Centene Corp Correlations

CNC Stock

USD 40.43 0.82 2.07%

The current 90-days correlation between Centene Corp and Tenet Healthcare is 0.39 (i.e., 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

Poor diversification

The correlation between Centene Corp and DJI is 0.69 (i.e., Poor 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 metropolitan statistical area.

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

Moving together with Centene Stock

0.74	NPTH	NeuPath Health	Pair Corr
0.67	EHAB	Enhabit	Pair Corr
0.84	AGL	agilon health	Pair Corr
0.73	BMEZ	BlackRock Health Sciences	Pair Corr

Moving against Centene Stock

0.71	UHS	Universal Health Services Buyout Trend	Pair Corr
0.62	S00	Spire Healthcare	Pair Corr
0.6	REG	Regis Healthcare	Pair Corr
0.55	FMS	Fresenius Medical Care	Pair Corr
0.49	SPI	Spire Healthcare	Pair Corr
0.72	BZ7A	Bumrungrad Hospital	Pair Corr
0.7	ATPC	Agape ATP	Pair Corr
0.65	BMGL	Basel Medical Group	Pair Corr
0.61	4WK	Wenzhou Kangning Hospital	Pair Corr
0.53	NLH	Nova Leap Health	Pair Corr
0.4	A41	Addus HomeCare	Pair Corr
0.38	NAKA	Kindly MD Earnings Call Tomorrow	Pair Corr

Related Correlations Analysis

	THC	MEDP	HOLX	SNN	UHS	FMS	ILMN	TEM	RPRX	GMAB
THC		-0.17	0.09	0.01	0.66	0.45	-0.29	0.43	-0.03	-0.16	THC
MEDP	-0.17		-0.13	-0.46	-0.19	-0.41	0.45	0.45	-0.4	0.3	MEDP
HOLX	0.09	-0.13		0.25	-0.37	-0.34	0.59	0.01	0.23	0.58	HOLX
SNN	0.01	-0.46	0.25		-0.25	0.19	0.01	-0.53	0.84	0.08	SNN
UHS	0.66	-0.19	-0.37	-0.25		0.67	-0.68	0.44	-0.35	-0.53	UHS
FMS	0.45	-0.41	-0.34	0.19	0.67		-0.6	-0.08	0.1	-0.45	FMS
ILMN	-0.29	0.45	0.59	0.01	-0.68	-0.6		-0.03	0.0	0.82	ILMN
TEM	0.43	0.45	0.01	-0.53	0.44	-0.08	-0.03		-0.63	-0.07	TEM
RPRX	-0.03	-0.4	0.23	0.84	-0.35	0.1	0.0	-0.63		0.09	RPRX
GMAB	-0.16	0.3	0.58	0.08	-0.53	-0.45	0.82	-0.07	0.09		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	+ 0.84	SNN
GMAB	+ 0.82	ILMN
FMS	+ 0.67	UHS
UHS	+ 0.66	THC
ILMN	+ 0.59	HOLX
GMAB	+ 0.58	HOLX

High negative correlations

ILMN	- 0.68	UHS
RPRX	- 0.63	TEM
ILMN	- 0.6	FMS
GMAB	- 0.53	UHS
TEM	- 0.53	SNN
SNN	- 0.46	MEDP

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	1.70	0.13	0.05	0.29	1.63	(2.19)	3.14	(3.00)	15.98
MEDP	1.57	(0.55)	0.00	(0.60)	0.00	0.00	3.02	(3.61)	20.40
HOLX	0.14	0.00	(0.52)	0.15	0.03	(0.17)	0.32	(0.23)	1.03
SNN	1.01	0.07	0.02	0.22	1.26	(1.11)	2.40	(1.68)	8.41
UHS	1.33	0.00	(0.03)	0.09	1.76	(1.47)	2.86	(2.87)	8.92
FMS	1.28	(0.09)	0.00	(0.01)	0.00	0.00	3.04	(3.46)	10.14
ILMN	1.81	(0.06)	0.00	(0.25)	0.00	0.00	3.85	(3.26)	15.59
TEM	2.65	(0.60)	0.00	(0.19)	0.00	0.00	5.61	(4.95)	14.02
RPRX	0.98	0.08	0.02	0.28	1.44	(1.01)	2.01	(2.05)	5.44
GMAB	1.77	(0.03)	(0.01)	0.07	2.15	(1.85)	4.09	(3.42)	9.44

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