PAM vs UNH: Correlation
Pampa Energia S.A. (PAM) and UnitedHealth Group (UNH) show a negative relationship: their 3-year correlation of weekly returns is -0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAM and UNH?
Across a 3-year window, the weekly returns of PAM and UNH correlate at -0.21, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.29) sits close to the 3-year figure. Stretching to 5 years gives -0.06, with an annualized covariance of -385.3 %².
By 3-year correlation, UNH places #16 of the 21 assets tracked against PAM. Over the last 12 months UNH came out ahead by 11.1 percentage points (+22.4% against +33.5%).
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.
PAM vs UNH: side by side
| PAM (Pampa Energia S.A.) | UNH (UnitedHealth Group) | |
|---|---|---|
| 1-year return | +22.4% | +33.5% |
| 5-year return | +339.3% | +3.1% |
| Volatility (ann.) | 45.3% | 39.8% |
| Beta vs S&P 500 | 0.38 | 0.17 |
| Max drawdown (3Y) | -40.4% | -61.4% |
| Market cap | $4.3B | $354.6B |
| P/E (trailing) | 7.3 | 25.8 |
| Dividend yield | 0.00% | 2.23% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | PAM | UNH |
|---|---|---|
| 2022 | +51.3% | +6.9% |
| 2023 | +55.0% | +0.8% |
| 2024 | +77.6% | -2.4% |
| 2025 | +0.6% | -33.1% |
| 2026 | -8.3% | +21.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAM and UNH good diversifiers for each other?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between PAM and UNH?
The PAM/UNH correlation stands at -0.21 on a 3-year window (1 year: -0.29, 5 years: -0.06), computed from weekly returns as of 2026-08-27.
Is UNH a good diversifier for PAM?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.21 mean?
On the −1 to +1 scale, -0.21 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/pam-vs-unh.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/pam-vs-unh/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: PAM correlations · UNH correlations
