HCA vs MTD: Correlation
HCA Healthcare (HCA) and Mettler Toledo (MTD) show a moderate relationship: their 3-year correlation of weekly returns is 0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HCA and MTD?
On 3 years of weekly data the HCA/MTD correlation comes out at 0.31, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.18 versus 0.31 over 3 years. The 5-year figure is 0.42, and annualized covariance runs at 265.1 %².
Within HCA's tracked universe of 32 assets, MTD comes in at #18 by 3-year correlation. On 12-month performance MTD holds a 5.3-point edge, +4.2% against +9.5%. The relationship is regime-dependent: the rolling one-year correlation swung between 0.07 and 0.59 over the past three years, so this pair behaves very differently depending on the market environment.
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.
HCA vs MTD: side by side
| HCA (HCA Healthcare) | MTD (Mettler Toledo) | |
|---|---|---|
| 1-year return | +4.2% | +9.5% |
| 5-year return | +72.5% | -11.4% |
| Volatility (ann.) | 26.9% | 31.4% |
| Beta vs S&P 500 | 0.42 | 1.00 |
| Max drawdown (3Y) | -33.6% | -36.6% |
| Market cap | $90.8B | $28.2B |
| P/E (trailing) | 14.1 | 31.7 |
| Dividend yield | 0.70% | 0.00% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | HCA | MTD |
|---|---|---|
| 2022 | -5.6% | -14.8% |
| 2023 | +13.8% | -16.1% |
| 2024 | +11.8% | +0.9% |
| 2025 | +56.7% | +13.9% |
| 2026 | -9.9% | +0.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HCA and MTD good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HCA and MTD?
Using weekly returns as of 2026-08-27: 0.31 over 3 years, with 0.18 over the last year and 0.42 over 5 years.
Is MTD a good diversifier for HCA?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.31 mean?
A reading of 0.31 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hca-vs-mtd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hca-vs-mtd/)
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Related comparisons
Hubs: HCA correlations · MTD correlations
