Tenet Healthcare Correlations

THC Stock

USD 168.66 1.38 0.82%

The current 90-days correlation between Tenet Healthcare and DaVita HealthCare Partners is 0.53 (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

Poor diversification

The correlation between Tenet Healthcare and DJI is 0.69 (i.e., Poor 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

0.62	AHG	Akso Health Group	Pair Corr
0.8	CAH	Cardinal Health	Pair Corr
0.65	XTNT	Xtant Medical Holdings	Pair Corr
0.75	HIMS	Hims Hers Health	Pair Corr
0.7	NVNO	enVVeno Medical Corp	Pair Corr
0.71	ADUS	Addus HomeCare	Pair Corr
0.7	ATEC	Alphatec Holdings	Pair Corr
0.7	SNDA	Sonida Senior Living	Pair Corr

Moving against Tenet Stock

0.41	FEMY	Femasys	Pair Corr
0.39	XAIR	Beyond Air	Pair Corr
0.31	GCTK	GlucoTrack	Pair Corr
0.54	DYAI	Dyadic International	Pair Corr
0.48	CTKB	Cytek Biosciences	Pair Corr
0.38	ALHC	Alignment Healthcare LLC	Pair Corr
0.34	BMGL	Basel Medical Group	Pair Corr
0.32	VALN	Valneva SE ADR	Pair Corr

Related Correlations Analysis

	ACHC	HCA	USPH	DVA	UHS	AMN	BKD	ENSG	PNTG	SEM
ACHC		-0.44	0.8	0.44	0.25	0.71	-0.4	-0.07	-0.18	0.66	ACHC
HCA	-0.44		-0.2	-0.01	0.7	-0.32	0.72	0.82	0.81	-0.67	HCA
USPH	0.8	-0.2		0.15	0.32	0.77	-0.09	0.27	0.02	0.55	USPH
DVA	0.44	-0.01	0.15		0.4	0.26	-0.13	0.03	-0.07	0.19	DVA
UHS	0.25	0.7	0.32	0.4		0.19	0.46	0.81	0.68	-0.21	UHS
AMN	0.71	-0.32	0.77	0.26	0.19		-0.37	0.09	-0.37	0.53	AMN
BKD	-0.4	0.72	-0.09	-0.13	0.46	-0.37		0.63	0.76	-0.49	BKD
ENSG	-0.07	0.82	0.27	0.03	0.81	0.09	0.63		0.75	-0.42	ENSG
PNTG	-0.18	0.81	0.02	-0.07	0.68	-0.37	0.76	0.75		-0.52	PNTG
SEM	0.66	-0.67	0.55	0.19	-0.21	0.53	-0.49	-0.42	-0.52		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	+ 0.82	HCA
PNTG	+ 0.81	HCA
ENSG	+ 0.81	UHS
USPH	+ 0.8	ACHC
AMN	+ 0.77	USPH
PNTG	+ 0.76	BKD

High negative correlations

SEM	- 0.67	HCA
SEM	- 0.52	PNTG
SEM	- 0.49	BKD
HCA	- 0.44	ACHC
SEM	- 0.42	ENSG
BKD	- 0.4	ACHC

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	2.85	(0.59)	0.00	(0.85)	0.00	0.00	4.62	(6.29)	29.66
HCA	1.49	0.35	0.14	0.64	2.19	(1.46)	3.07	(3.95)	9.42
USPH	1.45	(0.07)	0.00	(0.14)	0.00	0.00	2.41	(2.57)	9.63
DVA	1.51	(0.06)	0.00	(0.15)	0.00	0.00	3.32	(3.27)	10.88
UHS	2.05	0.20	0.07	0.15	3.03	(2.09)	4.29	(4.70)	15.80
AMN	2.86	0.08	0.02	0.02	3.52	(2.98)	6.37	(6.43)	16.43
BKD	2.25	0.45	0.14	0.35	2.61	(2.41)	5.61	(4.52)	20.74
ENSG	1.34	0.28	0.16	0.39	1.64	(1.50)	3.53	(2.65)	11.56
PNTG	1.83	0.25	0.09	0.35	2.81	(1.85)	3.57	(3.91)	13.74
SEM	2.23	(0.24)	0.00	(12.83)	0.00	0.00	4.40	(3.47)	29.71

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