USPH vs. THC

Last updated Jun 4, 2026

USPH (U.S. Physical Therapy, 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, USPH returned 1.94%/yr vs 19.01%/yr for THC. At a 0.23 correlation, their price movements are largely independent.

Performance

USPH vs. THC - Performance Comparison

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

Returns By Period

In the year-to-date period, USPH achieves a -19.71% return, which is significantly lower than THC's -17.05% return. Over the past 10 years, USPH has underperformed THC with an annualized return of 1.94%, while THC has yielded a comparatively higher 19.01% annualized return.

USPH

• 1D: -1.01%
• 1M: -12.12%
• YTD: -19.71%
• 6M: -16.86%
• 1Y: -14.26%
• 3Y*: -14.61%
• 5Y*: -10.66%
• 10Y*: 1.94%

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%

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

USPH vs. THC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USPH U.S. Physical Therapy, Inc.	-19.71%	-9.88%	-2.97%	16.98%	-13.67%	-19.48%	5.52%	12.81%	43.09%	4.14%
THC Tenet Healthcare Corporation	-17.05%	57.43%	67.04%	54.89%	-40.27%	104.58%	5.00%	121.88%	13.06%	2.16%

Correlation

The correlation between USPH and THC is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.40
Correlation (All Time) Calculated using the full available price history since Jun 1, 1992	0.23

The correlation between USPH and THC shifts across timeframes, from 0.23 (all time) to 0.42 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap USPH : $938.38M THC : $14.44B
EPS USPH : $0.69 THC : $21.43
PE Ratio USPH : 89.06 THC : 7.69
PS Ratio USPH : 1.35 THC : 0.68
PB Ratio USPH : 2.00 THC : 3.00
Total Revenue (TTM) USPH : $695.26M THC : $21.46B
Gross Profit (TTM) USPH : $153.11M THC : $12.91B
EBITDA (TTM) USPH : $94.50M THC : $4.00B

Return for Risk

USPH vs. THC — Risk / Return Rank

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

USPH

USPH Risk / Return Rank: 25
USPH Sharpe Ratio Rank: 26
USPH Sortino Ratio Rank: 25
USPH Omega Ratio Rank: 24
USPH Calmar Ratio Rank: 27
USPH Martin Ratio Rank: 21

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

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.

USPH vs. THC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for U.S. Physical Therapy, Inc. (USPH) 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.

	USPH	THC	Difference
Sharpe ratio Return per unit of total volatility	-0.35	-0.10	-0.25
Sortino ratio Return per unit of downside risk	-0.23	0.13	-0.36
Omega ratio Gain probability vs. loss probability	0.97	1.02	-0.05
Calmar ratio Return relative to maximum drawdown	-0.40	-0.12	-0.28
Martin ratio Return relative to average drawdown	-0.96	-0.33	-0.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USPH vs. THC - Sharpe Ratio Comparison

The current USPH Sharpe Ratio is -0.35, which is lower than the THC Sharpe Ratio of -0.10. The chart below compares the historical Sharpe Ratios of USPH and THC, 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

	USPH	THC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.35	-0.10	-0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.29	0.44	-0.73
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.05	0.34	-0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.11	+0.12

Drawdowns

USPH vs. THC - Drawdown Comparison

The maximum USPH drawdown since its inception was -67.21%, smaller than the maximum THC drawdown of -98.28%. Use the drawdown chart below to compare losses from any high point for USPH and THC.

Drawdown Indicators

	USPH	THC	Difference
Max Drawdown Largest peak-to-trough decline	-67.21%	-98.28%	+31.07%
Max Drawdown (1Y) Largest decline over 1 year	-35.89%	-33.17%	-2.72%
Max Drawdown (3Y) Largest decline over 3 years	-49.25%	-36.90%	-12.35%
Max Drawdown (5Y) Largest decline over 5 years	-51.14%	-58.88%	+7.74%
Max Drawdown (10Y) Largest decline over 10 years	-67.21%	-71.68%	+4.47%
Current Drawdown Current decline from peak	-53.01%	-32.66%	-20.35%
Average Drawdown Average peak-to-trough decline	-24.00%	-51.56%	+27.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.82%	12.23%	+2.59%

Volatility

USPH vs. THC - Volatility Comparison

U.S. Physical Therapy, Inc. (USPH) has a higher volatility of 25.89% compared to Tenet Healthcare Corporation (THC) at 11.16%. This indicates that USPH's price experiences larger fluctuations and is considered to be riskier than THC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USPH	THC	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.89%	11.16%	+14.73%
Volatility (6M) Calculated over the trailing 6-month period	31.07%	27.61%	+3.46%
Volatility (1Y) Calculated over the trailing 1-year period	40.63%	39.17%	+1.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.58%	44.28%	-7.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.62%	56.30%	-16.68%

Dividends

USPH vs. THC - Dividend Comparison

USPH's dividend yield for the trailing twelve months is around 2.94%, while THC has not paid dividends to shareholders.

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%
USPH U.S. Physical Therapy, Inc.	2.94%	2.31%	1.98%	1.85%	2.02%	1.53%	0.27%	1.00%	0.90%	1.11%	0.97%	1.12%

Financials

USPH vs. THC - Profitability Comparison

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

USPH - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, U.S. Physical Therapy, Inc. reported a gross profit of 32.75M and revenue of 164.33M. Therefore, the gross margin over that period was 19.9%.

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%.

USPH - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, U.S. Physical Therapy, Inc. reported an operating income of 12.48M and revenue of 164.33M, resulting in an operating margin of 7.6%.

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%.

USPH - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, U.S. Physical Therapy, Inc. reported a net income of 5.04M and revenue of 164.33M, resulting in a net margin of 3.1%.

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

Can I hold both USPH and THC in my portfolio?

USPH and THC have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USPH or THC?

USPH has higher volatility (25.89%) compared to THC (11.16%). In terms of maximum drawdown, USPH dropped -67.21% vs THC's -98.28%.

Which has better risk-adjusted returns?

THC currently has the higher Sharpe Ratio (-0.10 vs -0.35), 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.