ARDT vs NUWE: Correlation
How closely do Ardent Health, Inc. (ARDT) and Nuwellis, Inc. (NUWE) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARDT and NUWE?
On 3 years of weekly data the ARDT/NUWE correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.07 versus -0.24 over 3 years. The 5-year figure is n/a, and annualized covariance runs at -1777.2 %².
By 3-year correlation, NUWE places #16 of the 22 assets tracked against ARDT. Correlation aside, the last 12 months split them widely, with ARDT ahead by 86.0 points (-13.5% versus -99.5%). Note the risk asymmetry: NUWE runs 2.9 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.
ARDT vs NUWE: side by side
| ARDT (Ardent Health, Inc.) | NUWE (Nuwellis, Inc.) | |
|---|---|---|
| 1-year return | -13.5% | -99.5% |
| 5-year return | n/a | -100.0% |
| Volatility (ann.) | 48.5% | 141.6% |
| Beta vs S&P 500 | 0.65 | 1.66 |
| Max drawdown (3Y) | -61.2% | -100.0% |
| Market cap | $1.6B | – |
| P/E (trailing) | 20.7 | 0.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ARDT | NUWE |
|---|---|---|
| 2022 | – | -90.6% |
| 2023 | – | -94.6% |
| 2024 | – | -94.5% |
| 2025 | -48.3% | -96.3% |
| 2026 | +24.5% | -98.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARDT and NUWE good diversifiers for each other?
Yes. With a correlation of -0.24, ARDT and NUWE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ARDT and NUWE?
As of 2026-08-27, the correlation of weekly returns between ARDT and NUWE is -0.24 over 3 years, -0.07 over 1 year and n/a over 5 years.
Is NUWE a good diversifier for ARDT?
Yes. With a correlation of -0.24, ARDT and NUWE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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-nuwe.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ardt-vs-nuwe/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ARDT correlations · NUWE correlations
