Tenet Healthcare Correlations

THC Stock

USD 192.96 8.41 4.18%

The current 90-days correlation between Tenet Healthcare and DaVita HealthCare Partners is 0.23 (i.e., Modest 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 good diversification

The correlation between Tenet Healthcare and DJI is -0.26 (i.e., Very good 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.

Build AI portfolio with Tenet Stock

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

0.67	UHS	Universal Health Services	Pair Corr
0.62	REG	Regis Healthcare	Pair Corr
0.74	ADUS	Addus HomeCare	Pair Corr

Moving against Tenet Stock

0.39	BKD	Brookdale Senior Living	Pair Corr
0.36	NPTH	NeuPath Health	Pair Corr
0.34	AMN	AMN Healthcare Services	Pair Corr
0.32	EHAB	Enhabit	Pair Corr
0.58	OPT	Optima Health plc	Pair Corr
0.38	SIG	Sigma Healthcare	Pair Corr

Related Correlations Analysis

	ACHC	HCA	USPH	DVA	UHS	AMN	BKD	ENSG	PNTG	SEM
ACHC		-0.1	-0.36	0.25	0.57	-0.03	-0.5	0.29	-0.65	-0.56	ACHC
HCA	-0.1		-0.1	0.41	0.23	0.31	0.49	0.4	0.1	0.34	HCA
USPH	-0.36	-0.1		-0.21	-0.71	0.54	0.44	-0.03	0.57	0.59	USPH
DVA	0.25	0.41	-0.21		0.37	0.12	0.3	0.57	-0.16	-0.06	DVA
UHS	0.57	0.23	-0.71	0.37		-0.54	-0.53	0.34	-0.35	-0.28	UHS
AMN	-0.03	0.31	0.54	0.12	-0.54		0.68	0.17	0.11	0.18	AMN
BKD	-0.5	0.49	0.44	0.3	-0.53	0.68		0.12	0.42	0.48	BKD
ENSG	0.29	0.4	-0.03	0.57	0.34	0.17	0.12		-0.12	-0.01	ENSG
PNTG	-0.65	0.1	0.57	-0.16	-0.35	0.11	0.42	-0.12		0.85	PNTG
SEM	-0.56	0.34	0.59	-0.06	-0.28	0.18	0.48	-0.01	0.85		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

SEM	+ 0.85	PNTG
BKD	+ 0.68	AMN
SEM	+ 0.59	USPH
UHS	+ 0.57	ACHC
PNTG	+ 0.57	USPH
ENSG	+ 0.57	DVA

High negative correlations

UHS	- 0.71	USPH
PNTG	- 0.65	ACHC
SEM	- 0.56	ACHC
AMN	- 0.54	UHS
BKD	- 0.53	UHS
BKD	- 0.5	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	2.98	(0.60)	0.00	(0.90)	0.00	0.00	5.71	(7.74)	33.41
HCA	1.28	0.09	0.00	(5.87)	1.65	(1.31)	2.95	(2.89)	9.97
USPH	1.70	(0.14)	0.00	(0.01)	0.00	0.00	3.72	(3.55)	13.09
DVA	1.74	0.23	0.09	1.18	1.66	(2.30)	4.25	(3.23)	26.79
UHS	1.23	(0.12)	0.00	(0.13)	0.00	0.00	2.54	(2.87)	8.92
AMN	2.58	0.06	0.00	0.22	2.77	(3.15)	4.72	(3.31)	33.09
BKD	1.77	0.87	0.44	11.43	1.01	(2.30)	4.34	(1.73)	16.54
ENSG	1.20	0.12	0.03	1.08	1.19	(1.46)	3.15	(1.62)	13.52
PNTG	1.64	0.26	0.08	0.59	2.18	(1.75)	3.75	(3.33)	17.07
SEM	1.14	0.15	0.15	0.21	0.82	(1.41)	2.25	(1.58)	13.50

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