Cardinal Health Correlations

C1AH34 Stock

1,071 23.30 2.13%

The current 90-days correlation between Cardinal Health and Synchrony Financial is -0.07 (i.e., Good diversification). The correlation of Cardinal Health is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Cardinal Health Correlation With Market

Significant diversification

The correlation between Cardinal Health and DJI is 0.04 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Cardinal Health and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Cardinal Health could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Cardinal Health when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Cardinal Health - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Cardinal Health to buy it.

Moving together with Cardinal Stock

0.69	AAPL34	Apple Inc	Pair Corr
0.81	B1SA34	Banco Santander Chile	Pair Corr
0.86	GOGL35	Alphabet	Pair Corr
0.85	GOGL34	Alphabet	Pair Corr
0.65	H1SB34	HSBC Holdings plc	Pair Corr
0.81	LOGN3	Log In Logstica	Pair Corr
0.63	A1MT34	Applied Materials	Pair Corr
0.85	I1DX34	IDEXX Laboratories	Pair Corr

Moving against Cardinal Stock

0.87	MSFT34	Microsoft	Pair Corr
0.83	BABA34	Alibaba Group Holding	Pair Corr

Related Correlations Analysis

	S1YF34	S1KM34	T1TW34	J1EF34	O2NS34	K1BF34	MATD3
S1YF34		-0.34	0.11	0.81	0.84	0.68	0.9	S1YF34
S1KM34	-0.34		0.68	0.03	0.08	-0.63	-0.36	S1KM34
T1TW34	0.11	0.68		0.29	0.43	-0.34	0.01	T1TW34
J1EF34	0.81	0.03	0.29		0.83	0.45	0.78	J1EF34
O2NS34	0.84	0.08	0.43	0.83		0.37	0.66	O2NS34
K1BF34	0.68	-0.63	-0.34	0.45	0.37		0.74	K1BF34
MATD3	0.9	-0.36	0.01	0.78	0.66	0.74		MATD3
	S1YF34	S1KM34	T1TW34	J1EF34	O2NS34	K1BF34	MATD3

Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

MATD3	+ 0.9	S1YF34
O2NS34	+ 0.84	S1YF34
O2NS34	+ 0.83	J1EF34
J1EF34	+ 0.81	S1YF34
MATD3	+ 0.78	J1EF34
MATD3	+ 0.74	K1BF34

High negative correlations

K1BF34	- 0.63	S1KM34
MATD3	- 0.36	S1KM34
K1BF34	- 0.34	T1TW34
S1KM34	- 0.34	S1YF34

Risk-Adjusted Indicators

There is a big difference between Cardinal Stock performing well and Cardinal Health Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Cardinal Health's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
S1YF34	0.78	0.38	0.00	(1.56)	0.00	0.00	4.11	0.00	7.19
S1KM34	0.45	(0.11)	0.00	(0.69)	0.00	0.00	1.21	(1.83)	6.07
T1TW34	1.26	0.01	0.00	0.06	0.00	0.00	2.65	(2.28)	10.74
J1EF34	1.14	0.03	(0.01)	(0.11)	2.02	(2.53)	3.99	(4.33)	12.28
O2NS34	1.50	0.30	0.09	(1.08)	1.22	(3.38)	4.15	(2.74)	11.28
K1BF34	1.02	0.07	0.00	0.37	1.28	(1.70)	3.09	(2.56)	9.41
MATD3	2.10	0.44	0.14	(15.89)	2.13	(2.60)	4.95	(4.10)	14.38

Cardinal Health Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Cardinal Health stock to make a market-neutral strategy. Peer analysis of Cardinal Health could also be used in its relative valuation, which is a method of valuing Cardinal Health by comparing valuation metrics with similar companies.

Synchrony Financial SK Telecom Co Take Two Interactive Software Jefferies Financial Group ON Semiconductor KB Financial Group Hospital Mater Dei American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup SentinelOne CVS Health Corp Chevron Corp

Risk & Return

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