THC vs. ASPN

Last updated Jun 3, 2026

THC (Tenet Healthcare Corporation) and ASPN (Aspen Aerogels, Inc.) are both stocks. THC operates in Medical Care Facilities (Healthcare), while ASPN operates in Building Products & Equipment (Industrials). Over the past 10 years, THC returned 18.93%/yr vs 4.21%/yr for ASPN. At a 0.22 correlation, their price movements are largely independent.

Performance

THC vs. ASPN - Performance Comparison

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

Returns By Period

In the year-to-date period, THC achieves a -17.67% return, which is significantly lower than ASPN's 119.79% return. Over the past 10 years, THC has outperformed ASPN with an annualized return of 18.93%, while ASPN has yielded a comparatively lower 4.21% annualized return.

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%

ASPN

• 1D: 0.00%
• 1M: 45.67%
• YTD: 119.79%
• 6M: 81.87%
• 1Y: 9.31%
• 3Y*: -4.94%
• 5Y*: -21.52%
• 10Y*: 4.21%

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

THC vs. ASPN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
THC Tenet Healthcare Corporation	-17.67%	57.43%	67.04%	54.89%	-40.27%	104.58%	5.00%	121.88%	13.06%	2.16%
ASPN Aspen Aerogels, Inc.	119.79%	-76.18%	-24.71%	33.84%	-76.32%	198.32%	115.08%	264.32%	-56.35%	18.16%

Correlation

The correlation between THC and ASPN is 0.08, 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 THC and ASPN shifts across timeframes, from 0.08 (1 year) to 0.28 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap THC : $14.33B ASPN : $514.66M
EPS THC : $21.43 ASPN : -$1.36
PS Ratio THC : 0.68 ASPN : 2.23
PB Ratio THC : 2.98 ASPN : 2.41
Total Revenue (TTM) THC : $21.46B ASPN : $230.26M
Gross Profit (TTM) THC : $12.91B ASPN : $27.46M
EBITDA (TTM) THC : $4.00B ASPN : -$59.70M

Return for Risk

THC vs. ASPN — Risk / Return Rank

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

THC

THC Risk / Return Rank: 35
THC Sharpe Ratio Rank: 36
THC Sortino Ratio Rank: 33
THC Omega Ratio Rank: 32
THC Calmar Ratio Rank: 37
THC Martin Ratio Rank: 35

ASPN

ASPN Risk / Return Rank: 46
ASPN Sharpe Ratio Rank: 44
ASPN Sortino Ratio Rank: 49
ASPN Omega Ratio Rank: 52
ASPN Calmar Ratio Rank: 43
ASPN Martin Ratio Rank: 41

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.

THC vs. ASPN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tenet Healthcare Corporation (THC) and Aspen Aerogels, Inc. (ASPN). 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.

	THC	ASPN	Difference
Sharpe ratio Return per unit of total volatility	-0.10	0.10	-0.20
Sortino ratio Return per unit of downside risk	0.14	0.82	-0.68
Omega ratio Gain probability vs. loss probability	1.02	1.12	-0.11
Calmar ratio Return relative to maximum drawdown	-0.09	0.11	-0.21
Martin ratio Return relative to average drawdown	-0.25	0.18	-0.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

THC vs. ASPN - Sharpe Ratio Comparison

The current THC Sharpe Ratio is -0.10, which is lower than the ASPN Sharpe Ratio of 0.10. The chart below compares the historical Sharpe Ratios of THC and ASPN, 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

	THC	ASPN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.10	0.10	-0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	-0.25	+0.68
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.34	0.06	+0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.11	-0.06	+0.17

Drawdowns

THC vs. ASPN - Drawdown Comparison

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

Drawdown Indicators

	THC	ASPN	Difference
Max Drawdown Largest peak-to-trough decline	-98.28%	-95.96%	-2.32%
Max Drawdown (1Y) Largest decline over 1 year	-33.17%	-70.86%	+37.69%
Max Drawdown (3Y) Largest decline over 3 years	-36.90%	-91.90%	+55.00%
Max Drawdown (5Y) Largest decline over 5 years	-58.88%	-95.96%	+37.08%
Max Drawdown (10Y) Largest decline over 10 years	-71.68%	-95.96%	+24.28%
Current Drawdown Current decline from peak	-33.17%	-90.23%	+57.06%
Average Drawdown Average peak-to-trough decline	-51.56%	-56.37%	+4.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.06%	45.05%	-32.99%

Volatility

THC vs. ASPN - Volatility Comparison

The current volatility for Tenet Healthcare Corporation (THC) is 11.21%, while Aspen Aerogels, Inc. (ASPN) has a volatility of 29.87%. This indicates that THC experiences smaller price fluctuations and is considered to be less risky than ASPN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	THC	ASPN	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.21%	29.87%	-18.66%
Volatility (6M) Calculated over the trailing 6-month period	27.60%	65.05%	-37.45%
Volatility (1Y) Calculated over the trailing 1-year period	39.17%	91.84%	-52.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.28%	87.81%	-43.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	56.31%	75.22%	-18.91%

Dividends

THC vs. ASPN - Dividend Comparison

Neither THC nor ASPN has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

THC vs. ASPN - Profitability Comparison

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

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 - 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 - 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 - 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 - 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%.

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%.

Frequently Asked Questions

Can I hold both THC and ASPN in my portfolio?

THC and ASPN have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, THC or ASPN?

ASPN has higher volatility (29.87%) compared to THC (11.21%). In terms of maximum drawdown, THC dropped -98.28% vs ASPN's -95.96%.

Which has better risk-adjusted returns?

ASPN currently has the higher Sharpe Ratio (0.10 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.