HSIC vs XRAY: Correlation
Measured on weekly returns over the past three years, Henry Schein (HSIC) and DENTSPLY SIRONA Inc. (XRAY) carry a correlation of 0.46, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HSIC and XRAY?
Across a 3-year window, the weekly returns of HSIC and XRAY correlate at 0.46, moderate. The link has loosened recently: the 1-year correlation (0.30) runs below the 3-year figure (0.46). Stretching to 5 years gives 0.47, with an annualized covariance of 456.7 %².
Among the 34 assets we track against HSIC, XRAY ranks #4 by 3-year correlation. The last year tells two different stories: HSIC led by 51.7 percentage points, +30.9% for HSIC against -20.8% for XRAY. Note the risk asymmetry: XRAY runs 1.6 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.
HSIC vs XRAY: side by side
| HSIC (Henry Schein) | XRAY (DENTSPLY SIRONA Inc.) | |
|---|---|---|
| 1-year return | +30.9% | -20.8% |
| 5-year return | +20.1% | -80.0% |
| Volatility (ann.) | 25.2% | 39.4% |
| Beta vs S&P 500 | 0.33 | 0.54 |
| Max drawdown (3Y) | -24.3% | -72.3% |
| Market cap | $10.1B | $2.2B |
| P/E (trailing) | 26.3 | – |
| Dividend yield | 0.00% | 2.93% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | HSIC | XRAY |
|---|---|---|
| 2022 | +3.0% | -42.1% |
| 2023 | -5.2% | +13.5% |
| 2024 | -8.6% | -45.3% |
| 2025 | +9.2% | -36.8% |
| 2026 | +19.4% | -3.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HSIC and XRAY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HSIC and XRAY?
Using weekly returns as of 2026-08-27: 0.46 over 3 years, with 0.30 over the last year and 0.47 over 5 years.
Is XRAY a good diversifier for HSIC?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 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.
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Related comparisons
Hubs: HSIC correlations · XRAY correlations
