Cardinal Health Correlations

CAH Stock

USD 214.88 3.65 1.73%

The current 90-days correlation between Cardinal Health and Becton Dickinson and is -0.01 (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

Modest diversification

The correlation between Cardinal Health and DJI is 0.24 (i.e., Modest 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 against Cardinal Stock

0.81	FMS	Fresenius Medical Care	Pair Corr
0.62	NSFDF	NXT Energy Solutions	Pair Corr
0.52	ZTLLF	Zonetail	Pair Corr
0.49	ATMV	ATMV Old Symbol Change	Pair Corr
0.48	UNH	UnitedHealth Group CDR	Pair Corr
0.38	GLABF	Gemina Laboratories	Pair Corr
0.35	SIG	Sigma Healthcare	Pair Corr
0.34	THC	Tenet Healthcare Earnings Call This Week	Pair Corr
0.77	MMC	MMC Old Symbol Change	Pair Corr

Related Correlations Analysis

	BDX	EW	COR	A	HLN	IQV	VEEV	RMD	BRKR	ARGX
BDX		0.24	-0.03	-0.34	0.75	0.88	-0.8	0.33	0.83	-0.27	BDX
EW	0.24		0.27	0.07	0.37	0.14	-0.29	-0.4	0.43	0.34	EW
COR	-0.03	0.27		0.4	0.16	-0.02	0.18	0.14	-0.04	0.5	COR
A	-0.34	0.07	0.4		-0.45	-0.12	0.51	0.21	-0.08	0.36	A
HLN	0.75	0.37	0.16	-0.45		0.71	-0.68	0.02	0.7	-0.24	HLN
IQV	0.88	0.14	-0.02	-0.12	0.71		-0.68	0.47	0.85	-0.39	IQV
VEEV	-0.8	-0.29	0.18	0.51	-0.68	-0.68		-0.07	-0.78	0.17	VEEV
RMD	0.33	-0.4	0.14	0.21	0.02	0.47	-0.07		0.15	-0.19	RMD
BRKR	0.83	0.43	-0.04	-0.08	0.7	0.85	-0.78	0.15		-0.19	BRKR
ARGX	-0.27	0.34	0.5	0.36	-0.24	-0.39	0.17	-0.19	-0.19		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

IQV	+ 0.88	BDX
BRKR	+ 0.85	IQV
BRKR	+ 0.83	BDX
HLN	+ 0.75	BDX
IQV	+ 0.71	HLN
BRKR	+ 0.7	HLN

High negative correlations

VEEV	- 0.8	BDX
BRKR	- 0.78	VEEV
VEEV	- 0.68	IQV
VEEV	- 0.68	HLN
HLN	- 0.45	A
RMD	- 0.4	EW

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	1.02	0.07	0.07	0.12	0.88	(1.22)	2.93	(1.77)	7.14
EW	1.09	0.07	0.04	0.14	1.09	(1.20)	2.33	(2.08)	8.69
COR	0.88	0.07	0.02	0.36	1.40	(0.84)	1.79	(2.39)	7.13
A	1.19	(0.22)	0.00	(0.12)	0.00	0.00	2.90	(2.58)	7.85
HLN	0.97	0.15	0.09	0.87	1.09	(1.06)	2.81	(1.81)	6.06
IQV	1.03	0.05	0.04	0.10	0.99	(1.24)	2.57	(1.68)	6.05
VEEV	1.49	(0.54)	0.00	(0.54)	0.00	0.00	1.79	(3.67)	11.94
RMD	0.98	(0.05)	(0.05)	(0.01)	1.31	(0.98)	2.11	(2.26)	5.71
BRKR	2.15	0.14	0.07	0.15	2.18	(2.45)	4.93	(3.76)	12.57
ARGX	1.14	0.07	0.00	(0.29)	1.49	(1.11)	2.29	(2.04)	7.04

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