HWM vs THC: Correlation
How closely do Howmet Aerospace (HWM) and Tenet Healthcare Corporation (THC) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HWM and THC?
On 3 years of weekly data the HWM/THC correlation comes out at 0.48, moderate. The relationship has been stable: the 1-year correlation (0.47) sits close to the 3-year figure. The 5-year figure is 0.43, and annualized covariance runs at 677.7 %².
Among the 35 assets we track against HWM, THC ranks #24 by 3-year correlation. On 12-month performance HWM holds a 5.5-point edge, +52.7% against +47.2%.
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.
HWM vs THC: side by side
| HWM (Howmet Aerospace) | THC (Tenet Healthcare Corporation) | |
|---|---|---|
| 1-year return | +52.7% | +47.2% |
| 5-year return | +754.4% | +254.8% |
| Volatility (ann.) | 32.1% | 43.5% |
| Beta vs S&P 500 | 1.24 | 1.01 |
| Max drawdown (3Y) | -19.4% | -34.5% |
| Market cap | $106.7B | $21.6B |
| P/E (trailing) | 58.2 | 10.6 |
| Dividend yield | 0.18% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | HWM | THC |
|---|---|---|
| 2022 | +24.2% | -40.3% |
| 2023 | +37.8% | +54.9% |
| 2024 | +102.7% | +67.0% |
| 2025 | +88.0% | +57.4% |
| 2026 | +30.7% | +34.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HWM and THC good diversifiers for each other?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HWM and THC?
The HWM/THC correlation stands at 0.48 on a 3-year window (1 year: 0.47, 5 years: 0.43), computed from weekly returns as of 2026-08-27.
Is THC a good diversifier for HWM?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.48 mean?
A reading of 0.48 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/hwm-vs-thc.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hwm-vs-thc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HWM correlations · THC correlations
