Tenet Healthcare Correlations

THC Stock

USD 175.06 0.08 0.05%

The current 90-days correlation between Tenet Healthcare and DaVita HealthCare Partners is 0.5 (i.e., Very weak diversification). The correlation of Tenet Healthcare is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Tenet Healthcare Correlation With Market

Very weak diversification

The correlation between Tenet Healthcare and DJI is 0.49 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tenet Healthcare and DJI in the same portfolio, assuming nothing else is changed.

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Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Tenet Healthcare. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in rate.

For information on how to trade Tenet Stock refer to our How to Trade Tenet Stock guide.

Moving together with Tenet Stock

0.85	DH	Definitive Healthcare	Pair Corr
0.79	EW	Edwards Lifesciences Corp Earnings Call This Week	Pair Corr
0.87	LH	Laboratory Earnings Call This Week	Pair Corr
0.88	OM	Outset Medical	Pair Corr
0.82	VEEV	Veeva Systems Class	Pair Corr
0.9	DXCM	DexCom Inc Earnings Call This Week	Pair Corr
0.88	ENSG	Ensign Group Earnings Call This Week	Pair Corr
0.77	FIGS	Figs Inc	Pair Corr
0.69	MDAI	Spectral AI	Pair Corr
0.72	MHUA	Meihua International	Pair Corr

Moving against Tenet Stock

0.76	EKSO	Ekso Bionics Holdings Earnings Call Next Week	Pair Corr
0.71	ELMD	Electromed	Pair Corr
0.66	ICCM	Icecure Medical	Pair Corr
0.63	CI	Cigna Corp	Pair Corr
0.6	ELAB	Elevai Labs, Common	Pair Corr
0.57	DRIO	DarioHealth Corp	Pair Corr
0.56	EMBC	Embecta Corp	Pair Corr
0.43	VERO	Venus Concept	Pair Corr
0.36	VTAK	Catheter Precision	Pair Corr
0.93	NAOV	NanoVibronix	Pair Corr
0.82	MXCT	MaxCyte	Pair Corr
0.81	MSPRW	MSP Recovery Symbol Change	Pair Corr
0.81	EQ	Equillium	Pair Corr
0.76	NXGLW	NexGel Warrant	Pair Corr
0.74	VALN	Valneva SE ADR	Pair Corr
0.71	MNDR	Mobile health Network	Pair Corr
0.71	NXLIW	Nexalin Technology	Pair Corr
0.68	MSPRZ	MSP Recovery Symbol Change	Pair Corr

Related Correlations Analysis

	ACHC	HCA	USPH	DVA	UHS	AMN	BKD	ENSG	PNTG	SEM
ACHC		0.1	0.11	0.75	0.64	0.27	0.17	-0.07	0.13	-0.06	ACHC
HCA	0.1		0.84	0.01	0.64	0.76	0.48	0.93	0.57	-0.59	HCA
USPH	0.11	0.84		0.13	0.49	0.83	0.43	0.86	0.53	-0.43	USPH
DVA	0.75	0.01	0.13		0.34	0.18	0.26	-0.13	-0.08	0.06	DVA
UHS	0.64	0.64	0.49	0.34		0.53	0.09	0.43	0.59	-0.28	UHS
AMN	0.27	0.76	0.83	0.18	0.53		0.38	0.76	0.55	-0.41	AMN
BKD	0.17	0.48	0.43	0.26	0.09	0.38		0.41	-0.18	-0.44	BKD
ENSG	-0.07	0.93	0.86	-0.13	0.43	0.76	0.41		0.64	-0.55	ENSG
PNTG	0.13	0.57	0.53	-0.08	0.59	0.55	-0.18	0.64		-0.24	PNTG
SEM	-0.06	-0.59	-0.43	0.06	-0.28	-0.41	-0.44	-0.55	-0.24		SEM
	ACHC	HCA	USPH	DVA	UHS	AMN	BKD	ENSG	PNTG	SEM

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

ENSG	+ 0.93	HCA
ENSG	+ 0.86	USPH
USPH	+ 0.84	HCA
AMN	+ 0.83	USPH
AMN	+ 0.76	HCA
ENSG	+ 0.76	AMN

High negative correlations

SEM	- 0.59	HCA
SEM	- 0.55	ENSG
SEM	- 0.44	BKD
SEM	- 0.43	USPH
SEM	- 0.41	AMN
SEM	- 0.28	UHS

Risk-Adjusted Indicators

There is a big difference between Tenet Stock performing well and Tenet Healthcare Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Tenet Healthcare's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
ACHC	2.55	(0.48)	0.00	(0.13)	0.00	0.00	4.62	(4.53)	15.10
HCA	1.15	(0.01)	(0.02)	0.12	1.65	(1.15)	2.58	(2.95)	7.85
USPH	1.34	(0.07)	(0.02)	0.08	1.45	(1.54)	3.51	(2.67)	8.19
DVA	1.10	(0.23)	0.00	(0.10)	0.00	0.00	2.64	(3.05)	6.31
UHS	1.62	(0.27)	0.00	(0.04)	0.00	0.00	4.29	(3.55)	11.51
AMN	2.27	(0.16)	(0.03)	0.02	2.83	(2.25)	4.24	(4.15)	12.47
BKD	1.56	0.26	0.11	0.56	1.53	(1.75)	4.33	(2.15)	10.26
ENSG	1.15	(0.05)	(0.03)	0.08	1.67	(1.14)	2.01	(2.07)	6.71
PNTG	1.64	(0.30)	0.00	(0.12)	0.00	0.00	3.08	(3.51)	14.48
SEM	1.85	(0.25)	0.00	(0.24)	0.00	0.00	3.61	(2.64)	26.47

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