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Cardinal Health, Inc. (CAH) vs PPI: All Commodities
Correlation
of % moves
-26%
In sync
of periods
43%
History
monthsmonths · through 2026-04
59
These move in the same direction about 43% of the time
Their swing sizes only faintly mirror each other (~7% of the pattern is shared).
A faint pattern — interesting as colour, not strong enough to act on alone.
On a log scale so equal % moves take equal vertical space — best when one series has grown much faster than the other.
What to Watch
PPI: All Commodities moves ~1 month before CAH
Watch PPI: All Commodities for an early read on CAH.
Tighter in drawdowns
The relationship is stronger when both prices are falling than when both are rising — typical risk-off behaviour.
Flips between sync and inverse
Sometimes the two move together, sometimes opposite. Don't treat this as a stable signal.
Advanced
Statistics
In sync(i)
43.1%
Headline metric
Movement correlation(i)
-26%
Based on % moves
95% CI
-48% → -0%
Likely range of correlation
Pipeline
Pipeline Summary
59 paired data points survived the monthly window.
Raw input
1,254
1,360
Normalized
1,254
1,360
Prepared
60
1,360
Aligned
59
59
Invalid removed
R²(i)
6.7%
Variance explained
Significance
p < 0.05
Statistical confidence
Data points
59
Thin
Time-Shifted Correlation
See how correlation changes when one series is offset in time. A taller bar at a non-zero shift means the two move together better when one leads the other — that's a potential lead/lag signal.
Correlation by shift
Click a bar to inspect. Range: -18 to 18 months.
Selected shift
-1 month
Correlation at this shift
-36%
+10% stronger than no-shift baseline
PPI: All Commodities shifted 1 month later. Reads: "Does Cardinal Health, Inc. (CAH) today line up with PPI: All Commodities 1 month ago?"
57 overlapping points at this shift
Baseline
-26%
No-shift correlation, matching the main time-series chart above.
Peak shift
-1 month
-36%
A non-zero peak suggests one series lines up better when shifted against the other.
Stability
How the correlation evolves over time. A stable line means the relationship is reliable; large swings signal regime-dependent behavior.
Do They Crash Together?
How these series behave when markets are rising, falling, or diverging. A correlation that holds in drawdowns is very different from one that only works in rallies.
Both Rising
-21%
20 periods · Return correlation when both series rose
Both Falling
+50%
5 periods · Return correlation when both series fell
Diverging
-67%
33 periods · Return correlation when series moved apart
Scatter
0
A: 0 / B: 0
Duplicates removed
0
A: 0 / B: 0
Alignment drops
1,302
A: 1 / B: 1301
Series A
Cardinal Health, Inc. (CAH)
CAH
Stock · 1,254 raw → 60 prepared
Series B
PPI: All Commodities
PPIACO
FRED · 1,360 raw → 1,360 prepared
Sign agreement
100.0%
How often both values share the same sign.
Zero crossings
3
Estimated crossover points between normalized spreads.
Slope
-0.0527
Linear regression slope.
Intercept
0.0049
Linear regression intercept.
Saved 3 weeks ago · ID: fred-ppiaco_stock-cah_monthly_5y