Correlation Analysis Between CVS Health and Anthem

This module allows you to analyze existing cross correlation between CVS Health Corporation and Anthem. You can compare the effects of market volatilities on CVS Health and Anthem and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in CVS Health with a short position of Anthem. See also your portfolio center. Please also check ongoing floating volatility patterns of CVS Health and Anthem.
Horizon     30 Days    Login   to change
Symbolsvs
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Comparative Performance

CVS Health  
1010

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in CVS Health Corporation are ranked lower than 10 (%) of all global equities and portfolios over the last 30 days. In defiance of relatively fragile forward-looking signals, CVS Health reported solid returns over the last few months and may actually be approaching a breakup point.
Anthem  
00

Risk-Adjusted Performance

Over the last 30 days Anthem has generated negative risk-adjusted returns adding no value to investors with long positions. Even with latest fragile performance, the Stock's technical indicators remain steady and the new chaos on Wall Street may also be a sign of medium term gains for the business stakeholders.

CVS Health and Anthem Volatility Contrast

 Predicted Return Density 
      Returns 

CVS Health Corp.  vs.  Anthem Inc

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, CVS Health Corporation is expected to generate 0.95 times more return on investment than Anthem. However, CVS Health Corporation is 1.05 times less risky than Anthem. It trades about 0.15 of its potential returns per unit of risk. Anthem is currently generating about -0.09 per unit of risk. If you would invest  5,418  in CVS Health Corporation on August 17, 2019 and sell it today you would earn a total of  870.00  from holding CVS Health Corporation or generate 16.06% return on investment over 30 days.

Pair Corralation between CVS Health and Anthem

0.92
Time Period3 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for CVS Health and Anthem

CVS Health Corp. diversification synergy

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding CVS Health Corp. and Anthem Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Anthem and CVS Health is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on CVS Health Corporation are associated (or correlated) with Anthem. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anthem has no effect on the direction of CVS Health i.e. CVS Health and Anthem go up and down completely randomly.
See also your portfolio center. Please also try Fundamental Analysis module to view fundamental data based on most recent published financial statements.


 
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