CNC vs. HCA
CNC (Centene Corporation) and HCA (HCA Healthcare, Inc.) are both stocks. Both are in the Healthcare sector — CNC in Healthcare Plans, HCA in Medical Care Facilities. Over the past 10 years, CNC returned 6.23%/yr vs 17.50%/yr for HCA. At a 0.38 correlation, their price movements are largely independent.
Performance
CNC vs. HCA - Performance Comparison
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Returns By Period
In the year-to-date period, CNC achieves a 44.71% return, which is significantly higher than HCA's -22.08% return. Over the past 10 years, CNC has underperformed HCA with an annualized return of 6.23%, while HCA has yielded a comparatively higher 17.50% annualized return.
CNC
- 1D
- -0.73%
- 1M
- 11.18%
- YTD
- 44.71%
- 6M
- 53.44%
- 1Y
- 7.55%
- 3Y*
- -3.59%
- 5Y*
- -3.58%
- 10Y*
- 6.23%
HCA
- 1D
- -1.12%
- 1M
- -14.97%
- YTD
- -22.08%
- 6M
- -25.16%
- 1Y
- -4.54%
- 3Y*
- 10.68%
- 5Y*
- 12.13%
- 10Y*
- 17.50%
CNC vs. HCA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CNC Centene Corporation | 44.71% | -32.07% | -18.37% | -9.51% | -0.47% | 37.26% | -4.52% | 9.05% | 14.29% | 78.52% |
HCA HCA Healthcare, Inc. | -22.08% | 56.71% | 11.75% | 13.83% | -5.64% | 57.58% | 12.07% | 20.24% | 43.37% | 18.67% |
Correlation
The correlation between CNC and HCA is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2011 | 0.38 |
The correlation between CNC and HCA shifts across timeframes, from 0.21 (1 year) to 0.40 (10 years), reflecting how their relationship changes across market environments.
Fundamentals
CNC:
-$13.07
HCA:
$28.46
CNC:
0.15
HCA:
1.15
CNC:
$198.10B
HCA:
$75.60B
CNC:
$29.57B
HCA:
$31.37B
CNC:
-$5.11B
HCA:
$15.60B
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Return for Risk
CNC vs. HCA — Risk / Return Rank
CNC
HCA
CNC vs. HCA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Centene Corporation (CNC) and HCA Healthcare, Inc. (HCA). 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.
| CNC | HCA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.29 | ||
| Sortino ratioReturn per unit of downside risk | +0.65 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 0.99 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.14 | -0.14 | +0.27 |
| Martin ratioReturn relative to average drawdown | 0.22 | -0.46 | +0.69 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CNC | HCA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.12 | -0.17 | +0.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.09 | 0.41 | -0.50 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.16 | 0.54 | -0.38 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.39 | 0.60 | -0.21 |
Drawdowns
CNC vs. HCA - Drawdown Comparison
The maximum CNC drawdown since its inception was -74.07%, which is greater than HCA's maximum drawdown of -54.74%. Use the drawdown chart below to compare losses from any high point for CNC and HCA.
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Drawdown Indicators
| CNC | HCA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.07% | -54.74% | -19.33% |
Max Drawdown (1Y)Largest decline over 1 year | -55.50% | -33.27% | -22.23% |
Max Drawdown (3Y)Largest decline over 3 years | -68.65% | -33.27% | -35.38% |
Max Drawdown (5Y)Largest decline over 5 years | -74.07% | -39.49% | -34.58% |
Max Drawdown (10Y)Largest decline over 10 years | -74.07% | -54.74% | -19.33% |
Current DrawdownCurrent decline from peak | -38.75% | -33.27% | -5.48% |
Average DrawdownAverage peak-to-trough decline | -22.14% | -11.01% | -11.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.84% | 9.85% | +23.99% |
Volatility
CNC vs. HCA - Volatility Comparison
Centene Corporation (CNC) has a higher volatility of 10.45% compared to HCA Healthcare, Inc. (HCA) at 6.36%. This indicates that CNC's price experiences larger fluctuations and is considered to be riskier than HCA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CNC | HCA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.45% | 6.36% | +4.09% |
Volatility (6M)Calculated over the trailing 6-month period | 36.05% | 21.12% | +14.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 64.10% | 26.90% | +37.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.40% | 29.80% | +9.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.48% | 32.60% | +5.88% |
Dividends
CNC vs. HCA - Dividend Comparison
CNC has not paid dividends to shareholders, while HCA's dividend yield for the trailing twelve months is around 0.81%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CNC Centene Corporation | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HCA HCA Healthcare, Inc. | 0.81% | 0.62% | 0.88% | 0.89% | 0.93% | 0.75% | 0.63% | 1.08% | 1.12% |
Financials
CNC vs. HCA - Financials Comparison
This section allows you to compare key financial metrics between Centene Corporation and HCA Healthcare, Inc.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
CNC vs. HCA - Profitability Comparison
CNC - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Centene Corporation reported a gross profit of 10.94B and revenue of 49.94B. Therefore, the gross margin over that period was 21.9%.
HCA - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, HCA Healthcare, Inc. reported a gross profit of 8.18B and revenue of 19.51B. Therefore, the gross margin over that period was 41.9%.
CNC - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Centene Corporation reported an operating income of 1.86B and revenue of 49.94B, resulting in an operating margin of 3.7%.
HCA - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, HCA Healthcare, Inc. reported an operating income of 3.18B and revenue of 19.51B, resulting in an operating margin of 16.3%.
CNC - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Centene Corporation reported a net income of 1.54B and revenue of 49.94B, resulting in a net margin of 3.1%.
HCA - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, HCA Healthcare, Inc. reported a net income of 1.88B and revenue of 19.51B, resulting in a net margin of 9.6%.
Frequently Asked Questions
CNC and HCA have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CNC has higher volatility (10.45%) compared to HCA (6.36%). In terms of maximum drawdown, CNC dropped -74.07% vs HCA's -54.74%.
CNC currently has the higher Sharpe Ratio (0.12 vs -0.17), 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.
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