HCA vs. THC
HCA (HCA Healthcare, Inc.) and THC (Tenet Healthcare Corporation) are both stocks. Both operate in the Medical Care Facilities industry within the Healthcare sector. Over the past 10 years, HCA returned 17.63%/yr vs 18.93%/yr for THC. A 0.66 correlation means they provide meaningful diversification when combined.
Performance
HCA vs. THC - Performance Comparison
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Returns By Period
In the year-to-date period, HCA achieves a -21.20% return, which is significantly lower than THC's -17.67% return. Over the past 10 years, HCA has underperformed THC with an annualized return of 17.63%, while THC has yielded a comparatively higher 18.93% annualized return.
HCA
- 1D
- -0.97%
- 1M
- -15.18%
- YTD
- -21.20%
- 6M
- -26.36%
- 1Y
- -3.23%
- 3Y*
- 11.10%
- 5Y*
- 12.44%
- 10Y*
- 17.63%
THC
- 1D
- -3.82%
- 1M
- -10.73%
- YTD
- -17.67%
- 6M
- -23.85%
- 1Y
- -3.83%
- 3Y*
- 29.93%
- 5Y*
- 19.31%
- 10Y*
- 18.93%
HCA vs. THC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HCA HCA Healthcare, Inc. | -21.20% | 56.71% | 11.75% | 13.83% | -5.64% | 57.58% | 12.07% | 20.24% | 43.37% | 18.67% |
THC Tenet Healthcare Corporation | -17.67% | 57.43% | 67.04% | 54.89% | -40.27% | 104.58% | 5.00% | 121.88% | 13.06% | 2.16% |
Correlation
The correlation between HCA and THC is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2011 | 0.66 |
The correlation between HCA and THC shifts across timeframes, from 0.61 (1 year) to 0.72 (5 years), reflecting how their relationship changes across market environments.
Fundamentals
HCA:
$28.46
THC:
$21.43
HCA:
12.91
THC:
7.63
HCA:
1.54
THC:
0.08
HCA:
1.16
THC:
0.68
HCA:
$75.60B
THC:
$21.46B
HCA:
$31.37B
THC:
$12.91B
HCA:
$15.60B
THC:
$4.00B
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Return for Risk
HCA vs. THC — Risk / Return Rank
HCA
THC
HCA vs. THC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for HCA Healthcare, Inc. (HCA) 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.
| HCA | THC | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.12 | -0.10 | -0.02 |
Sortino ratioReturn per unit of downside risk | 0.02 | 0.14 | -0.12 |
Omega ratioGain probability vs. loss probability | 1.00 | 1.02 | -0.01 |
Calmar ratioReturn relative to maximum drawdown | -0.09 | -0.09 | 0.00 |
Martin ratioReturn relative to average drawdown | -0.32 | -0.25 | -0.06 |
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
| HCA | THC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.12 | -0.10 | -0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.42 | 0.44 | -0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.54 | 0.34 | +0.21 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.61 | 0.11 | +0.50 |
Drawdowns
HCA vs. THC - Drawdown Comparison
The maximum HCA drawdown since its inception was -54.74%, smaller than the maximum THC drawdown of -98.28%. Use the drawdown chart below to compare losses from any high point for HCA and THC.
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Drawdown Indicators
| HCA | THC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.74% | -98.28% | +43.54% |
Max Drawdown (1Y)Largest decline over 1 year | -32.51% | -33.17% | +0.66% |
Max Drawdown (3Y)Largest decline over 3 years | -32.51% | -36.90% | +4.39% |
Max Drawdown (5Y)Largest decline over 5 years | -39.49% | -58.88% | +19.39% |
Max Drawdown (10Y)Largest decline over 10 years | -54.74% | -71.68% | +16.94% |
Current DrawdownCurrent decline from peak | -32.51% | -33.17% | +0.66% |
Average DrawdownAverage peak-to-trough decline | -11.00% | -51.56% | +40.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.63% | 12.06% | -2.43% |
Volatility
HCA vs. THC - Volatility Comparison
The current volatility for HCA Healthcare, Inc. (HCA) is 6.38%, while Tenet Healthcare Corporation (THC) has a volatility of 11.21%. This indicates that HCA experiences smaller price fluctuations and is considered to be less risky than THC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HCA | THC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.38% | 11.21% | -4.83% |
Volatility (6M)Calculated over the trailing 6-month period | 21.12% | 27.60% | -6.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.88% | 39.17% | -12.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.80% | 44.28% | -14.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.61% | 56.31% | -23.70% |
Dividends
HCA vs. THC - Dividend Comparison
HCA's dividend yield for the trailing twelve months is around 0.80%, while THC has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
HCA HCA Healthcare, Inc. | 0.80% | 0.62% | 0.88% | 0.89% | 0.93% | 0.75% | 0.63% | 1.08% | 1.12% |
THC Tenet Healthcare Corporation | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Financials
HCA vs. THC - Financials Comparison
This section allows you to compare key financial metrics between HCA Healthcare, Inc. and Tenet Healthcare Corporation. 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
HCA vs. THC - Profitability Comparison
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%.
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%.
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%.
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%.
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%.
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
HCA and THC have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
THC has higher volatility (11.21%) compared to HCA (6.38%). In terms of maximum drawdown, HCA dropped -54.74% vs THC's -98.28%.
THC currently has the higher Sharpe Ratio (-0.10 vs -0.12), 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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