HYLN vs PIII: Correlation
Hyliion Holdings Corp. (HYLN) and P3 Health Partners Inc. (PIII) show a moderate relationship: their 3-year correlation of weekly returns is 0.51.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HYLN and PIII?
Over the past 3 years, HYLN and PIII moved with a correlation of 0.51, which is moderate. The past 12 months show a tighter link (0.74) than the 3-year average (0.51). Over 5 years the correlation is 0.45, and the annualized covariance of weekly returns is 8482.8 %².
In HYLN's tracked universe of 14 assets, PIII sits right near the top at #1. Correlation aside, the last 12 months split them widely, with HYLN ahead by 82.2 points (+101.8% versus +19.6%).
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.
HYLN vs PIII: side by side
| HYLN (Hyliion Holdings Corp.) | PIII (P3 Health Partners Inc.) | |
|---|---|---|
| 1-year return | +101.8% | +19.6% |
| 5-year return | -60.9% | -98.1% |
| Volatility (ann.) | 108.2% | 154.4% |
| Beta vs S&P 500 | 2.37 | 0.52 |
| Max drawdown (3Y) | -70.3% | -98.9% |
| Market cap | $0.6B | $1.9B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HYLN | PIII |
|---|---|---|
| 2022 | -62.3% | -73.9% |
| 2023 | -65.2% | -23.4% |
| 2024 | +220.6% | -84.0% |
| 2025 | -29.5% | -69.0% |
| 2026 | +85.3% | +169.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HYLN and PIII good diversifiers for each other?
Only partially. A correlation of 0.51 means HYLN and PIII share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between HYLN and PIII?
Using weekly returns as of 2026-08-27: 0.51 over 3 years, with 0.74 over the last year and 0.45 over 5 years.
Is PIII a good diversifier for HYLN?
Only partially. A correlation of 0.51 means HYLN and PIII share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.51 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/hyln-vs-piii.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hyln-vs-piii/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HYLN correlations · PIII correlations
