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Qualitative assessment of the overall clinical status of the subject and characterization of complex cardiovascular dynamics from digital blood volume pulsations measured noninvasively using a photo-plethysmographic device is addressed. A novel concept is employed to detect the dominant nonsinusoidal periodicity embedded in the data series and to extract the associated periodic component. The detection and the extraction of periodic component is performed with moving window to accommodate the variations of the physiological oscillations. The covariance matrix formed by the gradually varying pattern is used as a simple measure of qualitative assessment. Further, the characterization of the underlying system in the light of nonlinear dynamical analysis is also presented. The stable subjects are shown to behave as a low-dimensional system whereas the diseased subjects exhibit comparatively high dimensional activity.