PPIH vs. MG

Last updated Jun 3, 2026

PPIH (Perma-Pipe International Holdings, Inc.) and MG (Mistras Group, Inc.) are both stocks. Both are in the Industrials sector — PPIH in Building Products & Equipment, MG in Security & Protection Services. Over the past 10 years, PPIH returned 15.28%/yr vs -3.21%/yr for MG. At a 0.06 correlation, their price movements are largely independent.

Performance

PPIH vs. MG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Perma-Pipe International Holdings, Inc. (PPIH) and Mistras Group, Inc. (MG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PPIH achieves a 7.44% return, which is significantly lower than MG's 42.61% return. Over the past 10 years, PPIH has outperformed MG with an annualized return of 15.28%, while MG has yielded a comparatively lower -3.21% annualized return.

PPIH

• 1D: 4.99%
• 1M: -1.42%
• YTD: 7.44%
• 6M: 27.47%
• 1Y: 141.09%
• 3Y*: 46.43%
• 5Y*: 36.04%
• 10Y*: 15.28%

MG

• 1D: 3.32%
• 1M: -6.43%
• YTD: 42.61%
• 6M: 54.19%
• 1Y: 141.18%
• 3Y*: 37.83%
• 5Y*: 10.95%
• 10Y*: -3.21%

*Multi-year figures are annualized to reflect compound growth (CAGR)

PPIH vs. MG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PPIH Perma-Pipe International Holdings, Inc.	7.44%	103.08%	88.36%	-16.01%	8.87%	42.53%	-35.07%	7.20%	-2.78%	11.11%
MG Mistras Group, Inc.	42.61%	39.62%	23.77%	48.48%	-33.65%	-4.25%	-45.62%	-0.76%	-38.73%	-8.61%

Correlation

The correlation between PPIH and MG is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (10Y) Calculated over the trailing 10-year period	0.06
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.06

The correlation between PPIH and MG shifts across timeframes, from 0.06 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap PPIH : $267.68M MG : $589.10M
EPS PPIH : $2.08 MG : $0.70
PE Ratio PPIH : 15.65 MG : 25.87
PEG Ratio PPIH : 0.42 MG : 0.53
PS Ratio PPIH : 1.26 MG : 0.79
Total Revenue (TTM) PPIH : $210.93M MG : $731.44M
Gross Profit (TTM) PPIH : $69.49M MG : $197.97M
EBITDA (TTM) PPIH : $32.25M MG : $75.89M

Return for Risk

PPIH vs. MG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PPIH

PPIH Risk / Return Rank: 87
PPIH Sharpe Ratio Rank: 87
PPIH Sortino Ratio Rank: 86
PPIH Omega Ratio Rank: 84
PPIH Calmar Ratio Rank: 90
PPIH Martin Ratio Rank: 88

MG

MG Risk / Return Rank: 96
MG Sharpe Ratio Rank: 96
MG Sortino Ratio Rank: 97
MG Omega Ratio Rank: 95
MG Calmar Ratio Rank: 97
MG Martin Ratio Rank: 97

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PPIH vs. MG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Perma-Pipe International Holdings, Inc. (PPIH) and Mistras Group, Inc. (MG). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	PPIH	MG	Difference
Sharpe ratio Return per unit of total volatility	2.02	3.46	-1.44
Sortino ratio Return per unit of downside risk	2.88	4.71	-1.83
Omega ratio Gain probability vs. loss probability	1.35	1.58	-0.22
Calmar ratio Return relative to maximum drawdown	4.62	9.56	-4.93
Martin ratio Return relative to average drawdown	11.27	28.63	-17.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PPIH vs. MG - Sharpe Ratio Comparison

The current PPIH Sharpe Ratio is 2.02, which is lower than the MG Sharpe Ratio of 3.46. The chart below compares the historical Sharpe Ratios of PPIH and MG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PPIH	MG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.02	3.46	-1.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.24	+0.39
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.33	-0.06	+0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.05	+0.32

Drawdowns

PPIH vs. MG - Drawdown Comparison

The maximum PPIH drawdown since its inception was -58.53%, smaller than the maximum MG drawdown of -89.21%. Use the drawdown chart below to compare losses from any high point for PPIH and MG.

Drawdown Indicators

	PPIH	MG	Difference
Max Drawdown Largest peak-to-trough decline	-58.53%	-89.21%	+30.68%
Max Drawdown (1Y) Largest decline over 1 year	-31.45%	-14.54%	-16.91%
Max Drawdown (3Y) Largest decline over 3 years	-45.77%	-40.78%	-4.99%
Max Drawdown (5Y) Largest decline over 5 years	-58.53%	-66.87%	+8.34%
Max Drawdown (10Y) Largest decline over 10 years	-58.53%	-88.95%	+30.42%
Current Drawdown Current decline from peak	-7.57%	-33.09%	+25.52%
Average Drawdown Average peak-to-trough decline	-20.57%	-40.51%	+19.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.91%	4.85%	+8.06%

Volatility

PPIH vs. MG - Volatility Comparison

Perma-Pipe International Holdings, Inc. (PPIH) has a higher volatility of 13.64% compared to Mistras Group, Inc. (MG) at 12.26%. This indicates that PPIH's price experiences larger fluctuations and is considered to be riskier than MG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PPIH	MG	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.64%	12.26%	+1.38%
Volatility (6M) Calculated over the trailing 6-month period	37.10%	24.20%	+12.90%
Volatility (1Y) Calculated over the trailing 1-year period	70.36%	41.07%	+29.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.31%	46.19%	+11.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.07%	51.29%	-4.22%

Dividends

PPIH vs. MG - Dividend Comparison

Neither PPIH nor MG has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

PPIH vs. MG - Profitability Comparison

The chart below illustrates the profitability comparison between Perma-Pipe International Holdings, Inc. and Mistras Group, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

PPIH - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Perma-Pipe International Holdings, Inc. reported a gross profit of 17.34M and revenue of 55.13M. Therefore, the gross margin over that period was 31.5%.

MG - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Mistras Group, Inc. reported a gross profit of 44.73M and revenue of 169.03M. Therefore, the gross margin over that period was 26.5%.

PPIH - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Perma-Pipe International Holdings, Inc. reported an operating income of 6.97M and revenue of 55.13M, resulting in an operating margin of 12.6%.

MG - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Mistras Group, Inc. reported an operating income of 4.68M and revenue of 169.03M, resulting in an operating margin of 2.8%.

PPIH - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Perma-Pipe International Holdings, Inc. reported a net income of 4.92M and revenue of 55.13M, resulting in a net margin of 8.9%.

MG - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Mistras Group, Inc. reported a net income of 2.39M and revenue of 169.03M, resulting in a net margin of 1.4%.

Frequently Asked Questions

Can I hold both PPIH and MG in my portfolio?

PPIH and MG have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PPIH or MG?

PPIH has higher volatility (13.64%) compared to MG (12.26%). In terms of maximum drawdown, PPIH dropped -58.53% vs MG's -89.21%.

Which has better risk-adjusted returns?

MG currently has the higher Sharpe Ratio (3.46 vs 2.02), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.