SGRY vs THC: Correlation
How closely do Surgery Partners, Inc. (SGRY) and Tenet Healthcare Corporation (THC) trade together? Their weekly returns over three years give a correlation of 0.51, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SGRY and THC?
Over the past 3 years, SGRY and THC moved with a correlation of 0.51, which is moderate. Recent behaviour matches the longer record: 0.45 over 1 year against 0.51 over 3. Over 5 years the correlation is 0.59, and the annualized covariance of weekly returns is 1132.6 %².
THC is one of the assets that tracks SGRY most closely: it ranks #3 out of the 14 assets we track against SGRY. Correlation aside, the last 12 months split them widely, with THC ahead by 86.2 points (-39.0% versus +47.2%).
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.
SGRY vs THC: side by side
| SGRY (Surgery Partners, Inc.) | THC (Tenet Healthcare Corporation) | |
|---|---|---|
| 1-year return | -39.0% | +47.2% |
| 5-year return | -71.6% | +254.8% |
| Volatility (ann.) | 51.2% | 43.5% |
| Beta vs S&P 500 | 1.30 | 1.01 |
| Max drawdown (3Y) | -69.3% | -34.5% |
| Market cap | $1.8B | $21.6B |
| P/E (trailing) | – | 10.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SGRY | THC |
|---|---|---|
| 2022 | -47.8% | -40.3% |
| 2023 | +14.8% | +54.9% |
| 2024 | -33.8% | +67.0% |
| 2025 | -27.0% | +57.4% |
| 2026 | -9.8% | +34.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SGRY and THC good diversifiers for each other?
Only partially. A correlation of 0.51 means SGRY and THC 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 SGRY and THC?
Using weekly returns as of 2026-08-27: 0.51 over 3 years, with 0.45 over the last year and 0.59 over 5 years.
Is THC a good diversifier for SGRY?
Only partially. A correlation of 0.51 means SGRY and THC share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.51 mean?
A reading of 0.51 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: SGRY correlations · THC correlations
