ALHC vs NTAP: Correlation
Alignment Healthcare, Inc. (ALHC) and NetApp (NTAP) show a negative relationship: their 3-year correlation of weekly returns is -0.17.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALHC and NTAP?
Over the past 3 years, ALHC and NTAP moved with a correlation of -0.17, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.30) runs below the 3-year figure (-0.17). Over 5 years the correlation is -0.05, and the annualized covariance of weekly returns is -375.5 %².
Among the 15 assets we track against ALHC, NTAP ranks #10 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NTAP outperformed by 89.0 percentage points (-16.0% for ALHC against +73.0% for NTAP). Note the risk asymmetry: ALHC runs 1.6 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.
ALHC vs NTAP: side by side
| ALHC (Alignment Healthcare, Inc.) | NTAP (NetApp) | |
|---|---|---|
| 1-year return | -16.0% | +73.0% |
| 5-year return | -25.5% | +141.7% |
| Volatility (ann.) | 59.1% | 37.6% |
| Beta vs S&P 500 | 0.29 | 1.38 |
| Max drawdown (3Y) | -50.3% | -42.6% |
| Market cap | $2.8B | $37.4B |
| P/E (trailing) | 75.3 | 30.5 |
| Dividend yield | 0.00% | 1.07% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | ALHC | NTAP |
|---|---|---|
| 2022 | -16.4% | -32.9% |
| 2023 | -26.8% | +51.1% |
| 2024 | +30.7% | +34.2% |
| 2025 | +75.6% | -5.9% |
| 2026 | -31.3% | +80.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALHC and NTAP good diversifiers for each other?
Yes: at -0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ALHC and NTAP?
As of 2026-08-27, the correlation of weekly returns between ALHC and NTAP is -0.17 over 3 years, -0.30 over 1 year and -0.05 over 5 years.
Is NTAP a good diversifier for ALHC?
Yes: at -0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.17 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/alhc-vs-ntap.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/alhc-vs-ntap/)
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Related comparisons
Hubs: ALHC correlations · NTAP correlations
