DHT vs PIII: Correlation
Measured on weekly returns over the past three years, DHT Holdings, Inc. (DHT) and P3 Health Partners Inc. (PIII) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DHT and PIII?
Across a 3-year window, the weekly returns of DHT and PIII correlate at -0.23, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.29) sits close to the 3-year figure. Stretching to 5 years gives -0.12, with an annualized covariance of -1168.5 %².
PIII is close to the least connected end of DHT's tracked universe, ranking #11 of 12. Correlation aside, the last 12 months split them widely, with DHT ahead by 70.1 points (+89.7% versus +19.6%). Risk is not evenly split, since PIII carries 4.7 times the volatility of the other side.
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.
DHT vs PIII: side by side
| DHT (DHT Holdings, Inc.) | PIII (P3 Health Partners Inc.) | |
|---|---|---|
| 1-year return | +89.7% | +19.6% |
| 5-year return | +422.1% | -98.1% |
| Volatility (ann.) | 33.2% | 154.4% |
| Beta vs S&P 500 | 0.29 | 0.52 |
| Max drawdown (3Y) | -25.0% | -98.9% |
| Market cap | $3.1B | $1.9B |
| P/E (trailing) | 6.6 | – |
| Dividend yield | 13.37% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DHT | PIII |
|---|---|---|
| 2022 | +73.9% | -73.9% |
| 2023 | +24.1% | -23.4% |
| 2024 | +3.6% | -84.0% |
| 2025 | +35.2% | -69.0% |
| 2026 | +79.6% | +169.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DHT and PIII good diversifiers for each other?
Yes. With a correlation of -0.23, DHT and PIII have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DHT and PIII?
As of 2026-08-27, the correlation of weekly returns between DHT and PIII is -0.23 over 3 years, -0.29 over 1 year and -0.12 over 5 years.
Is PIII a good diversifier for DHT?
Yes. With a correlation of -0.23, DHT and PIII have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 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
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Related comparisons
Hubs: DHT correlations · PIII correlations
