HCWB vs PIII: Correlation
Measured on weekly returns over the past three years, HCW Biologics Inc. (HCWB) and P3 Health Partners Inc. (PIII) carry a correlation of 0.59, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HCWB and PIII?
On 3 years of weekly data the HCWB/PIII correlation comes out at 0.59, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.79 versus 0.59 over 3 years. The 5-year figure is 0.49, and annualized covariance runs at 21596.1 %².
PIII is one of the assets that tracks HCWB most closely: it ranks #2 out of the 17 assets we track against HCWB. The last year tells two different stories: PIII led by 110.8 percentage points, -91.2% for HCWB against +19.6% for PIII. One caveat on sizing: HCWB is 1.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
HCWB vs PIII: side by side
| HCWB (HCW Biologics Inc.) | PIII (P3 Health Partners Inc.) | |
|---|---|---|
| 1-year return | -91.2% | +19.6% |
| 5-year return | -99.7% | -98.1% |
| Volatility (ann.) | 238.8% | 154.4% |
| Beta vs S&P 500 | 1.21 | 0.52 |
| Max drawdown (3Y) | -99.7% | -98.9% |
| Market cap | – | $1.9B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HCWB | PIII |
|---|---|---|
| 2022 | -17.5% | -73.9% |
| 2023 | -36.0% | -23.4% |
| 2024 | -63.6% | -84.0% |
| 2025 | -94.6% | -69.0% |
| 2026 | -45.6% | +169.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HCWB and PIII good diversifiers for each other?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between HCWB and PIII?
Using weekly returns as of 2026-08-27: 0.59 over 3 years, with 0.79 over the last year and 0.49 over 5 years.
Is PIII a good diversifier for HCWB?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.59 mean?
A reading of 0.59 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hcwb-vs-piii.json
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[](https://www.pairbook.io/pair/hcwb-vs-piii/)
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Related comparisons
Hubs: HCWB correlations · PIII correlations
