CAH vs VRNS: Correlation
How closely do Cardinal Health (CAH) and Varonis Systems, Inc. (VRNS) trade together? Their weekly returns over three years give a correlation of -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAH and VRNS?
Over the past 3 years, CAH and VRNS moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.42 versus -0.25 over 3 years. Over 5 years the correlation is -0.10, and the annualized covariance of weekly returns is -304.6 %².
Among the 32 assets we track against CAH, VRNS sits near the bottom by co-movement, at rank #31. The last year tells two different stories: CAH led by 82.6 percentage points, +59.2% for CAH against -23.4% for VRNS. One caveat on sizing: VRNS is 2.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
CAH vs VRNS: side by side
| CAH (Cardinal Health) | VRNS (Varonis Systems, Inc.) | |
|---|---|---|
| 1-year return | +59.2% | -23.4% |
| 5-year return | +409.0% | -35.2% |
| Volatility (ann.) | 24.2% | 50.1% |
| Beta vs S&P 500 | 0.31 | 1.01 |
| Max drawdown (3Y) | -20.4% | -68.1% |
| Market cap | $54.7B | $5.1B |
| P/E (trailing) | 33.0 | – |
| Dividend yield | 0.86% | 0.00% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | CAH | VRNS |
|---|---|---|
| 2022 | +54.1% | -50.9% |
| 2023 | +34.1% | +89.1% |
| 2024 | +19.0% | -1.9% |
| 2025 | +76.3% | -26.2% |
| 2026 | +15.2% | +36.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAH and VRNS good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CAH and VRNS?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.42 over the last year and -0.10 over 5 years.
Is VRNS a good diversifier for CAH?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 mean?
A reading of -0.25 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CAH correlations · VRNS correlations
