Elevance Health Correlations

ELV Stock

USD 330.25 4.61 1.42%

The current 90-days correlation between Elevance Health and Cigna Corp is 0.53 (i.e., Very weak diversification). The correlation of Elevance Health is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Elevance Health Correlation With Market

Poor diversification

The correlation between Elevance Health and DJI is 0.62 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Elevance Health and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Elevance Stock

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Elevance Health. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

For more information on how to buy Elevance Stock please use our How to Invest in Elevance Health guide.

Moving together with Elevance Stock

0.82	NPTH	NeuPath Health	Pair Corr
0.79	AGL	agilon health	Pair Corr
0.61	CVS	CVS Health Corp	Pair Corr
0.61	OCA	Oceania Healthcare	Pair Corr
0.65	BMEZ	BlackRock Health Sciences	Pair Corr

Moving against Elevance Stock

0.78	S00	Spire Healthcare	Pair Corr
0.65	SPI	Spire Healthcare	Pair Corr
0.57	UHS	Universal Health Services Buyout Trend	Pair Corr
0.46	FMS	Fresenius Medical Care	Pair Corr
0.46	REG	Regis Healthcare	Pair Corr
0.76	BZ7A	Bumrungrad Hospital	Pair Corr
0.7	ATPC	Agape ATP	Pair Corr
0.66	BMGL	Basel Medical Group	Pair Corr
0.52	NLH	Nova Leap Health	Pair Corr
0.43	4WK	Wenzhou Kangning Hospital	Pair Corr
0.38	NAKA	Kindly MD Earnings Call Tomorrow	Pair Corr
0.36	SIG	Sigma Healthcare	Pair Corr

Related Correlations Analysis

	CI	REGN	COR	ZTS	HUM	IDXX	CVS	GSK	BDX	GEHC
CI		0.73	0.01	0.73	-0.18	-0.37	0.23	0.69	-0.12	0.34	CI
REGN	0.73		-0.27	0.71	0.02	-0.11	0.14	0.43	0.26	0.63	REGN
COR	0.01	-0.27		-0.01	-0.47	0.09	-0.06	-0.01	-0.34	-0.73	COR
ZTS	0.73	0.71	-0.01		-0.09	-0.13	0.2	0.54	0.05	0.39	ZTS
HUM	-0.18	0.02	-0.47	-0.09		0.56	0.65	-0.6	0.47	0.46	HUM
IDXX	-0.37	-0.11	0.09	-0.13	0.56		0.25	-0.68	0.22	0.1	IDXX
CVS	0.23	0.14	-0.06	0.2	0.65	0.25		-0.21	0.27	0.22	CVS
GSK	0.69	0.43	-0.01	0.54	-0.6	-0.68	-0.21		-0.36	0.21	GSK
BDX	-0.12	0.26	-0.34	0.05	0.47	0.22	0.27	-0.36		0.41	BDX
GEHC	0.34	0.63	-0.73	0.39	0.46	0.1	0.22	0.21	0.41		GEHC
	CI	REGN	COR	ZTS	HUM	IDXX	CVS	GSK	BDX	GEHC

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

REGN	+ 0.73	CI
ZTS	+ 0.73	CI
ZTS	+ 0.71	REGN
GSK	+ 0.69	CI
CVS	+ 0.65	HUM
GEHC	+ 0.63	REGN

High negative correlations

GEHC	- 0.73	COR
GSK	- 0.68	IDXX
GSK	- 0.6	HUM
HUM	- 0.47	COR
IDXX	- 0.37	CI
BDX	- 0.36	GSK

Risk-Adjusted Indicators

There is a big difference between Elevance Stock performing well and Elevance Health Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Elevance Health's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
CI	1.25	0.16	0.10	0.34	1.14	(1.47)	3.20	(2.24)	7.49
REGN	1.57	0.25	0.12	0.67	1.44	(1.97)	3.40	(3.11)	8.86
COR	1.09	0.03	(0.03)	0.63	2.23	(0.96)	1.93	(2.45)	10.81
ZTS	1.05	0.05	0.02	0.17	1.03	(1.27)	2.74	(2.04)	8.16
HUM	2.10	(0.63)	0.00	(0.30)	0.00	0.00	3.79	(5.40)	27.31
IDXX	1.17	(0.23)	0.00	(0.16)	0.00	0.00	3.61	(3.03)	9.91
CVS	1.46	(0.08)	(0.03)	0.00	3.16	(1.28)	2.61	(3.29)	17.16
GSK	1.20	0.29	0.20	0.57	0.93	(1.42)	2.41	(2.03)	9.32
BDX	1.48	(0.07)	0.00	0.05	3.97	(1.53)	4.06	(1.80)	26.97
GEHC	1.46	0.00	0.01	0.09	1.70	(1.49)	3.38	(2.77)	7.77

Elevance Health Corporate Management

Chris Rigg	SVP Division	Profile
Ronald Penczek	Controller VP	Profile
Erin Wessling	Executive Officer	Profile
Scott Anglin	Treasurer SVP	Profile
John Gallina	Ex CFO	Profile
Shantanu MD	Chief Officer	Profile
Julie Goon	Senior Affairs	Profile

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