Cardinal Health Correlations

CAH Stock

USD 205.72 0.73 0.36%

The current 90-days correlation between Cardinal Health and Becton Dickinson and is -0.04 (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

Good diversification

The correlation between Cardinal Health and DJI is -0.02 (i.e., Good 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.

Build AI portfolio with Cardinal Stock

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Cardinal Health. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in nation.

For more detail on how to invest in Cardinal Stock please use our How to Invest in Cardinal Health guide.

Moving together with Cardinal Stock

0.97	GH	Guardant Health	Pair Corr
0.62	NPTH	NeuPath Health	Pair Corr
0.89	HCA	HCA Holdings	Pair Corr
0.85	MCK	McKesson	Pair Corr
0.9	UHS	Universal Health Services	Pair Corr
0.86	HSIC	Henry Schein	Pair Corr
0.76	AHX	Apiam Animal Health	Pair Corr
0.79	REG	Regis Healthcare	Pair Corr
0.62	DNTL	dentalcorp Holdings	Pair Corr
0.69	PRPO	Precipio	Pair Corr
0.76	SIA	Sienna Senior Living	Pair Corr
0.87	OCA	Oceania Healthcare	Pair Corr

Moving against Cardinal Stock

0.92	FMS	Fresenius Medical Care	Pair Corr
0.9	UNH	UnitedHealth Group CDR	Pair Corr
0.85	DVA	DaVita HealthCare	Pair Corr
0.81	IVP	Inspire Veterinary	Pair Corr
0.73	LH	Laboratory	Pair Corr
0.71	300015	Aier Eye Hospital	Pair Corr
0.56	301293	Sanbo Hospital Management	Pair Corr
0.47	PHA	Premier Health	Pair Corr
0.93	HIMS	Hims Hers Health	Pair Corr
0.89	WELL	WELL Health Technologies	Pair Corr
0.82	OPT	Optima Health plc	Pair Corr
0.59	SPI	Spire Healthcare	Pair Corr
0.43	000503	China Reform Health	Pair Corr
0.42	INFU	InfuSystems Holdings	Pair Corr
0.38	301267	Huaxia Eye Hospital	Pair Corr

Related Correlations Analysis

	BDX	EW	COR	A	HLN	IQV	VEEV	RMD	BRKR	ARGX
BDX		0.32	0.05	-0.22	0.51	0.47	-0.7	-0.11	0.58	0.3	BDX
EW	0.32		0.77	0.3	0.76	0.8	-0.63	-0.86	0.82	0.68	EW
COR	0.05	0.77		0.64	0.66	0.67	-0.33	-0.74	0.63	0.81	COR
A	-0.22	0.3	0.64		0.13	0.45	0.12	-0.18	0.28	0.61	A
HLN	0.51	0.76	0.66	0.13		0.79	-0.74	-0.76	0.84	0.57	HLN
IQV	0.47	0.8	0.67	0.45	0.79		-0.73	-0.72	0.91	0.71	IQV
VEEV	-0.7	-0.63	-0.33	0.12	-0.74	-0.73		0.59	-0.88	-0.45	VEEV
RMD	-0.11	-0.86	-0.74	-0.18	-0.76	-0.72	0.59		-0.73	-0.6	RMD
BRKR	0.58	0.82	0.63	0.28	0.84	0.91	-0.88	-0.73		0.73	BRKR
ARGX	0.3	0.68	0.81	0.61	0.57	0.71	-0.45	-0.6	0.73		ARGX
	BDX	EW	COR	A	HLN	IQV	VEEV	RMD	BRKR	ARGX

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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

BRKR	+ 0.91	IQV
BRKR	+ 0.84	HLN
BRKR	+ 0.82	EW
ARGX	+ 0.81	COR
IQV	+ 0.8	EW
IQV	+ 0.79	HLN

High negative correlations

BRKR	- 0.88	VEEV
RMD	- 0.86	EW
RMD	- 0.76	HLN
VEEV	- 0.74	HLN
RMD	- 0.74	COR
BRKR	- 0.73	RMD

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
BDX	0.96	0.02	0.01	0.07	0.97	(1.04)	2.14	(1.52)	6.92
EW	1.03	0.10	0.07	0.21	1.02	(1.11)	2.36	(1.81)	8.45
COR	0.86	0.12	0.05	(58.18)	1.24	(0.86)	1.76	(2.39)	7.13
A	1.17	0.05	0.04	0.10	1.25	(1.28)	2.12	(2.21)	11.03
HLN	0.94	0.15	0.09	0.57	1.01	(1.03)	2.81	(1.65)	6.17
IQV	1.11	0.20	0.18	0.25	0.92	(1.34)	3.12	(2.03)	9.76
VEEV	1.32	(0.48)	0.00	(0.88)	0.00	0.00	1.86	(3.41)	12.34
RMD	0.95	(0.21)	0.00	(0.24)	0.00	0.00	2.02	(2.26)	5.71
BRKR	2.10	0.56	0.27	0.51	1.62	(2.50)	6.18	(3.20)	12.06
ARGX	1.02	0.18	0.11	0.74	1.03	(1.07)	2.38	(1.74)	7.11

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