ASTH vs EVH: Correlation
Measured on weekly returns over the past three years, Astrana Health Inc. (ASTH) and Evolent Health, Inc (EVH) carry a correlation of 0.40, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASTH and EVH?
On 3 years of weekly data the ASTH/EVH correlation comes out at 0.40, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.67 versus 0.40 over 3 years. The 5-year figure is 0.33, and annualized covariance runs at 1638.6 %².
Among the 15 assets we track against ASTH, EVH ranks #6 by 3-year correlation. The last year tells two different stories: ASTH led by 75.4 percentage points, +23.1% for ASTH against -52.3% for EVH.
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.
ASTH vs EVH: side by side
| ASTH (Astrana Health Inc.) | EVH (Evolent Health, Inc) | |
|---|---|---|
| 1-year return | +23.1% | -52.3% |
| 5-year return | -46.1% | -81.3% |
| Volatility (ann.) | 56.8% | 72.4% |
| Beta vs S&P 500 | 1.15 | 0.65 |
| Max drawdown (3Y) | -71.0% | -93.8% |
| Market cap | $1.9B | $0.5B |
| P/E (trailing) | 47.4 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASTH | EVH |
|---|---|---|
| 2022 | -59.7% | +1.5% |
| 2023 | +29.4% | +17.6% |
| 2024 | -17.7% | -65.9% |
| 2025 | -21.3% | -64.4% |
| 2026 | +54.8% | +14.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASTH and EVH good diversifiers for each other?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ASTH and EVH?
The ASTH/EVH correlation stands at 0.40 on a 3-year window (1 year: 0.67, 5 years: 0.33), computed from weekly returns as of 2026-08-27.
Is EVH a good diversifier for ASTH?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.40 mean?
A reading of 0.40 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: ASTH correlations · EVH correlations
