Community Health Correlations

CYH Stock

USD 2.82 0.06 2.17%

The current 90-days correlation between Community Health Systems and Universal Health Services is 0.59 (i.e., Very weak diversification). The correlation of Community 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.

Community Health Correlation With Market

Very weak diversification

The correlation between Community Health Systems and DJI is 0.42 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Community Health Systems 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 Community Health Systems. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in manufacturing.

Moving together with Community Stock

0.7	INFU	InfuSystems Holdings	Pair Corr
0.73	NPCE	Neuropace	Pair Corr
0.89	NVST	Envista Holdings Corp	Pair Corr
0.74	OFIX	Orthofix Medical	Pair Corr
0.71	PODD	Insulet	Pair Corr
0.81	CLPT	Clearpoint Neuro	Pair Corr

Moving against Community Stock

0.67	MNDR	Mobile health Network	Pair Corr
0.6	OCX	OncoCyte Corp	Pair Corr
0.43	BMY	Bristol Myers Squibb Sell-off Trend	Pair Corr
0.41	MRK	Merck Company	Pair Corr
0.35	GSK	GlaxoSmithKline PLC ADR	Pair Corr

Related Correlations Analysis

	UHS	HCA	SGRY	ACHC	THC	USPH	DVA	EHC	PNTG
UHS		0.24	0.05	0.83	0.85	0.63	0.73	0.14	0.73	UHS
HCA	0.24		0.7	-0.17	0.48	-0.43	0.3	0.72	-0.22	HCA
SGRY	0.05	0.7		-0.18	0.38	-0.4	0.14	0.83	-0.32	SGRY
ACHC	0.83	-0.17	-0.18		0.65	0.82	0.66	-0.21	0.81	ACHC
THC	0.85	0.48	0.38	0.65		0.49	0.79	0.43	0.61	THC
USPH	0.63	-0.43	-0.4	0.82	0.49		0.43	-0.31	0.87	USPH
DVA	0.73	0.3	0.14	0.66	0.79	0.43		0.12	0.59	DVA
EHC	0.14	0.72	0.83	-0.21	0.43	-0.31	0.12		-0.22	EHC
PNTG	0.73	-0.22	-0.32	0.81	0.61	0.87	0.59	-0.22		PNTG
	UHS	HCA	SGRY	ACHC	THC	USPH	DVA	EHC	PNTG

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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

PNTG	+ 0.87	USPH
THC	+ 0.85	UHS
ACHC	+ 0.83	UHS
EHC	+ 0.83	SGRY
USPH	+ 0.82	ACHC
PNTG	+ 0.81	ACHC

High negative correlations

USPH	- 0.43	HCA
USPH	- 0.4	SGRY
PNTG	- 0.32	SGRY
EHC	- 0.31	USPH
PNTG	- 0.22	EHC
PNTG	- 0.22	HCA

Risk-Adjusted Indicators

There is a big difference between Community Stock performing well and Community 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 Community 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
UHS	1.56	0.02	0.01	(0.01)	2.21	(1.47)	3.30	(3.61)	9.97
HCA	1.54	0.15	0.07	0.20	2.15	(1.47)	3.07	(3.75)	10.61
SGRY	1.74	0.25	0.14	0.28	1.71	(2.44)	3.39	(2.64)	23.37
ACHC	2.08	(0.43)	0.00	(108.53)	0.00	0.00	4.10	(3.00)	34.24
THC	1.88	0.02	0.00	(0.02)	0.00	0.00	2.99	(3.84)	12.10
USPH	1.14	(0.36)	0.00	(0.61)	0.00	0.00	2.13	(2.57)	8.66
DVA	1.51	0.05	0.02	0.02	2.83	(1.37)	3.15	(3.23)	14.24
EHC	1.11	0.06	0.05	0.05	1.38	(1.15)	2.15	(2.36)	6.49
PNTG	2.02	(0.25)	0.00	(0.47)	0.00	0.00	3.67	(3.99)	15.62

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