Centene Corp Correlations

CNC Stock

USD 44.68 2.90 6.94%

The current 90-days correlation between Centene Corp and Tenet Healthcare is 0.5 (i.e., Very weak diversification). The correlation of Centene Corp 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.

Centene Corp Correlation With Market

Weak diversification

The correlation between Centene Corp and DJI is 0.31 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Centene Corp and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Centene Stock

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

For information on how to trade Centene Stock refer to our How to Trade Centene Stock guide.

Moving together with Centene Stock

0.71	NPTH	NeuPath Health	Pair Corr
0.73	HSIC	Henry Schein	Pair Corr
0.68	RHC	Ramsay Health Care	Pair Corr
0.67	DR	Medical Facilities	Pair Corr
0.65	SIA	Sienna Senior Living	Pair Corr

Moving against Centene Stock

0.74	300015	Aier Eye Hospital	Pair Corr
0.69	IVP	Inspire Veterinary	Pair Corr
0.55	DVA	DaVita HealthCare	Pair Corr
0.5	FMS	Fresenius Medical Care	Pair Corr
0.44	ENSG	Ensign Group	Pair Corr
0.41	LH	Laboratory	Pair Corr
0.37	DGX	Quest Diagnostics	Pair Corr
0.74	SPI	Spire Healthcare	Pair Corr
0.65	000503	China Reform Health	Pair Corr
0.64	301267	Huaxia Eye Hospital	Pair Corr
0.6	INFU	InfuSystems Holdings	Pair Corr
0.51	WELL	WELL Health Technologies	Pair Corr
0.49	HIMS	Hims Hers Health	Pair Corr
0.49	002173	Innovative Medical	Pair Corr
0.31	OPT	Optima Health plc	Pair Corr

Related Correlations Analysis

	THC	MEDP	HOLX	SNN	UHS	FMS	ILMN	TEM	RPRX	GMAB
THC		0.36	0.26	0.17	0.39	0.08	0.06	0.19	0.24	-0.15	THC
MEDP	0.36		0.73	-0.27	0.72	-0.46	0.46	-0.45	0.68	-0.58	MEDP
HOLX	0.26	0.73		-0.43	0.8	-0.7	0.76	-0.71	0.8	-0.39	HOLX
SNN	0.17	-0.27	-0.43		-0.63	0.85	-0.76	0.78	-0.72	-0.25	SNN
UHS	0.39	0.72	0.8	-0.63		-0.8	0.78	-0.68	0.89	-0.14	UHS
FMS	0.08	-0.46	-0.7	0.85	-0.8		-0.88	0.86	-0.85	-0.02	FMS
ILMN	0.06	0.46	0.76	-0.76	0.78	-0.88		-0.85	0.84	0.1	ILMN
TEM	0.19	-0.45	-0.71	0.78	-0.68	0.86	-0.85		-0.79	-0.05	TEM
RPRX	0.24	0.68	0.8	-0.72	0.89	-0.85	0.84	-0.79		-0.12	RPRX
GMAB	-0.15	-0.58	-0.39	-0.25	-0.14	-0.02	0.1	-0.05	-0.12		GMAB
	THC	MEDP	HOLX	SNN	UHS	FMS	ILMN	TEM	RPRX	GMAB

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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

RPRX	+ 0.89	UHS
TEM	+ 0.86	FMS
FMS	+ 0.85	SNN
RPRX	+ 0.84	ILMN
UHS	+ 0.8	HOLX
RPRX	+ 0.8	HOLX

High negative correlations

ILMN	- 0.88	FMS
TEM	- 0.85	ILMN
RPRX	- 0.85	FMS
FMS	- 0.8	UHS
RPRX	- 0.79	TEM
ILMN	- 0.76	SNN

Risk-Adjusted Indicators

There is a big difference between Centene Stock performing well and Centene Corp 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 Centene Corp'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
THC	1.55	(0.01)	(0.01)	0.06	2.02	(1.62)	3.15	(2.81)	14.05
MEDP	1.32	0.05	0.03	0.13	1.53	(1.49)	3.09	(2.33)	14.62
HOLX	0.47	0.15	0.12	1.08	0.41	(0.59)	1.97	(0.49)	4.62
SNN	1.03	(0.09)	0.00	0.45	0.00	0.00	2.29	(1.83)	14.66
UHS	1.17	0.09	0.04	0.20	1.48	(1.26)	2.73	(2.87)	6.63
FMS	0.96	(0.23)	0.00	(0.21)	0.00	0.00	1.74	(1.81)	10.02
ILMN	2.16	0.44	0.24	0.40	1.59	(2.64)	4.23	(2.87)	27.65
TEM	2.81	(0.57)	0.00	(0.18)	0.00	0.00	5.61	(4.95)	23.37
RPRX	1.03	0.11	0.05	0.31	1.41	(1.13)	2.03	(2.05)	12.26
GMAB	1.40	(0.06)	(0.03)	0.01	2.20	(1.35)	3.31	(3.07)	12.41

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