NHI vs WELL: Correlation
Measured on weekly returns over the past three years, National Health Investors, Inc. (NHI) and Welltower (WELL) carry a correlation of 0.56, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NHI and WELL?
On 3 years of weekly data the NHI/WELL correlation comes out at 0.56, moderate. The link has tightened recently: the 1-year correlation (0.73) runs above the 3-year figure (0.56). The 5-year figure is 0.57, and annualized covariance runs at 247.5 %².
By 3-year correlation, WELL places #4 of the 13 assets tracked against NHI. The last year tells two different stories: WELL led by 47.1 percentage points, -2.2% for NHI against +44.9% for WELL.
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.
NHI vs WELL: side by side
| NHI (National Health Investors, Inc.) | WELL (Welltower) | |
|---|---|---|
| 1-year return | -2.2% | +44.9% |
| 5-year return | +63.1% | +214.9% |
| Volatility (ann.) | 20.8% | 21.2% |
| Beta vs S&P 500 | 0.22 | 0.30 |
| Max drawdown (3Y) | -24.1% | -13.0% |
| Market cap | $3.6B | $172.6B |
| P/E (trailing) | 21.2 | 108.9 |
| Dividend yield | 5.01% | 1.27% |
| Sector / category | US Listed | Real Estate |
Year-by-year returns
| Year | NHI | WELL |
|---|---|---|
| 2022 | -3.3% | -21.2% |
| 2023 | +14.6% | +41.8% |
| 2024 | +30.7% | +43.1% |
| 2025 | +15.7% | +49.9% |
| 2026 | -2.8% | +30.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NHI and WELL good diversifiers for each other?
Only partially. A correlation of 0.56 means NHI and WELL 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 NHI and WELL?
Using weekly returns as of 2026-08-27: 0.56 over 3 years, with 0.73 over the last year and 0.57 over 5 years.
Is WELL a good diversifier for NHI?
Only partially. A correlation of 0.56 means NHI and WELL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.56 mean?
On the −1 to +1 scale, 0.56 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/nhi-vs-well.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nhi-vs-well/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NHI correlations · WELL correlations
