EMR vs PIII: Correlation
Measured on weekly returns over the past three years, Emerson Electric (EMR) and P3 Health Partners Inc. (PIII) carry a correlation of -0.12, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EMR and PIII?
Over the past 3 years, EMR and PIII moved with a correlation of -0.12, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.23) than the 3-year average (-0.12). Over 5 years the correlation is -0.01, and the annualized covariance of weekly returns is -544.3 %².
Within EMR's tracked universe of 47 assets, PIII comes in at #39 by 3-year correlation. Their 12-month results are close: +20.0% for EMR against +19.6% for PIII. Note the risk asymmetry: PIII runs 5.5 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.
EMR vs PIII: side by side
| EMR (Emerson Electric) | PIII (P3 Health Partners Inc.) | |
|---|---|---|
| 1-year return | +20.0% | +19.6% |
| 5-year return | +65.4% | -98.1% |
| Volatility (ann.) | 28.3% | 154.4% |
| Beta vs S&P 500 | 1.29 | 0.52 |
| Max drawdown (3Y) | -29.6% | -98.9% |
| Market cap | $88.0B | $1.9B |
| P/E (trailing) | 34.5 | – |
| Dividend yield | 1.39% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | EMR | PIII |
|---|---|---|
| 2022 | +5.7% | -73.9% |
| 2023 | +3.8% | -23.4% |
| 2024 | +29.7% | -84.0% |
| 2025 | +8.9% | -69.0% |
| 2026 | +20.2% | +169.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EMR and PIII good diversifiers for each other?
Yes. With a correlation of -0.12, EMR and PIII have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EMR and PIII?
The EMR/PIII correlation stands at -0.12 on a 3-year window (1 year: -0.23, 5 years: -0.01), computed from weekly returns as of 2026-08-27.
Is PIII a good diversifier for EMR?
Yes. With a correlation of -0.12, EMR and PIII have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.12 mean?
On the −1 to +1 scale, -0.12 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/emr-vs-piii.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/emr-vs-piii/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EMR correlations · PIII correlations
