PPIH vs SPY: Correlation
How closely do Perma-Pipe International Holdings, Inc. (PPIH) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.23, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PPIH and SPY?
On 3 years of weekly data the PPIH/SPY correlation comes out at 0.23, weak. Lately the two have drifted apart, with the 1-year correlation at 0.08 versus 0.23 over 3 years. The 5-year figure is 0.16, and annualized covariance runs at 203.9 %².
SPY is close to the least connected end of PPIH's tracked universe, ranking #8 of 12. The last year tells two different stories: SPY led by 31.4 percentage points, -10.8% for PPIH against +20.6% for SPY. Risk is not evenly split, since PPIH carries 4.2 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 SPY: side by side
| PPIH (Perma-Pipe International Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -10.8% | +20.6% |
| 5-year return | +284.5% | +82.4% |
| Volatility (ann.) | 60.6% | 14.5% |
| Beta vs S&P 500 | 0.98 | 1.00 |
| Max drawdown (3Y) | -45.8% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | 16.0 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | PPIH | SPY |
|---|---|---|
| 2022 | +8.9% | -18.2% |
| 2023 | -16.0% | +26.2% |
| 2024 | +88.3% | +24.9% |
| 2025 | +103.1% | +17.7% |
| 2026 | -10.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PPIH and SPY good diversifiers for each other?
Reasonably. At 0.23, PPIH and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between PPIH and SPY?
The PPIH/SPY correlation stands at 0.23 on a 3-year window (1 year: 0.08, 5 years: 0.16), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for PPIH?
Reasonably. At 0.23, PPIH and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.23 mean?
On the −1 to +1 scale, 0.23 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.
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Related comparisons
Hubs: PPIH correlations · SPY correlations
