THC vs. XBI

Last updated Jun 4, 2026

THC (Tenet Healthcare Corporation) is a stock, while XBI (SPDR S&P Biotech ETF) is Health & Biotech Equities fund tracking the S&P Biotechnology Select Industry Index. Over the past 10 years, THC returned 19.01%/yr vs 8.53%/yr for XBI. At a 0.38 correlation, their price movements are largely independent.

Performance

THC vs. XBI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tenet Healthcare Corporation (THC) and SPDR S&P Biotech ETF (XBI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, THC achieves a -17.05% return, which is significantly lower than XBI's 6.48% return. Over the past 10 years, THC has outperformed XBI with an annualized return of 19.01%, while XBI has yielded a comparatively lower 8.53% annualized return.

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%

XBI

• 1D: 1.62%
• 1M: -2.75%
• YTD: 6.48%
• 6M: 6.92%
• 1Y: 58.25%
• 3Y*: 14.73%
• 5Y*: 0.59%
• 10Y*: 8.53%

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

THC vs. XBI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
THC Tenet Healthcare Corporation	-17.05%	57.43%	67.04%	54.89%	-40.27%	104.58%	5.00%	121.88%	13.06%	2.16%
XBI SPDR S&P Biotech ETF	6.48%	35.89%	1.01%	7.60%	-25.87%	-20.45%	48.33%	32.56%	-15.28%	43.77%

Correlation

The correlation between THC and XBI is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since Feb 7, 2006	0.38

Over the past year, the correlation between THC and XBI has dropped to 0.17 - well below their long-term average of 0.38, suggesting their price drivers have been diverging.

Return for Risk

THC vs. XBI — Risk / Return Rank

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

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

XBI

XBI Risk / Return Rank: 74
XBI Sharpe Ratio Rank: 68
XBI Sortino Ratio Rank: 67
XBI Omega Ratio Rank: 60
XBI Calmar Ratio Rank: 91
XBI Martin Ratio Rank: 85

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. XBI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tenet Healthcare Corporation (THC) and SPDR S&P Biotech ETF (XBI). 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	XBI	Difference
Sharpe ratio: Return per unit of total volatility	-0.10	2.30	-2.40
Sortino ratio: Return per unit of downside risk	0.13	3.16	-3.03
Omega ratio: Gain probability vs. loss probability	1.02	1.38	-0.36
Calmar ratio: Return relative to maximum drawdown	-0.12	6.02	-6.15
Martin ratio: Return relative to average drawdown	-0.33	18.30	-18.63
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. XBI - Sharpe Ratio Comparison

The current THC Sharpe Ratio is -0.10, which is lower than the XBI Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of THC and XBI, 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	XBI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.10	2.30	-2.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.02	+0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.34	0.27	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.11	0.36	-0.25

Drawdowns

THC vs. XBI - Drawdown Comparison

The maximum THC drawdown since its inception was -98.28%, which is greater than XBI's maximum drawdown of -63.89%. Use the drawdown chart below to compare losses from any high point for THC and XBI.

Drawdown Indicators

	THC	XBI	Difference
Max Drawdown Largest peak-to-trough decline	-98.28%	-63.89%	-34.39%
Max Drawdown (1Y) Largest decline over 1 year	-33.17%	-9.72%	-23.45%
Max Drawdown (3Y) Largest decline over 3 years	-36.90%	-32.99%	-3.91%
Max Drawdown (5Y) Largest decline over 5 years	-58.88%	-54.71%	-4.17%
Max Drawdown (10Y) Largest decline over 10 years	-71.68%	-63.89%	-7.79%
Current Drawdown Current decline from peak	-32.66%	-24.96%	-7.70%
Average Drawdown Average peak-to-trough decline	-51.56%	-20.93%	-30.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.23%	3.19%	+9.04%

Volatility

THC vs. XBI - Volatility Comparison

Tenet Healthcare Corporation (THC) has a higher volatility of 11.16% compared to SPDR S&P Biotech ETF (XBI) at 9.26%. This indicates that THC's price experiences larger fluctuations and is considered to be riskier than XBI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	THC	XBI	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.16%	9.26%	+1.90%
Volatility (6M) Calculated over the trailing 6-month period	27.61%	20.18%	+7.43%
Volatility (1Y) Calculated over the trailing 1-year period	39.17%	25.50%	+13.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.28%	32.18%	+12.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	56.30%	32.00%	+24.30%

Dividends

THC vs. XBI - Dividend Comparison

THC has not paid dividends to shareholders, while XBI's dividend yield for the trailing twelve months is around 0.34%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
THC Tenet Healthcare Corporation	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XBI SPDR S&P Biotech ETF	0.34%	0.37%	0.15%	0.02%	0.00%	0.04%	0.20%	0.00%	0.28%	0.24%	0.26%	0.61%

Frequently Asked Questions

Can I hold both THC and XBI in my portfolio?

THC and XBI have a correlation of 0.17, 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 XBI?

THC has higher volatility (11.16%) compared to XBI (9.26%). In terms of maximum drawdown, THC dropped -98.28% vs XBI's -63.89%.

Which has better risk-adjusted returns?

XBI currently has the higher Sharpe Ratio (2.30 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.