HCAT vs PDM: Correlation
Measured on weekly returns over the past three years, Health Catalyst, Inc (HCAT) and Piedmont Realty Trust, Inc. (PDM) 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 HCAT and PDM?
Across a 3-year window, the weekly returns of HCAT and PDM correlate at 0.49, moderate. Little has changed lately, as the 1-year reading of 0.53 lands near the 3-year figure. Stretching to 5 years gives 0.43, with an annualized covariance of 1249.5 %².
In HCAT's tracked universe of 14 assets, PDM sits right near the top at #1. The last year tells two different stories: PDM led by 72.9 percentage points, -56.9% for HCAT against +16.0% for PDM. Note the risk asymmetry: HCAT runs 2.0 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.
HCAT vs PDM: side by side
| HCAT (Health Catalyst, Inc) | PDM (Piedmont Realty Trust, Inc.) | |
|---|---|---|
| 1-year return | -56.9% | +16.0% |
| 5-year return | -97.0% | -29.9% |
| Volatility (ann.) | 71.7% | 35.3% |
| Beta vs S&P 500 | 1.49 | 0.95 |
| Max drawdown (3Y) | -91.6% | -46.4% |
| Market cap | $0.1B | $1.2B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HCAT | PDM |
|---|---|---|
| 2022 | -73.2% | -46.8% |
| 2023 | -12.9% | -14.8% |
| 2024 | -23.7% | +37.2% |
| 2025 | -66.2% | -7.3% |
| 2026 | -33.5% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HCAT and PDM good diversifiers for each other?
Reasonably. At 0.49, HCAT and PDM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HCAT and PDM?
Using weekly returns as of 2026-08-27: 0.49 over 3 years, with 0.53 over the last year and 0.43 over 5 years.
Is PDM a good diversifier for HCAT?
Reasonably. At 0.49, HCAT and PDM keep a meaningful degree of independence, and combining them has historically reduced portfolio 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
$ curl https://www.pairbook.io/api/v1/pairs/hcat-vs-pdm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hcat-vs-pdm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HCAT correlations · PDM correlations
