Cardinal Health Correlations

CAH Stock

USD 165.40 0.00 0.00%

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

Good diversification

The correlation between Cardinal Health and DJI is -0.1 (i.e., Good 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.

Build AI portfolio with Cardinal Stock

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

0.81	DH	Definitive Healthcare	Pair Corr
0.8	EW	Edwards Lifesciences Corp	Pair Corr
0.86	LH	Laboratory	Pair Corr
0.9	OM	Outset Medical	Pair Corr
0.75	VEEV	Veeva Systems Class Sell-off Trend	Pair Corr
0.86	DXCM	DexCom Inc	Pair Corr
0.73	EHAB	Enhabit	Pair Corr
0.91	ENSG	Ensign Group	Pair Corr
0.65	FIGS	Figs Inc	Pair Corr
0.84	FLGT	Fulgent Genetics	Pair Corr
0.82	ABT	Abbott Laboratories	Pair Corr
0.74	AHG	Akso Health Group	Pair Corr

Moving against Cardinal Stock

0.63	ECOR	Electrocore LLC	Pair Corr
0.48	VERO	Venus Concept	Pair Corr
0.45	VREX	Varex Imaging Corp	Pair Corr
0.41	CI	Cigna Corp	Pair Corr
0.4	VTAK	Catheter Precision	Pair Corr
0.32	VSEE	VSee Health, Symbol Change	Pair Corr
0.81	WORX	Scworx Corp	Pair Corr
0.8	ELMD	Electromed	Pair Corr
0.77	WGRX	Wellgistics Health,	Pair Corr
0.76	FEMY	Femasys	Pair Corr
0.69	ELAB	Elevai Labs, Common	Pair Corr
0.68	EKSO	Ekso Bionics Holdings	Pair Corr
0.65	EMBC	Embecta Corp	Pair Corr
0.46	ENOV	Enovis Corp	Pair Corr
0.44	VVOS	Vivos Therapeutics	Pair Corr
0.43	EUDA	EUDA Health Holdings	Pair Corr
0.89	AGL	agilon health	Pair Corr
0.84	BDX	Becton Dickinson	Pair Corr
0.78	BVS	Bioventus	Pair Corr
0.72	XAIR	Beyond Air	Pair Corr
0.71	AMS	American Shared Hospital	Pair Corr
0.66	CHE	Chemed Corp	Pair Corr

Related Correlations Analysis

	ABC	HSIC	OMI	PDCO	MCK	ZYXI	EDAP
ABC		0.0	0.0	0.0	0.0	0.0	0.0	ABC
HSIC	0.0		0.21	0.23	0.27	0.42	0.31	HSIC
OMI	0.0	0.21		-0.66	-0.55	0.47	0.47	OMI
PDCO	0.0	0.23	-0.66		0.68	-0.26	-0.15	PDCO
MCK	0.0	0.27	-0.55	0.68		-0.36	-0.2	MCK
ZYXI	0.0	0.42	0.47	-0.26	-0.36		0.23	ZYXI
EDAP	0.0	0.31	0.47	-0.15	-0.2	0.23		EDAP
	ABC	HSIC	OMI	PDCO	MCK	ZYXI	EDAP

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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

MCK	+ 0.68	PDCO
ZYXI	+ 0.47	OMI
EDAP	+ 0.47	OMI
ZYXI	+ 0.42	HSIC
EDAP	+ 0.31	HSIC
MCK	+ 0.27	HSIC

High negative correlations

PDCO	- 0.66	OMI
MCK	- 0.55	OMI
ZYXI	- 0.36	MCK
ZYXI	- 0.26	PDCO
EDAP	- 0.2	MCK
EDAP	- 0.15	PDCO

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
ABC	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
HSIC	1.34	(0.02)	(0.01)	(0.01)	1.63	(1.43)	2.67	(2.55)	9.45
OMI	3.13	(0.36)	0.00	(0.51)	0.00	0.00	5.35	(6.06)	19.06
PDCO	0.13	0.01	0.00	1.26	0.18	(0.15)	0.26	(0.22)	1.58
MCK	1.00	0.16	0.09	0.56	1.50	(0.99)	2.90	(2.09)	8.09
ZYXI	4.93	(0.07)	0.00	(0.02)	0.00	0.00	12.86	(8.62)	38.29
EDAP	3.67	(0.32)	0.00	(0.36)	0.00	0.00	8.29	(8.84)	39.38

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