HCA vs STE: Correlation
How closely do HCA Healthcare (HCA) and Steris (STE) trade together? Their weekly returns over three years give a correlation of 0.34, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HCA and STE?
Over the past 3 years, HCA and STE moved with a correlation of 0.34, which is moderate. The past 12 months show a weaker link (0.17) than the 3-year average (0.34). Over 5 years the correlation is 0.41, and the annualized covariance of weekly returns is 204.7 %².
By 3-year correlation, STE places #16 of the 32 assets tracked against HCA. Over the last 12 months HCA came out ahead by 9.9 percentage points (+4.2% against -5.7%). On a rolling one-year basis the correlation drifted between 0.09 and 0.54, a moderate band.
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 STE: side by side
| HCA (HCA Healthcare) | STE (Steris) | |
|---|---|---|
| 1-year return | +4.2% | -5.7% |
| 5-year return | +72.5% | +13.6% |
| Volatility (ann.) | 26.9% | 22.3% |
| Beta vs S&P 500 | 0.42 | 0.43 |
| Max drawdown (3Y) | -33.6% | -25.4% |
| Market cap | $90.8B | $22.7B |
| P/E (trailing) | 14.1 | 28.5 |
| Dividend yield | 0.70% | 1.06% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | HCA | STE |
|---|---|---|
| 2022 | -5.6% | -23.4% |
| 2023 | +13.8% | +20.2% |
| 2024 | +11.8% | -5.6% |
| 2025 | +56.7% | +24.3% |
| 2026 | -9.9% | -7.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HCA and STE good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HCA and STE?
Using weekly returns as of 2026-08-27: 0.34 over 3 years, with 0.17 over the last year and 0.41 over 5 years.
Is STE a good diversifier for HCA?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.34 mean?
On the −1 to +1 scale, 0.34 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/hca-vs-ste.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hca-vs-ste/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HCA correlations · STE correlations
