PIII vs TOPS: Correlation
How closely do P3 Health Partners Inc. (PIII) and TOP Ships, Inc. (TOPS) trade together? Their weekly returns over three years give a correlation of -0.33, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PIII and TOPS?
On 3 years of weekly data the PIII/TOPS correlation comes out at -0.33, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.64) than the 3-year average (-0.33). The 5-year figure is -0.11, and annualized covariance runs at -3975.5 %².
TOPS is close to the least connected end of PIII's tracked universe, ranking #27 of 28. Correlation aside, the last 12 months split them widely, with PIII ahead by 105.5 points (+19.6% versus -85.9%). Note the risk asymmetry: PIII runs 2.0 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.
PIII vs TOPS: side by side
| PIII (P3 Health Partners Inc.) | TOPS (TOP Ships, Inc.) | |
|---|---|---|
| 1-year return | +19.6% | -85.9% |
| 5-year return | -98.1% | -99.7% |
| Volatility (ann.) | 154.4% | 78.4% |
| Beta vs S&P 500 | 0.52 | 1.09 |
| Max drawdown (3Y) | -98.9% | -96.5% |
| Market cap | $1.9B | – |
| P/E (trailing) | – | 1.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PIII | TOPS |
|---|---|---|
| 2022 | -73.9% | -92.4% |
| 2023 | -23.4% | +2.5% |
| 2024 | -84.0% | -61.4% |
| 2025 | -69.0% | -25.2% |
| 2026 | +169.1% | -82.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PIII and TOPS good diversifiers for each other?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
FAQ
What is the correlation between PIII and TOPS?
Using weekly returns as of 2026-08-27: -0.33 over 3 years, with -0.64 over the last year and -0.11 over 5 years.
Is TOPS a good diversifier for PIII?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
What does a correlation of -0.33 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/piii-vs-tops.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/piii-vs-tops/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: PIII correlations · TOPS correlations
