INSW vs PIII: Correlation
How closely do International Seaways, Inc. (INSW) and P3 Health Partners Inc. (PIII) trade together? Their weekly returns over three years give a correlation of -0.20, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INSW and PIII?
Over the past 3 years, INSW and PIII moved with a correlation of -0.20, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.35 versus -0.20 over 3 years. Over 5 years the correlation is -0.10, and the annualized covariance of weekly returns is -1153.1 %².
Out of 21 assets tracked against INSW, PIII lands near the bottom at #19. The last year tells two different stories: INSW led by 130.7 percentage points, +150.3% for INSW against +19.6% for PIII. Note the risk asymmetry: PIII runs 4.2 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.
INSW vs PIII: side by side
| INSW (International Seaways, Inc.) | PIII (P3 Health Partners Inc.) | |
|---|---|---|
| 1-year return | +150.3% | +19.6% |
| 5-year return | +861.9% | -98.1% |
| Volatility (ann.) | 36.8% | 154.4% |
| Beta vs S&P 500 | 0.50 | 0.52 |
| Max drawdown (3Y) | -50.4% | -98.9% |
| Market cap | $4.9B | $1.9B |
| P/E (trailing) | 6.0 | – |
| Dividend yield | 0.51% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | INSW | PIII |
|---|---|---|
| 2022 | +162.5% | -73.9% |
| 2023 | +42.9% | -23.4% |
| 2024 | -10.9% | -84.0% |
| 2025 | +45.0% | -69.0% |
| 2026 | +123.1% | +169.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INSW and PIII good diversifiers for each other?
Yes: at -0.20, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between INSW and PIII?
Using weekly returns as of 2026-08-27: -0.20 over 3 years, with -0.35 over the last year and -0.10 over 5 years.
Is PIII a good diversifier for INSW?
Yes: at -0.20, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.20 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/insw-vs-piii.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/insw-vs-piii/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: INSW correlations · PIII correlations
