JOUT vs PIII: Correlation
Johnson Outdoors Inc. (JOUT) and P3 Health Partners Inc. (PIII) show a negative relationship: their 3-year correlation of weekly returns is -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JOUT and PIII?
Over the past 3 years, JOUT and PIII moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.59) runs below the 3-year figure (-0.26). Over 5 years the correlation is -0.12, and the annualized covariance of weekly returns is -1382.7 %².
Out of 12 assets tracked against JOUT, PIII lands near the bottom at #10. Over the last 12 months PIII came out ahead by 5.1 percentage points (+14.5% against +19.6%). One caveat on sizing: PIII is 4.5 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.
JOUT vs PIII: side by side
| JOUT (Johnson Outdoors Inc.) | PIII (P3 Health Partners Inc.) | |
|---|---|---|
| 1-year return | +14.5% | +19.6% |
| 5-year return | -55.0% | -98.1% |
| Volatility (ann.) | 34.4% | 154.4% |
| Beta vs S&P 500 | 0.57 | 0.52 |
| Max drawdown (3Y) | -59.4% | -98.9% |
| Market cap | $0.5B | $1.9B |
| P/E (trailing) | – | – |
| Dividend yield | 2.90% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | JOUT | PIII |
|---|---|---|
| 2022 | -28.1% | -73.9% |
| 2023 | -17.5% | -23.4% |
| 2024 | -36.1% | -84.0% |
| 2025 | +34.1% | -69.0% |
| 2026 | +10.1% | +169.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JOUT and PIII good diversifiers for each other?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
FAQ
What is the correlation between JOUT and PIII?
The JOUT/PIII correlation stands at -0.26 on a 3-year window (1 year: -0.59, 5 years: -0.12), computed from weekly returns as of 2026-08-27.
Is PIII a good diversifier for JOUT?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/jout-vs-piii.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/jout-vs-piii/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: JOUT correlations · PIII correlations
