McKesson Correlations

MCK Stock

USD 654.01 1.24 0.19%

The current 90-days correlation between McKesson and Cardinal Health is 0.4 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as McKesson moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if McKesson moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

McKesson Correlation With Market

Weak diversification

The correlation between McKesson and DJI is 0.32 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding McKesson and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in McKesson. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in main economic indicators.

For more information on how to buy McKesson Stock please use our How to buy in McKesson Stock guide.

Moving together with McKesson Stock

0.85	CI	Cigna Corp	Pair Corr
0.68	LH	Laboratory	Pair Corr
0.67	FEMY	Femasys	Pair Corr
0.81	ABT	Abbott Laboratories	Pair Corr
0.72	AGL	agilon health	Pair Corr
0.69	ALC	Alcon AG	Pair Corr
0.9	BAX	Baxter International	Pair Corr

Moving against McKesson Stock

0.9	ELAB	Elevai Labs, Common	Pair Corr
0.87	EMBC	Embecta Corp	Pair Corr
0.85	FIGS	Figs Inc	Pair Corr
0.84	WORX	Scworx Corp	Pair Corr
0.8	EKSO	Ekso Bionics Holdings	Pair Corr
0.79	OM	Outset Medical	Pair Corr
0.76	ENOV	Enovis Corp	Pair Corr
0.72	VVOS	Vivos Therapeutics	Pair Corr
0.71	VREX	Varex Imaging Corp	Pair Corr
0.61	EUDA	EUDA Health Holdings	Pair Corr
0.55	VERO	Venus Concept	Pair Corr
0.55	FLGT	Fulgent Genetics	Pair Corr
0.54	DH	Definitive Healthcare	Pair Corr
0.53	EW	Edwards Lifesciences Corp	Pair Corr
0.47	ELMD	Electromed	Pair Corr
0.43	ECOR	Electrocore LLC	Pair Corr
0.42	VTAK	Catheter Precision	Pair Corr
0.41	ENSG	Ensign Group	Pair Corr
0.37	VNRX	Volitionrx Earnings Call This Week	Pair Corr
0.31	DRIO	DarioHealth Corp	Pair Corr
0.84	AWH	Aspira Womens Health	Pair Corr
0.82	AMS	American Shared Hospital Earnings Call This Week	Pair Corr
0.81	XAIR	Beyond Air	Pair Corr
0.77	EVH	Evolent Health	Pair Corr
0.67	ENZ	Enzo Biochem	Pair Corr
0.65	FOXO	FOXO Technologies	Pair Corr
0.64	DHR	Danaher	Pair Corr
0.58	FONR	Fonar	Pair Corr

Related Correlations Analysis

	CAH	HSIC	PDCO	OMI	ABC	EDAP	ZYXI
CAH		0.43	0.17	-0.42	0.0	0.44	-0.33	CAH
HSIC	0.43		0.01	-0.28	0.0	0.42	0.19	HSIC
PDCO	0.17	0.01		-0.22	0.0	0.17	-0.16	PDCO
OMI	-0.42	-0.28	-0.22		0.0	-0.79	0.4	OMI
ABC	0.0	0.0	0.0	0.0		0.0	0.0	ABC
EDAP	0.44	0.42	0.17	-0.79	0.0		-0.14	EDAP
ZYXI	-0.33	0.19	-0.16	0.4	0.0	-0.14		ZYXI
	CAH	HSIC	PDCO	OMI	ABC	EDAP	ZYXI

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

EDAP	+ 0.44	CAH
HSIC	+ 0.43	CAH
EDAP	+ 0.42	HSIC
ZYXI	+ 0.4	OMI
ZYXI	+ 0.19	HSIC
PDCO	+ 0.17	CAH

High negative correlations

EDAP	- 0.79	OMI
OMI	- 0.42	CAH
ZYXI	- 0.33	CAH
OMI	- 0.28	HSIC
OMI	- 0.22	PDCO
ZYXI	- 0.16	PDCO

Risk-Adjusted Indicators

There is a big difference between McKesson Stock performing well and McKesson 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 McKesson'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
CAH	0.81	0.13	0.14	0.11	1.13	(0.77)	1.82	(2.22)	6.21
HSIC	1.35	0.02	0.00	(0.07)	0.00	0.00	2.71	(3.35)	9.27
PDCO	1.07	0.50	2.14	(1.96)	0.00	(1.24)	0.32	(0.19)	37.21
OMI	3.27	(0.07)	0.00	(0.14)	0.00	0.00	4.18	(5.49)	42.44
ABC	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EDAP	2.72	0.09	0.05	(0.63)	3.79	(3.12)	6.80	(4.55)	24.04
ZYXI	2.73	(1.05)	0.00	(0.98)	0.00	0.00	3.59	(3.28)	57.28

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC