BATL vs ELV: Correlation
Measured on weekly returns over the past three years, Battalion Oil Corporation (BATL) and Elevance Health (ELV) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BATL and ELV?
Across a 3-year window, the weekly returns of BATL and ELV correlate at -0.26, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.43) runs below the 3-year figure (-0.26). Stretching to 5 years gives -0.18, with an annualized covariance of -1835.0 %².
By 3-year correlation, ELV places #37 of the 44 assets tracked against BATL. Correlation aside, the last 12 months split them widely, with ELV ahead by 18.8 points (+12.7% versus +31.5%). Note the risk asymmetry: BATL runs 9.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
BATL vs ELV: side by side
| BATL (Battalion Oil Corporation) | ELV (Elevance Health) | |
|---|---|---|
| 1-year return | +12.7% | +31.5% |
| 5-year return | -87.1% | +15.7% |
| Volatility (ann.) | 252.0% | 28.0% |
| Beta vs S&P 500 | -0.19 | 0.37 |
| Max drawdown (3Y) | -95.8% | -50.4% |
| Market cap | $0.1B | $86.6B |
| P/E (trailing) | – | 17.8 |
| Dividend yield | 0.00% | 1.70% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | BATL | ELV |
|---|---|---|
| 2022 | -0.9% | +11.8% |
| 2023 | -1.0% | -6.9% |
| 2024 | -82.1% | -20.7% |
| 2025 | -34.3% | -3.1% |
| 2026 | +17.7% | +15.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BATL and ELV good diversifiers for each other?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
FAQ
What is the correlation between BATL and ELV?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with -0.43 over the last year and -0.18 over 5 years.
Is ELV a good diversifier for BATL?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
What does a correlation of -0.26 mean?
A reading of -0.26 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/batl-vs-elv.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/batl-vs-elv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BATL correlations · ELV correlations
