ARDT vs MTR: Correlation
Measured on weekly returns over the past three years, Ardent Health, Inc. (ARDT) and Mesa Royalty Trust (MTR) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARDT and MTR?
Across a 3-year window, the weekly returns of ARDT and MTR correlate at -0.24, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.22 over 1 year against -0.24 over 3. Stretching to 5 years gives n/a, with an annualized covariance of -479.0 %².
Within ARDT's tracked universe of 22 assets, MTR comes in at #15 by 3-year correlation. Correlation aside, the last 12 months split them widely, with ARDT ahead by 44.1 points (-13.5% versus -57.6%).
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.
ARDT vs MTR: side by side
| ARDT (Ardent Health, Inc.) | MTR (Mesa Royalty Trust) | |
|---|---|---|
| 1-year return | -13.5% | -57.6% |
| 5-year return | n/a | -45.0% |
| Volatility (ann.) | 48.5% | 47.8% |
| Beta vs S&P 500 | 0.65 | 0.01 |
| Max drawdown (3Y) | -61.2% | -87.3% |
| Market cap | $1.6B | – |
| P/E (trailing) | 20.7 | 11.5 |
| Dividend yield | 0.00% | 6.83% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ARDT | MTR |
|---|---|---|
| 2022 | – | +310.9% |
| 2023 | – | -35.4% |
| 2024 | – | -54.1% |
| 2025 | -48.3% | -23.6% |
| 2026 | +24.5% | -45.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARDT and MTR good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ARDT and MTR?
As of 2026-08-27, the correlation of weekly returns between ARDT and MTR is -0.24 over 3 years, -0.22 over 1 year and n/a over 5 years.
Is MTR a good diversifier for ARDT?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
A reading of -0.24 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ardt-vs-mtr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ardt-vs-mtr/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ARDT correlations · MTR correlations
