Correlation Between Cardinal Health and BOARDWALK
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By analyzing existing cross correlation between Cardinal Health and BOARDWALK PIPELINES LP, you can compare the effects of market volatilities on Cardinal Health and BOARDWALK and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Cardinal Health with a short position of BOARDWALK. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cardinal Health and BOARDWALK.
Diversification Opportunities for Cardinal Health and BOARDWALK
-0.62 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Cardinal and BOARDWALK is -0.62. Overlapping area represents the amount of risk that can be diversified away by holding Cardinal Health and BOARDWALK PIPELINES LP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BOARDWALK PIPELINES and Cardinal Health is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Cardinal Health are associated (or correlated) with BOARDWALK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BOARDWALK PIPELINES has no effect on the direction of Cardinal Health i.e., Cardinal Health and BOARDWALK go up and down completely randomly.
Pair Corralation between Cardinal Health and BOARDWALK
Considering the 90-day investment horizon Cardinal Health is expected to generate 3.03 times more return on investment than BOARDWALK. However, Cardinal Health is 3.03 times more volatile than BOARDWALK PIPELINES LP. It trades about 0.08 of its potential returns per unit of risk. BOARDWALK PIPELINES LP is currently generating about 0.0 per unit of risk. If you would invest 7,494 in Cardinal Health on September 3, 2024 and sell it today you would earn a total of 4,753 from holding Cardinal Health or generate 63.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 89.29% |
| Values | Daily Returns |
Cardinal Health vs. BOARDWALK PIPELINES LP
Performance |
| Timeline |
| Cardinal Health |
| BOARDWALK PIPELINES |
Cardinal Health and BOARDWALK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cardinal Health and BOARDWALK
The main advantage of trading using opposite Cardinal Health and BOARDWALK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cardinal Health position performs unexpectedly, BOARDWALK can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in BOARDWALK will offset losses from the drop in BOARDWALK's long position.| Cardinal Health vs. Henry Schein | Cardinal Health vs. Owens Minor | Cardinal Health vs. Patterson Companies | Cardinal Health vs. McKesson |
| BOARDWALK vs. Wicket Gaming AB | BOARDWALK vs. The Wendys Co | BOARDWALK vs. Playstudios | BOARDWALK vs. Shake Shack |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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