Overlapping area represents the amount of risk that can be diversified away by holding CVS Health Corp. and International Business Machine in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on International Business 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 International Business. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of International Business has no effect on the direction of CVS Health i.e. CVS Health and International Business go up and down completely randomly.