Centene Corp Correlations

CNC Stock

USD 60.00 0.07 0.12%

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

Significant diversification

The correlation between Centene Corp and DJI is 0.05 (i.e., Significant 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.

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 board of governors.

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

Moving together with Centene Stock

0.82	CI	Cigna Corp	Pair Corr
0.74	VERO	Venus Concept	Pair Corr
0.7	EDAP	EDAP TMS SA	Pair Corr
0.84	EKSO	Ekso Bionics Holdings	Pair Corr
0.75	ELAB	Elevai Labs, Common	Pair Corr
0.78	FLGT	Fulgent Genetics	Pair Corr
0.91	AGL	agilon health	Pair Corr
0.65	AHG	Akso Health Group	Pair Corr
0.83	ALC	Alcon AG	Pair Corr
0.81	AMN	AMN Healthcare Services	Pair Corr
0.82	BAX	Baxter International	Pair Corr

Moving against Centene Stock

0.87	ECOR	Electrocore LLC	Pair Corr
0.84	MD	Mednax Inc	Pair Corr
0.76	VREX	Varex Imaging Corp	Pair Corr
0.69	DOCS	Doximity	Pair Corr
0.68	DXCM	DexCom Inc Sell-off Trend	Pair Corr
0.61	OM	Outset Medical	Pair Corr
0.57	LH	Laboratory	Pair Corr
0.46	VEEV	Veeva Systems Class Earnings Call This Week	Pair Corr
0.41	GH	Guardant Health	Pair Corr
0.31	EW	Edwards Lifesciences Corp	Pair Corr
0.83	ELMD	Electromed	Pair Corr
0.6	XAIR	Beyond Air	Pair Corr
0.59	ABT	Abbott Laboratories Sell-off Trend	Pair Corr
0.45	EUDA	EUDA Health Holdings	Pair Corr
0.33	AMS	American Shared Hospital	Pair Corr
0.79	BSX	Boston Scientific Corp Sell-off Trend	Pair Corr
0.64	CAH	Cardinal Health	Pair Corr

Related Correlations Analysis

	HUM	ELV	UNH	CVS	ALHC	CI	MOH	OSCR	BHG
HUM		0.59	0.3	-0.38	-0.44	0.6	0.41	0.25	0.47	HUM
ELV	0.59		0.02	0.21	-0.61	0.89	0.8	0.7	0.32	ELV
UNH	0.3	0.02		0.05	0.2	0.25	0.0	-0.29	-0.1	UNH
CVS	-0.38	0.21	0.05		-0.05	0.28	0.05	0.19	-0.35	CVS
ALHC	-0.44	-0.61	0.2	-0.05		-0.51	-0.19	-0.28	-0.18	ALHC
CI	0.6	0.89	0.25	0.28	-0.51		0.61	0.58	0.22	CI
MOH	0.41	0.8	0.0	0.05	-0.19	0.61		0.63	0.32	MOH
OSCR	0.25	0.7	-0.29	0.19	-0.28	0.58	0.63		0.49	OSCR
BHG	0.47	0.32	-0.1	-0.35	-0.18	0.22	0.32	0.49		BHG
	HUM	ELV	UNH	CVS	ALHC	CI	MOH	OSCR	BHG

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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

CI	+ 0.89	ELV
MOH	+ 0.8	ELV
OSCR	+ 0.7	ELV
OSCR	+ 0.63	MOH
MOH	+ 0.61	CI
CI	+ 0.6	HUM

High negative correlations

ALHC	- 0.61	ELV
CI	- 0.51	ALHC
ALHC	- 0.44	HUM
CVS	- 0.38	HUM
BHG	- 0.35	CVS
OSCR	- 0.29	UNH

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
HUM	2.09	(0.42)	0.00	(0.13)	0.00	0.00	3.69	(3.94)	14.35
ELV	1.24	(0.55)	0.00	(0.57)	0.00	0.00	1.97	(2.93)	13.29
UNH	1.06	(0.06)	(0.03)	0.07	1.76	(1.07)	2.53	(1.90)	9.77
CVS	1.71	(0.09)	(0.01)	0.07	2.38	(1.60)	3.57	(3.45)	18.70
ALHC	3.41	0.48	0.12	0.50	3.66	(3.79)	8.66	(4.65)	34.84
CI	1.10	(0.15)	0.00	(0.13)	0.00	0.00	1.94	(2.89)	9.74
MOH	2.01	(0.22)	0.00	(3.27)	0.00	0.00	3.52	(3.81)	21.48
OSCR	3.83	0.22	0.00	(0.21)	4.54	(4.50)	7.90	(5.87)	33.87
BHG	7.03	0.84	0.04	(0.14)	8.33	(8.17)	14.36	(14.29)	79.64

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