CCAP vs PIII: Correlation
Crescent Capital BDC, Inc. (CCAP) and P3 Health Partners Inc. (PIII) show a negative relationship: their 3-year correlation of weekly returns is -0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCAP and PIII?
Across a 3-year window, the weekly returns of CCAP and PIII correlate at -0.32, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.56) than the 3-year average (-0.32). Stretching to 5 years gives -0.16, with an annualized covariance of -1128.2 %².
PIII is close to the least connected end of CCAP's tracked universe, ranking #15 of 18. The last year tells two different stories: PIII led by 42.4 percentage points, -22.8% for CCAP against +19.6% for PIII. Note the risk asymmetry: PIII runs 6.7 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.
CCAP vs PIII: side by side
| CCAP (Crescent Capital BDC, Inc.) | PIII (P3 Health Partners Inc.) | |
|---|---|---|
| 1-year return | -22.8% | +19.6% |
| 5-year return | +1.5% | -98.1% |
| Volatility (ann.) | 22.9% | 154.4% |
| Beta vs S&P 500 | 0.60 | 0.52 |
| Max drawdown (3Y) | -36.2% | -98.9% |
| Market cap | $0.4B | $1.9B |
| P/E (trailing) | – | – |
| Dividend yield | 15.14% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CCAP | PIII |
|---|---|---|
| 2022 | -18.5% | -73.9% |
| 2023 | +52.6% | -23.4% |
| 2024 | +23.5% | -84.0% |
| 2025 | -17.5% | -69.0% |
| 2026 | -19.3% | +169.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCAP and PIII good diversifiers for each other?
Yes. With a correlation of -0.32, CCAP and PIII have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CCAP and PIII?
The CCAP/PIII correlation stands at -0.32 on a 3-year window (1 year: -0.56, 5 years: -0.16), computed from weekly returns as of 2026-08-27.
Is PIII a good diversifier for CCAP?
Yes. With a correlation of -0.32, CCAP and PIII have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.32 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/ccap-vs-piii.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ccap-vs-piii/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CCAP correlations · PIII correlations
