | +23.4% |
| 2026 | -10.3% | +3.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PPIH and SMP 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 PPIH and SMP?
As of 2026-08-27, the correlation of weekly returns between PPIH and SMP is 0.38 over 3 years, 0.33 over 1 year and 0.28 over 5 years.
Is SMP a good diversifier for PPIH?
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?
On the −1 to +1 scale, 0.38 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/ppih-vs-smp.json
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Related comparisons
Hubs: PPIH correlations · SMP correlations
