SHW vs THC: Correlation
Measured on weekly returns over the past three years, Sherwin-Williams (SHW) and Tenet Healthcare Corporation (THC) carry a correlation of 0.47, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SHW and THC?
Over the past 3 years, SHW and THC moved with a correlation of 0.47, which is moderate. The past 12 months show a weaker link (0.26) than the 3-year average (0.47). Over 5 years the correlation is 0.44, and the annualized covariance of weekly returns is 498.6 %².
Within SHW's tracked universe of 60 assets, THC comes in at #39 by 3-year correlation. Correlation aside, the last 12 months split them widely, with THC ahead by 52.3 points (-5.1% versus +47.2%). Note the risk asymmetry: THC runs 1.8 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.
SHW vs THC: side by side
| SHW (Sherwin-Williams) | THC (Tenet Healthcare Corporation) | |
|---|---|---|
| 1-year return | -5.1% | +47.2% |
| 5-year return | +18.3% | +254.8% |
| Volatility (ann.) | 24.6% | 43.5% |
| Beta vs S&P 500 | 0.79 | 1.01 |
| Max drawdown (3Y) | -25.7% | -34.5% |
| Market cap | $83.8B | $21.6B |
| P/E (trailing) | 31.8 | 10.6 |
| Dividend yield | 0.91% | 0.00% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | SHW | THC |
|---|---|---|
| 2022 | -32.0% | -40.3% |
| 2023 | +32.7% | +54.9% |
| 2024 | +9.9% | +67.0% |
| 2025 | -3.8% | +57.4% |
| 2026 | +7.3% | +34.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SHW and THC good diversifiers for each other?
Reasonably. At 0.47, SHW and THC keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SHW and THC?
Using weekly returns as of 2026-08-27: 0.47 over 3 years, with 0.26 over the last year and 0.44 over 5 years.
Is THC a good diversifier for SHW?
Reasonably. At 0.47, SHW and THC keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.47 mean?
A reading of 0.47 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: SHW correlations · THC correlations
