HCA vs SHW: Correlation
Measured on weekly returns over the past three years, HCA Healthcare (HCA) and Sherwin-Williams (SHW) carry a correlation of 0.49, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HCA and SHW?
On 3 years of weekly data the HCA/SHW correlation comes out at 0.49, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.37 versus 0.49 over 3 years. The 5-year figure is 0.48, and annualized covariance runs at 322.9 %².
In HCA's tracked universe of 32 assets, SHW sits right near the top at #3. The trailing year gives HCA the advantage: +4.2% versus -5.1%, a 9.3-point spread. Across three years, the rolling one-year figure varied moderately, from 0.38 to 0.69.
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 SHW: side by side
| HCA (HCA Healthcare) | SHW (Sherwin-Williams) | |
|---|---|---|
| 1-year return | +4.2% | -5.1% |
| 5-year return | +72.5% | +18.3% |
| Volatility (ann.) | 26.9% | 24.6% |
| Beta vs S&P 500 | 0.42 | 0.79 |
| Max drawdown (3Y) | -33.6% | -25.7% |
| Market cap | $90.8B | $83.8B |
| P/E (trailing) | 14.1 | 31.8 |
| Dividend yield | 0.70% | 0.91% |
| Sector / category | Health Care | Materials |
Year-by-year returns
| Year | HCA | SHW |
|---|---|---|
| 2022 | -5.6% | -32.0% |
| 2023 | +13.8% | +32.7% |
| 2024 | +11.8% | +9.9% |
| 2025 | +56.7% | -3.8% |
| 2026 | -9.9% | +7.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HCA and SHW good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HCA and SHW?
Using weekly returns as of 2026-08-27: 0.49 over 3 years, with 0.37 over the last year and 0.48 over 5 years.
Is SHW a good diversifier for HCA?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.49 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
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[](https://www.pairbook.io/pair/hca-vs-shw/)
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Related comparisons
Hubs: HCA correlations · SHW correlations
