CVS Health Correlations

CVS Stock

USD 67.05 1.59 2.32%

The current 90-days correlation between CVS Health Corp and Cigna Corp is 0.31 (i.e., Weak diversification). The correlation of CVS 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. If the correlation is 0, the equities are not correlated; they are entirely random.

CVS Health Correlation With Market

Weak diversification

The correlation between CVS Health Corp and DJI is 0.3 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding CVS Health 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 CVS Health 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 real.

Moving together with CVS Stock

0.77	ALC	Alcon AG	Pair Corr
0.72	BSX	Boston Scientific Corp	Pair Corr
0.71	EHC	Encompass Health Corp	Pair Corr
0.9	FNA	Paragon 28	Pair Corr
0.88	MDT	Medtronic PLC	Pair Corr
0.77	INMD	InMode	Pair Corr
0.7	IRTC	iRhythm Technologies	Pair Corr
0.91	LUCD	Lucid Diagnostics	Pair Corr
0.65	LUNG	Pulmonx Corp	Pair Corr
0.93	NVRO	Nevro Corp	Pair Corr
0.68	NYXH	Nyxoah	Pair Corr
0.94	OPCH	Option Care Health	Pair Corr

Moving against CVS Stock

0.84	WST	West Pharmaceutical	Pair Corr
0.7	TFX	Teleflex Incorporated	Pair Corr
0.65	GKOS	Glaukos Corp	Pair Corr
0.6	LIVN	LivaNova PLC	Pair Corr
0.55	INSP	Inspire Medical Systems	Pair Corr
0.49	ITGR	Integer Holdings Corp	Pair Corr
0.47	SEM	Select Medical Holdings	Pair Corr
0.46	ENSG	Ensign Group	Pair Corr
0.37	ELMD	Electromed	Pair Corr
0.34	EW	Edwards Lifesciences Corp	Pair Corr
0.33	UHS	Universal Health Services	Pair Corr
0.87	SRDX	SurModics	Pair Corr
0.86	MODD	Modular Medical	Pair Corr
0.85	RXST	Rxsight	Pair Corr
0.85	SGHT	Sight Sciences	Pair Corr
0.83	ADUS	Addus HomeCare	Pair Corr
0.79	APYX	Apyx Medical	Pair Corr
0.79	CNMD	CONMED	Pair Corr
0.69	NNOX	Nano X Imaging	Pair Corr
0.67	MDAI	Spectral AI	Pair Corr

Related Correlations Analysis

	HUM	CI	ELV	CNC	UNH	MOH	ALHC
HUM		-0.01	0.32	0.69	0.69	0.21	0.44	HUM
CI	-0.01		0.8	-0.25	-0.43	0.55	0.78	CI
ELV	0.32	0.8		0.05	0.01	0.52	0.88	ELV
CNC	0.69	-0.25	0.05		0.56	0.25	0.08	CNC
UNH	0.69	-0.43	0.01	0.56		-0.21	0.03	UNH
MOH	0.21	0.55	0.52	0.25	-0.21		0.45	MOH
ALHC	0.44	0.78	0.88	0.08	0.03	0.45		ALHC
	HUM	CI	ELV	CNC	UNH	MOH	ALHC

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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

ALHC	+ 0.88	ELV
ELV	+ 0.8	CI
ALHC	+ 0.78	CI
CNC	+ 0.69	HUM
UNH	+ 0.69	HUM
UNH	+ 0.56	CNC

High negative correlations

UNH	- 0.43	CI
CNC	- 0.25	CI
MOH	- 0.21	UNH
CI	- 0.01	HUM

Risk-Adjusted Indicators

There is a big difference between CVS Stock performing well and CVS 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 CVS 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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
HUM	1.90	0.02	0.00	(0.04)	0.00	0.00	3.89	(3.77)	12.48
CI	1.39	0.25	0.14	0.41	1.75	(1.44)	3.97	(2.73)	13.04
ELV	1.23	0.19	0.17	1.00	1.27	(1.29)	2.72	(2.13)	8.26
CNC	1.39	0.06	0.07	(0.39)	1.98	(1.52)	2.91	(2.58)	11.30
UNH	1.47	(0.05)	0.00	(0.24)	0.00	0.00	2.47	(4.22)	11.09
MOH	1.97	0.17	0.06	0.16	2.86	(1.98)	3.92	(4.32)	14.91
ALHC	2.26	0.79	0.28	0.62	2.27	(2.56)	4.04	(3.96)	21.92

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