EAF vs HCA: Correlation
GrafTech International Ltd. (EAF) and HCA Healthcare (HCA) show a negative relationship: their 3-year correlation of weekly returns is -0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EAF and HCA?
On 3 years of weekly data the EAF/HCA correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.42 versus -0.23 over 3 years. The 5-year figure is -0.03, and annualized covariance runs at -583.1 %².
HCA is close to the least connected end of EAF's tracked universe, ranking #9 of 12. The last year tells two different stories: HCA led by 29.5 percentage points, -25.3% for EAF against +4.2% for HCA. One caveat on sizing: EAF 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.
EAF vs HCA: side by side
| EAF (GrafTech International Ltd.) | HCA (HCA Healthcare) | |
|---|---|---|
| 1-year return | -25.3% | +4.2% |
| 5-year return | -93.3% | +72.5% |
| Volatility (ann.) | 96.0% | 26.9% |
| Beta vs S&P 500 | 1.47 | 0.42 |
| Max drawdown (3Y) | -86.7% | -33.6% |
| Market cap | $0.2B | $90.8B |
| P/E (trailing) | – | 14.1 |
| Dividend yield | 0.00% | 0.70% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | EAF | HCA |
|---|---|---|
| 2022 | -59.5% | -5.6% |
| 2023 | -53.8% | +13.8% |
| 2024 | -21.0% | +11.8% |
| 2025 | -10.3% | +56.7% |
| 2026 | -52.1% | -9.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EAF and HCA good diversifiers for each other?
Yes. With a correlation of -0.23, EAF and HCA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EAF and HCA?
The EAF/HCA correlation stands at -0.23 on a 3-year window (1 year: -0.42, 5 years: -0.03), computed from weekly returns as of 2026-08-27.
Is HCA a good diversifier for EAF?
Yes. With a correlation of -0.23, EAF and HCA 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.
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Related comparisons
Hubs: EAF correlations · HCA correlations
