ARDT vs SPRU: Correlation
Ardent Health, Inc. (ARDT) and Spruce Power Holding Corporation (SPRU) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARDT and SPRU?
On 3 years of weekly data the ARDT/SPRU correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.57) runs below the 3-year figure (-0.22). The 5-year figure is n/a, and annualized covariance runs at -995.9 %².
Within ARDT's tracked universe of 22 assets, SPRU comes in at #13 by 3-year correlation. The last year tells two different stories: SPRU led by 41.4 percentage points, -13.5% for ARDT against +27.9% for SPRU. Note the risk asymmetry: SPRU runs 1.7 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 SPRU: side by side
| ARDT (Ardent Health, Inc.) | SPRU (Spruce Power Holding Corporation) | |
|---|---|---|
| 1-year return | -13.5% | +27.9% |
| 5-year return | n/a | -96.5% |
| Volatility (ann.) | 48.5% | 84.6% |
| Beta vs S&P 500 | 0.65 | 1.03 |
| Max drawdown (3Y) | -61.2% | -83.1% |
| Market cap | $1.6B | – |
| P/E (trailing) | 20.7 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ARDT | SPRU |
|---|---|---|
| 2022 | – | -72.2% |
| 2023 | – | -39.9% |
| 2024 | – | -32.8% |
| 2025 | -48.3% | +71.4% |
| 2026 | +24.5% | -63.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARDT and SPRU good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ARDT and SPRU?
The ARDT/SPRU correlation stands at -0.22 on a 3-year window (1 year: -0.57, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is SPRU a good diversifier for ARDT?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 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/ardt-vs-spru.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ardt-vs-spru/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ARDT correlations · SPRU correlations
