SGRY vs. NHC

Last updated Jun 4, 2026

SGRY (Surgery Partners, Inc.) and NHC (National HealthCare Corporation) are both stocks. Both operate in the Medical Care Facilities industry within the Healthcare sector. Over the past 10 years, SGRY returned -0.48%/yr vs 14.69%/yr for NHC. At a 0.28 correlation, their price movements are largely independent.

Performance

SGRY vs. NHC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Surgery Partners, Inc. (SGRY) and National HealthCare Corporation (NHC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SGRY achieves a -12.56% return, which is significantly lower than NHC's 36.54% return. Over the past 10 years, SGRY has underperformed NHC with an annualized return of -0.48%, while NHC has yielded a comparatively higher 14.69% annualized return.

SGRY

• 1D: -1.89%
• 1M: -4.86%
• YTD: -12.56%
• 6M: -20.72%
• 1Y: -41.97%
• 3Y*: -30.23%
• 5Y*: -25.92%
• 10Y*: -0.48%

NHC

• 1D: 1.69%
• 1M: 9.28%
• YTD: 36.54%
• 6M: 36.58%
• 1Y: 81.64%
• 3Y*: 47.80%
• 5Y*: 23.95%
• 10Y*: 14.69%

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

SGRY vs. NHC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SGRY Surgery Partners, Inc.	-12.56%	-27.02%	-33.82%	14.82%	-47.84%	84.11%	85.31%	59.91%	-19.09%	-23.66%
NHC National HealthCare Corporation	36.54%	30.34%	19.05%	60.84%	-9.42%	5.39%	-20.66%	13.02%	32.43%	-17.26%

Correlation

The correlation between SGRY and NHC is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (10Y) Calculated over the trailing 10-year period	0.29
Correlation (All Time) Calculated using the full available price history since Oct 2, 2015	0.28

Fundamentals

Market Cap SGRY : $1.73B NHC : $2.94B
EPS SGRY : -$0.60 NHC : $7.89
PS Ratio SGRY : 0.51 NHC : 1.93
PB Ratio SGRY : 1.03 NHC : 2.70
Total Revenue (TTM) SGRY : $3.34B NHC : $1.51B
Gross Profit (TTM) SGRY : $763.30M NHC : $558.31M
EBITDA (TTM) SGRY : $787.20M NHC : $204.52M

Return for Risk

SGRY vs. NHC — Risk / Return Rank

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

SGRY

SGRY Risk / Return Rank: 9
SGRY Sharpe Ratio Rank: 7
SGRY Sortino Ratio Rank: 10
SGRY Omega Ratio Rank: 8
SGRY Calmar Ratio Rank: 10
SGRY Martin Ratio Rank: 8

NHC

NHC Risk / Return Rank: 92
NHC Sharpe Ratio Rank: 92
NHC Sortino Ratio Rank: 91
NHC Omega Ratio Rank: 89
NHC Calmar Ratio Rank: 94
NHC Martin Ratio Rank: 94

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.

SGRY vs. NHC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Surgery Partners, Inc. (SGRY) and National HealthCare Corporation (NHC). 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.

	SGRY	NHC	Difference
Sharpe ratio Return per unit of total volatility	-0.91	2.57	-3.48
Sortino ratio Return per unit of downside risk	-1.09	3.42	-4.51
Omega ratio Gain probability vs. loss probability	0.83	1.42	-0.58
Calmar ratio Return relative to maximum drawdown	-0.81	6.25	-7.06
Martin ratio Return relative to average drawdown	-1.41	16.76	-18.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SGRY vs. NHC - Sharpe Ratio Comparison

The current SGRY Sharpe Ratio is -0.91, which is lower than the NHC Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of SGRY and NHC, 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

	SGRY	NHC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.91	2.57	-3.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.48	0.87	-1.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.01	0.52	-0.53
Sharpe Ratio (All Time) Calculated using the full available price history	-0.04	0.25	-0.29

Drawdowns

SGRY vs. NHC - Drawdown Comparison

The maximum SGRY drawdown since its inception was -82.86%, smaller than the maximum NHC drawdown of -96.33%. Use the drawdown chart below to compare losses from any high point for SGRY and NHC.

Drawdown Indicators

	SGRY	NHC	Difference
Max Drawdown Largest peak-to-trough decline	-82.86%	-96.33%	+13.47%
Max Drawdown (1Y) Largest decline over 1 year	-51.80%	-13.13%	-38.67%
Max Drawdown (3Y) Largest decline over 3 years	-74.52%	-33.40%	-41.12%
Max Drawdown (5Y) Largest decline over 5 years	-82.86%	-33.40%	-49.46%
Max Drawdown (10Y) Largest decline over 10 years	-82.86%	-35.27%	-47.59%
Current Drawdown Current decline from peak	-79.85%	-6.55%	-73.30%
Average Drawdown Average peak-to-trough decline	-41.55%	-26.43%	-15.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.84%	4.89%	+24.95%

Volatility

SGRY vs. NHC - Volatility Comparison

The current volatility for Surgery Partners, Inc. (SGRY) is 9.69%, while National HealthCare Corporation (NHC) has a volatility of 13.02%. This indicates that SGRY experiences smaller price fluctuations and is considered to be less risky than NHC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SGRY	NHC	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.69%	13.02%	-3.33%
Volatility (6M) Calculated over the trailing 6-month period	28.92%	25.41%	+3.51%
Volatility (1Y) Calculated over the trailing 1-year period	46.42%	31.93%	+14.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.68%	27.73%	+26.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	64.75%	28.19%	+36.56%

Dividends

SGRY vs. NHC - Dividend Comparison

SGRY has not paid dividends to shareholders, while NHC's dividend yield for the trailing twelve months is around 1.37%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NHC National HealthCare Corporation	1.37%	1.85%	2.25%	2.53%	3.80%	3.11%	3.13%	2.38%	2.52%	3.10%	2.31%	3.14%
SGRY Surgery Partners, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials

SGRY vs. NHC - Profitability Comparison

The chart below illustrates the profitability comparison between Surgery Partners, Inc. and National HealthCare Corporation over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

SGRY - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Surgery Partners, Inc. reported a gross profit of 160.20M and revenue of 810.90M. Therefore, the gross margin over that period was 19.8%.

NHC - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, National HealthCare Corporation reported a gross profit of 0.00 and revenue of 369.81M. Therefore, the gross margin over that period was 0.0%.

SGRY - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Surgery Partners, Inc. reported an operating income of 65.80M and revenue of 810.90M, resulting in an operating margin of 8.1%.

NHC - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, National HealthCare Corporation reported an operating income of 32.25M and revenue of 369.81M, resulting in an operating margin of 8.7%.

SGRY - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Surgery Partners, Inc. reported a net income of -35.90M and revenue of 810.90M, resulting in a net margin of -4.4%.

NHC - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, National HealthCare Corporation reported a net income of 35.86M and revenue of 369.81M, resulting in a net margin of 9.7%.

Frequently Asked Questions

Can I hold both SGRY and NHC in my portfolio?

SGRY and NHC have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SGRY or NHC?

NHC has higher volatility (13.02%) compared to SGRY (9.69%). In terms of maximum drawdown, SGRY dropped -82.86% vs NHC's -96.33%.

Which has better risk-adjusted returns?

NHC currently has the higher Sharpe Ratio (2.57 vs -0.91), 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.