DH vs PNW: Correlation
Measured on weekly returns over the past three years, Definitive Healthcare Corp. (DH) and Pinnacle West Capital (PNW) carry a correlation of -0.18, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DH and PNW?
Over the past 3 years, DH and PNW moved with a correlation of -0.18, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.27 over 1 year against -0.18 over 3. Over 5 years the correlation is -0.03, and the annualized covariance of weekly returns is -217.9 %².
Among the 14 assets we track against DH, PNW sits near the bottom by co-movement, at rank #11. Correlation aside, the last 12 months split them widely, with PNW ahead by 92.2 points (-79.8% versus +12.4%). One caveat on sizing: DH is 3.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
DH vs PNW: side by side
| DH (Definitive Healthcare Corp.) | PNW (Pinnacle West Capital) | |
|---|---|---|
| 1-year return | -79.8% | +12.4% |
| 5-year return | -98.1% | +59.3% |
| Volatility (ann.) | 65.1% | 18.2% |
| Beta vs S&P 500 | 1.74 | 0.09 |
| Max drawdown (3Y) | -93.9% | -14.4% |
| Market cap | $0.1B | $11.9B |
| P/E (trailing) | – | 18.8 |
| Dividend yield | 0.00% | 3.67% |
| Sector / category | US Listed | Utilities |
Year-by-year returns
| Year | DH | PNW |
|---|---|---|
| 2022 | -59.8% | +13.0% |
| 2023 | -9.6% | -1.2% |
| 2024 | -58.7% | +23.5% |
| 2025 | -30.2% | +8.9% |
| 2026 | -71.6% | +13.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DH and PNW good diversifiers for each other?
Yes. With a correlation of -0.18, DH and PNW have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DH and PNW?
Using weekly returns as of 2026-08-27: -0.18 over 3 years, with -0.27 over the last year and -0.03 over 5 years.
Is PNW a good diversifier for DH?
Yes. With a correlation of -0.18, DH and PNW have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.18 mean?
On the −1 to +1 scale, -0.18 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dh-vs-pnw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dh-vs-pnw/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DH correlations · PNW correlations
