HCA vs THC: Correlation
Measured on weekly returns over the past three years, HCA Healthcare (HCA) and Tenet Healthcare Corporation (THC) carry a correlation of 0.71, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HCA and THC?
On 3 years of weekly data the HCA/THC correlation comes out at 0.71, strong. The relationship has been stable: the 1-year correlation (0.73) sits close to the 3-year figure. The 5-year figure is 0.71, and annualized covariance runs at 829.6 %².
Few assets follow HCA as closely as THC, which ranks #2 of 32 tracked partners. Their recent paths diverged sharply: over the last 12 months THC outperformed by 43.0 percentage points (+4.2% for HCA against +47.2% for THC). Risk is not evenly split, since THC carries 1.6 times the volatility of the other side.
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 THC: side by side
| HCA (HCA Healthcare) | THC (Tenet Healthcare Corporation) | |
|---|---|---|
| 1-year return | +4.2% | +47.2% |
| 5-year return | +72.5% | +254.8% |
| Volatility (ann.) | 26.9% | 43.5% |
| Beta vs S&P 500 | 0.42 | 1.01 |
| Max drawdown (3Y) | -33.6% | -34.5% |
| Market cap | $90.8B | $21.6B |
| P/E (trailing) | 14.1 | 10.6 |
| Dividend yield | 0.70% | 0.00% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | HCA | THC |
|---|---|---|
| 2022 | -5.6% | -40.3% |
| 2023 | +13.8% | +54.9% |
| 2024 | +11.8% | +67.0% |
| 2025 | +56.7% | +57.4% |
| 2026 | -9.9% | +34.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HCA and THC good diversifiers for each other?
Somewhat, no more. With 0.71 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between HCA and THC?
The HCA/THC correlation stands at 0.71 on a 3-year window (1 year: 0.73, 5 years: 0.71), computed from weekly returns as of 2026-08-27.
Is THC a good diversifier for HCA?
Somewhat, no more. With 0.71 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.71 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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Related comparisons
Hubs: HCA correlations · THC correlations
