Elevance Health Correlations

ELV Stock

USD 430.48 5.77 1.32%

The current 90-days correlation between Elevance Health and Cigna Corp is 0.47 (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

Good diversification

The correlation between Elevance Health and DJI is -0.13 (i.e., Good 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.

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 bureau of economic analysis.

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

Moving against Elevance Stock

0.54	GKOS	Glaukos Corp	Pair Corr
0.47	DXCM	DexCom Inc	Pair Corr
0.46	TFX	Teleflex Incorporated	Pair Corr
0.43	EW	Edwards Lifesciences Corp	Pair Corr
0.43	ELMD	Electromed	Pair Corr
0.42	INSP	Inspire Medical Systems	Pair Corr
0.4	IRMD	Iradimed	Pair Corr
0.38	ITGR	Integer Holdings Corp	Pair Corr
0.37	SEM	Select Medical Holdings	Pair Corr
0.35	INGN	Inogen Inc	Pair Corr
0.66	MDAI	Spectral AI	Pair Corr
0.58	CCLD	CareCloud	Pair Corr
0.55	ACET	Adicet Bio	Pair Corr
0.49	APYX	Apyx Medical	Pair Corr
0.47	NNOX	Nano X Imaging	Pair Corr
0.46	ACHC	Acadia Healthcare	Pair Corr
0.43	SRDX	SurModics	Pair Corr
0.4	ADUS	Addus HomeCare	Pair Corr
0.39	OTRK	Ontrak Inc	Pair Corr

Related Correlations Analysis

	CI	UNH	CNC	MOH	HUM	CVS	ALHC
CI		-0.46	-0.38	0.45	-0.17	0.59	0.4	CI
UNH	-0.46		0.59	-0.06	0.58	-0.44	0.0	UNH
CNC	-0.38	0.59		0.19	0.54	-0.43	-0.03	CNC
MOH	0.45	-0.06	0.19		0.21	0.27	0.45	MOH
HUM	-0.17	0.58	0.54	0.21		0.02	0.44	HUM
CVS	0.59	-0.44	-0.43	0.27	0.02		0.8	CVS
ALHC	0.4	0.0	-0.03	0.45	0.44	0.8		ALHC
	CI	UNH	CNC	MOH	HUM	CVS	ALHC

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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

ALHC	+ 0.8	CVS
CVS	+ 0.59	CI
CNC	+ 0.59	UNH
HUM	+ 0.58	UNH
HUM	+ 0.54	CNC
MOH	+ 0.45	CI

High negative correlations

UNH	- 0.46	CI
CVS	- 0.44	UNH
CVS	- 0.43	CNC
CNC	- 0.38	CI
HUM	- 0.17	CI
MOH	- 0.06	UNH

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	0.23	0.15	1.34	1.62	(1.31)	2.43	(2.50)	10.82
UNH	1.32	0.01	0.05	(0.11)	2.13	(1.36)	2.12	(2.27)	11.09
CNC	1.36	(0.04)	0.00	0.24	0.00	0.00	2.50	(2.58)	11.30
MOH	1.97	0.17	0.06	0.16	2.86	(1.98)	3.92	(4.32)	14.91
HUM	1.90	0.02	0.00	(0.04)	0.00	0.00	3.89	(3.77)	12.48
CVS	1.73	0.61	0.32	0.57	1.53	(2.13)	4.36	(2.60)	17.42
ALHC	2.26	0.79	0.28	0.62	2.27	(2.56)	4.04	(3.96)	21.92

Elevance Health Corporate Management

Chris Rigg	SVP Division	Profile
Ronald Penczek	Controller VP	Profile
Scott Anglin	Treasurer SVP	Profile
John Gallina	Ex CFO	Profile
Julie Goon	Senior Affairs	Profile
Felicia Norwood	Executive Benefits	Profile
Charles Kendrick	Executive Benefits	Profile

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