Correlation Analysis Between CVS Health and Laboratory

This module allows you to analyze existing cross correlation between CVS Health Corporation and Laboratory Corporation of America Holdings. You can compare the effects of market volatilities on CVS Health and Laboratory 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 Laboratory. See also your portfolio center. Please also check ongoing floating volatility patterns of CVS Health and Laboratory.
Horizon     30 Days    Login   to change

CVS Health Corp.  vs.  Laboratory Corp. of America Ho

 Performance (%) 

Pair Volatility

Considering 30-days investment horizon, CVS Health Corporation is expected to generate 0.78 times more return on investment than Laboratory. However, CVS Health Corporation is 1.28 times less risky than Laboratory. It trades about 0.23 of its potential returns per unit of risk. Laboratory Corporation of America Holdings is currently generating about -0.05 per unit of risk. If you would invest  7,306  in CVS Health Corporation on October 15, 2018 and sell it today you would earn a total of  723.00  from holding CVS Health Corporation or generate 9.9% return on investment over 30 days.

Pair Corralation between CVS Health and Laboratory

Time Period1 Month [change]
ValuesDaily Returns


CVS Health Corp. diversification synergy

Very weak diversification

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

Comparative Volatility

 Predicted Return Density 
CVS Health  

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in CVS Health Corporation are ranked lower than 15 (%) of all global equities and portfolios over the last 30 days.
Laboratory of America  

Risk-Adjusted Performance

Over the last 30 days Laboratory Corporation of America Holdings has generated negative risk-adjusted returns adding no value to investors with long positions.

Laboratory Corporation of America Holdings

Pair trading matchups for Laboratory

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See also your portfolio center. Please also try Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.