ASPN vs. THC

Last updated Jun 4, 2026

ASPN (Aspen Aerogels, Inc.) and THC (Tenet Healthcare Corporation) are both stocks. ASPN operates in Building Products & Equipment (Industrials), while THC operates in Medical Care Facilities (Healthcare). Over the past 10 years, ASPN returned 3.66%/yr vs 19.01%/yr for THC. At a 0.22 correlation, their price movements are largely independent.

Performance

ASPN vs. THC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aspen Aerogels, Inc. (ASPN) and Tenet Healthcare Corporation (THC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ASPN achieves a 108.48% return, which is significantly higher than THC's -17.05% return. Over the past 10 years, ASPN has underperformed THC with an annualized return of 3.66%, while THC has yielded a comparatively higher 19.01% annualized return.

ASPN

• 1D: -5.14%
• 1M: 52.06%
• YTD: 108.48%
• 6M: 69.54%
• 1Y: 1.03%
• 3Y*: -6.59%
• 5Y*: -23.03%
• 10Y*: 3.66%

THC

• 1D: 0.76%
• 1M: -11.07%
• YTD: -17.05%
• 6M: -22.00%
• 1Y: -4.07%
• 3Y*: 30.26%
• 5Y*: 19.47%
• 10Y*: 19.01%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ASPN vs. THC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ASPN Aspen Aerogels, Inc.	108.48%	-76.18%	-24.71%	33.84%	-76.32%	198.32%	115.08%	264.32%	-56.35%	18.16%
THC Tenet Healthcare Corporation	-17.05%	57.43%	67.04%	54.89%	-40.27%	104.58%	5.00%	121.88%	13.06%	2.16%

Correlation

The correlation between ASPN and THC is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (10Y) Calculated over the trailing 10-year period	0.23
Correlation (All Time) Calculated using the full available price history since Jun 16, 2014	0.22

The correlation between ASPN and THC shifts across timeframes, from 0.07 (1 year) to 0.28 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap ASPN : $488.18M THC : $14.44B
EPS ASPN : -$1.36 THC : $21.43
PS Ratio ASPN : 2.11 THC : 0.68
PB Ratio ASPN : 2.29 THC : 3.00
Total Revenue (TTM) ASPN : $230.26M THC : $21.46B
Gross Profit (TTM) ASPN : $27.46M THC : $12.91B
EBITDA (TTM) ASPN : -$59.70M THC : $4.00B

Return for Risk

ASPN vs. THC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ASPN

ASPN Risk / Return Rank: 43
ASPN Sharpe Ratio Rank: 40
ASPN Sortino Ratio Rank: 47
ASPN Omega Ratio Rank: 50
ASPN Calmar Ratio Rank: 40
ASPN Martin Ratio Rank: 40

THC

THC Risk / Return Rank: 34
THC Sharpe Ratio Rank: 36
THC Sortino Ratio Rank: 32
THC Omega Ratio Rank: 32
THC Calmar Ratio Rank: 36
THC Martin Ratio Rank: 34

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ASPN vs. THC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aspen Aerogels, Inc. (ASPN) and Tenet Healthcare Corporation (THC). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	ASPN	THC	Difference
Sharpe ratio Return per unit of total volatility	0.01	-0.10	+0.12
Sortino ratio Return per unit of downside risk	0.71	0.13	+0.58
Omega ratio Gain probability vs. loss probability	1.11	1.02	+0.09
Calmar ratio Return relative to maximum drawdown	0.01	-0.12	+0.14
Martin ratio Return relative to average drawdown	0.02	-0.33	+0.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ASPN vs. THC - Sharpe Ratio Comparison

The current ASPN Sharpe Ratio is 0.01, which is higher than the THC Sharpe Ratio of -0.10. The chart below compares the historical Sharpe Ratios of ASPN and THC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ASPN	THC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.01	-0.10	+0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.26	0.44	-0.71
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.05	0.34	-0.29
Sharpe Ratio (All Time) Calculated using the full available price history	-0.07	0.11	-0.18

Drawdowns

ASPN vs. THC - Drawdown Comparison

The maximum ASPN drawdown since its inception was -95.96%, roughly equal to the maximum THC drawdown of -98.28%. Use the drawdown chart below to compare losses from any high point for ASPN and THC.

Drawdown Indicators

	ASPN	THC	Difference
Max Drawdown Largest peak-to-trough decline	-95.96%	-98.28%	+2.32%
Max Drawdown (1Y) Largest decline over 1 year	-70.86%	-33.17%	-37.69%
Max Drawdown (3Y) Largest decline over 3 years	-91.90%	-36.90%	-55.00%
Max Drawdown (5Y) Largest decline over 5 years	-95.96%	-58.88%	-37.08%
Max Drawdown (10Y) Largest decline over 10 years	-95.96%	-71.68%	-24.28%
Current Drawdown Current decline from peak	-90.73%	-32.66%	-58.07%
Average Drawdown Average peak-to-trough decline	-56.38%	-51.56%	-4.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	45.10%	12.23%	+32.87%

Volatility

ASPN vs. THC - Volatility Comparison

Aspen Aerogels, Inc. (ASPN) has a higher volatility of 28.43% compared to Tenet Healthcare Corporation (THC) at 11.16%. This indicates that ASPN's price experiences larger fluctuations and is considered to be riskier than THC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ASPN	THC	Difference
Volatility (1M) Calculated over the trailing 1-month period	28.43%	11.16%	+17.27%
Volatility (6M) Calculated over the trailing 6-month period	65.20%	27.61%	+37.59%
Volatility (1Y) Calculated over the trailing 1-year period	91.98%	39.17%	+52.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	87.84%	44.28%	+43.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	75.23%	56.30%	+18.93%

Dividends

ASPN vs. THC - Dividend Comparison

Neither ASPN nor THC has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

ASPN vs. THC - Profitability Comparison

The chart below illustrates the profitability comparison between Aspen Aerogels, Inc. and Tenet Healthcare Corporation over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

ASPN - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Aspen Aerogels, Inc. reported a gross profit of 4.28M and revenue of 37.88M. Therefore, the gross margin over that period was 11.3%.

THC - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Tenet Healthcare Corporation reported a gross profit of 3.19B and revenue of 5.37B. Therefore, the gross margin over that period was 59.5%.

ASPN - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Aspen Aerogels, Inc. reported an operating income of -20.83M and revenue of 37.88M, resulting in an operating margin of -55.0%.

THC - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Tenet Healthcare Corporation reported an operating income of 1.30B and revenue of 5.37B, resulting in an operating margin of 24.1%.

ASPN - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Aspen Aerogels, Inc. reported a net income of -23.69M and revenue of 37.88M, resulting in a net margin of -62.5%.

THC - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Tenet Healthcare Corporation reported a net income of 906.00M and revenue of 5.37B, resulting in a net margin of 16.9%.

Frequently Asked Questions

Can I hold both ASPN and THC in my portfolio?

ASPN and THC have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ASPN or THC?

ASPN has higher volatility (28.43%) compared to THC (11.16%). In terms of maximum drawdown, ASPN dropped -95.96% vs THC's -98.28%.

Which has better risk-adjusted returns?

ASPN currently has the higher Sharpe Ratio (0.01 vs -0.10), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.