Correlation Between Cardinal Health and 488401AD2
Specify exactly 2 symbols:
By analyzing existing cross correlation between Cardinal Health and KMPR 38 23 FEB 32, you can compare the effects of market volatilities on Cardinal Health and 488401AD2 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 488401AD2. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cardinal Health and 488401AD2.
Diversification Opportunities for Cardinal Health and 488401AD2
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Cardinal and 488401AD2 is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding Cardinal Health and KMPR 38 23 FEB 32 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KMPR 38 23 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 488401AD2. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KMPR 38 23 has no effect on the direction of Cardinal Health i.e., Cardinal Health and 488401AD2 go up and down completely randomly.
Pair Corralation between Cardinal Health and 488401AD2
Considering the 90-day investment horizon Cardinal Health is expected to generate 0.65 times more return on investment than 488401AD2. However, Cardinal Health is 1.53 times less risky than 488401AD2. It trades about -0.1 of its potential returns per unit of risk. KMPR 38 23 FEB 32 is currently generating about -0.16 per unit of risk. If you would invest 12,164 in Cardinal Health on September 12, 2024 and sell it today you would lose (422.00) from holding Cardinal Health or give up 3.47% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 63.64% |
| Values | Daily Returns |
Cardinal Health vs. KMPR 38 23 FEB 32
Performance |
| Timeline |
| Cardinal Health |
| KMPR 38 23 |
Cardinal Health and 488401AD2 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cardinal Health and 488401AD2
The main advantage of trading using opposite Cardinal Health and 488401AD2 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cardinal Health position performs unexpectedly, 488401AD2 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 488401AD2 will offset losses from the drop in 488401AD2's long position.| Cardinal Health vs. Henry Schein | Cardinal Health vs. Owens Minor | Cardinal Health vs. Patterson Companies | Cardinal Health vs. McKesson |
| 488401AD2 vs. American Airlines Group | 488401AD2 vs. Mesa Air Group | 488401AD2 vs. Catalent | 488401AD2 vs. Cardinal Health |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
Other Complementary Tools
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account |