Cardinal Health Correlations

CAH Stock

USD 225.97 1.15 0.51%

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

Very weak diversification

The correlation between Cardinal Health and DJI is 0.48 (i.e., Very weak 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

0.68	CI	Cigna Corp	Pair Corr
0.79	LH	Laboratory	Pair Corr
0.81	GD6	Ramsay Gnrale de Earnings Call This Week	Pair Corr
0.82	ANCR	Animalcare Group Plc Earnings Call This Week	Pair Corr
0.66	EHAB	Enhabit Earnings Call This Week	Pair Corr
0.76	ENSG	Ensign Group	Pair Corr
0.82	636	Sienna Senior Living	Pair Corr
0.61	AMN	AMN Healthcare Services	Pair Corr
0.86	BKD	Brookdale Senior Living	Pair Corr
0.76	CHE	Chemed Corp Earnings Call Today	Pair Corr
0.88	CON	Concentra Group Holdings	Pair Corr
0.7	COR	Cencora	Pair Corr

Moving against Cardinal Stock

0.75	UNH	UnitedHealth Group CDR	Pair Corr
0.61	CV	CapsoVision Common Stock	Pair Corr
0.51	V3V	VITA 34 AG	Pair Corr
0.44	MD	Mednax Inc	Pair Corr
0.78	WGRX	Wellgistics Health Common	Pair Corr
0.65	FLGT	Fulgent Genetics Earnings Call Tomorrow	Pair Corr
0.61	KDA	KDA Group	Pair Corr
0.43	PXS	Paragon Care Limited Earnings Call Today	Pair Corr
0.4	AGL	agilon health Earnings Call This Week	Pair Corr
0.33	CVS	CVS Health Corp	Pair Corr
0.68	HQY	HealthEquity	Pair Corr
0.5	PHA	Premier Health Earnings Call Tomorrow	Pair Corr
0.48	CCM	Concord Medical Services	Pair Corr

Related Correlations Analysis

	WEQL	NWCI	FPMI	PAOG	RBSH	NMXS	SNNAQ
WEQL		0.0	0.14	0.05	0.0	0.29	0.0	WEQL
NWCI	0.0		0.0	0.0	1.0	0.0	1.0	NWCI
FPMI	0.14	0.0		0.28	0.0	0.38	0.0	FPMI
PAOG	0.05	0.0	0.28		0.0	0.41	0.0	PAOG
RBSH	0.0	1.0	0.0	0.0		0.0	1.0	RBSH
NMXS	0.29	0.0	0.38	0.41	0.0		0.0	NMXS
SNNAQ	0.0	1.0	0.0	0.0	1.0	0.0		SNNAQ
	WEQL	NWCI	FPMI	PAOG	RBSH	NMXS	SNNAQ

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

RBSH	+ 1.0	NWCI
SNNAQ	+ 1.0	NWCI
SNNAQ	+ 1.0	RBSH
NMXS	+ 0.41	PAOG
NMXS	+ 0.38	FPMI
NMXS	+ 0.29	WEQL

High negative correlations

SNNAQ	- 0.0	NMXS
NMXS	- 0.0	RBSH
SNNAQ	- 0.0	PAOG
RBSH	- 0.0	PAOG
SNNAQ	- 0.0	FPMI
RBSH	- 0.0	FPMI

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
WEQL	86.59	35.95	0.00	0.59	0.00	0.00	0.00	0.00	2,993
NWCI	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
FPMI	2.98	1.38	0.00	1.13	0.00	0.00	0.00	0.00	100.00
PAOG	10.99	1.29	0.06	(1.03)	10.89	(23.85)	25.00	(20.00)	78.57
RBSH	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NMXS	7.47	3.97	0.00	(5.11)	0.00	0.00	0.00	0.00	200.00
SNNAQ	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

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