Cardinal Health Correlations

Stocks . USA . 
Stock . Cardinal Health
CAH Stock  USD 122.24  0.39  0.32%   
The current 90-days correlation between Cardinal Health and Humana Inc is 0.18 (i.e., Average diversification). 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

Weak diversification

The correlation between Cardinal Health 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 Cardinal Health and DJI in the same portfolio, assuming nothing else is changed.
  
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

  0.84GH Guardant HealthPairCorr
  0.78LH LaboratoryPairCorr
  0.76MD Mednax IncPairCorr
  0.84OM Outset MedicalPairCorr
  0.78DOCS DoximityPairCorr
  0.65VEEV Veeva Systems Class Earnings Call This WeekPairCorr
  0.68DXCM DexCom Inc Sell-off TrendPairCorr
  0.8VREX Varex Imaging CorpPairCorr
  0.63ECOR Electrocore LLCPairCorr
  0.77ELMD ElectromedPairCorr
  0.68ENOV Enovis CorpPairCorr
  0.67XAIR Beyond AirPairCorr

Moving against Cardinal Stock

  0.66VERO Venus ConceptPairCorr
  0.57DRIO DarioHealth CorpPairCorr
  0.53EDAP EDAP TMS SAPairCorr
  0.83ALC Alcon AGPairCorr
  0.82EKSO Ekso Bionics HoldingsPairCorr
  0.79AMN AMN Healthcare ServicesPairCorr
  0.76AGL agilon healthPairCorr
  0.75FIGS Figs IncPairCorr
  0.67FLGT Fulgent GeneticsPairCorr
  0.55AHG Akso Health GroupPairCorr
  0.54FEMY FemasysPairCorr
  0.49ELAB Elevai Labs, CommonPairCorr
  0.37ENSG Ensign GroupPairCorr
  0.76BAX Baxter InternationalPairCorr
  0.76BKD Brookdale Senior LivingPairCorr

Related Correlations Analysis

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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   
CNC
+ 0.97
ELV
ELV
+ 0.89
CI
CNC
+ 0.82
CI
CI
+ 0.6
HUM
ELV
+ 0.59
HUM
CNC
+ 0.48
HUM
  
High negative correlations   
ALHC
- 0.61
ELV
ALHC
- 0.55
CNC
ALHC
- 0.51
CI
ALHC
- 0.44
HUM
UNH
- 0.05
CNC

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.

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