HCA vs SGRY: Correlation
HCA Healthcare (HCA) and Surgery Partners, Inc. (SGRY) show a moderate relationship: their 3-year correlation of weekly returns is 0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HCA and SGRY?
Over the past 3 years, HCA and SGRY moved with a correlation of 0.45, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.30 versus 0.45 over 3 years. Over 5 years the correlation is 0.53, and the annualized covariance of weekly returns is 624.1 %².
Among the 32 assets we track against HCA, SGRY ranks #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months HCA outperformed by 43.2 percentage points (+4.2% for HCA against -39.0% for SGRY). Note the risk asymmetry: SGRY runs 1.9 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.
HCA vs SGRY: side by side
| HCA (HCA Healthcare) | SGRY (Surgery Partners, Inc.) | |
|---|---|---|
| 1-year return | +4.2% | -39.0% |
| 5-year return | +72.5% | -71.6% |
| Volatility (ann.) | 26.9% | 51.2% |
| Beta vs S&P 500 | 0.42 | 1.30 |
| Max drawdown (3Y) | -33.6% | -69.3% |
| Market cap | $90.8B | $1.8B |
| P/E (trailing) | 14.1 | – |
| Dividend yield | 0.70% | 0.00% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | HCA | SGRY |
|---|---|---|
| 2022 | -5.6% | -47.8% |
| 2023 | +13.8% | +14.8% |
| 2024 | +11.8% | -33.8% |
| 2025 | +56.7% | -27.0% |
| 2026 | -9.9% | -9.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HCA and SGRY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HCA and SGRY?
Using weekly returns as of 2026-08-27: 0.45 over 3 years, with 0.30 over the last year and 0.53 over 5 years.
Is SGRY a good diversifier for HCA?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.45 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hca-vs-sgry.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hca-vs-sgry/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HCA correlations · SGRY correlations
