ELMD vs PIII: Correlation
How closely do Electromed, Inc. (ELMD) and P3 Health Partners Inc. (PIII) trade together? Their weekly returns over three years give a correlation of 0.37, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELMD and PIII?
Across a 3-year window, the weekly returns of ELMD and PIII correlate at 0.37, moderate. The link has tightened recently: the 1-year correlation (0.59) runs above the 3-year figure (0.37). Stretching to 5 years gives 0.29, with an annualized covariance of 2783.5 %².
PIII is one of the assets that tracks ELMD most closely: it ranks #3 out of the 12 assets we track against ELMD. Twelve-month performance is nearly a tie, at +21.7% for ELMD and +19.6% for PIII. Note the risk asymmetry: PIII runs 3.2 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.
ELMD vs PIII: side by side
| ELMD (Electromed, Inc.) | PIII (P3 Health Partners Inc.) | |
|---|---|---|
| 1-year return | +21.7% | +19.6% |
| 5-year return | +144.2% | -98.1% |
| Volatility (ann.) | 48.9% | 154.4% |
| Beta vs S&P 500 | 0.63 | 0.52 |
| Max drawdown (3Y) | -48.9% | -98.9% |
| Market cap | $0.3B | $1.9B |
| P/E (trailing) | 24.5 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ELMD | PIII |
|---|---|---|
| 2022 | -19.3% | -73.9% |
| 2023 | +4.0% | -23.4% |
| 2024 | +170.9% | -84.0% |
| 2025 | -1.5% | -69.0% |
| 2026 | +3.5% | +169.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELMD and PIII good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ELMD and PIII?
As of 2026-08-27, the correlation of weekly returns between ELMD and PIII is 0.37 over 3 years, 0.59 over 1 year and 0.29 over 5 years.
Is PIII a good diversifier for ELMD?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.37 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: ELMD correlations · PIII correlations
