GEHC vs OWLT: Correlation
GE HealthCare (GEHC) and Owlet, Inc. (OWLT) show a moderate relationship: their 3-year correlation of weekly returns is 0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GEHC and OWLT?
On 3 years of weekly data the GEHC/OWLT correlation comes out at 0.41, moderate. Little has changed lately, as the 1-year reading of 0.44 lands near the 3-year figure. The 5-year figure is 0.33, and annualized covariance runs at 996.2 %².
Within GEHC's tracked universe of 52 assets, OWLT comes in at #38 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months GEHC outperformed by 28.3 percentage points (-2.2% for GEHC against -30.5% for OWLT). One caveat on sizing: OWLT is 2.3 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.
GEHC vs OWLT: side by side
| GEHC (GE HealthCare) | OWLT (Owlet, Inc.) | |
|---|---|---|
| 1-year return | -2.2% | -30.5% |
| 5-year return | n/a | -94.4% |
| Volatility (ann.) | 32.4% | 75.1% |
| Beta vs S&P 500 | 1.22 | 1.79 |
| Max drawdown (3Y) | -37.4% | -73.1% |
| Market cap | $32.7B | $0.1B |
| P/E (trailing) | 16.9 | – |
| Dividend yield | 0.19% | 0.00% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | GEHC | OWLT |
|---|---|---|
| 2022 | – | -79.1% |
| 2023 | +32.6% | -32.5% |
| 2024 | +1.3% | -15.7% |
| 2025 | +5.1% | +263.8% |
| 2026 | -11.5% | -69.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GEHC and OWLT good diversifiers for each other?
Reasonably. At 0.41, GEHC and OWLT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between GEHC and OWLT?
As of 2026-08-27, the correlation of weekly returns between GEHC and OWLT is 0.41 over 3 years, 0.44 over 1 year and 0.33 over 5 years.
Is OWLT a good diversifier for GEHC?
Reasonably. At 0.41, GEHC and OWLT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.41 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: GEHC correlations · OWLT correlations
