CNC vs ELV: Correlation
How closely do Centene Corporation (CNC) and Elevance Health (ELV) trade together? Their weekly returns over three years give a correlation of 0.58, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNC and ELV?
Over the past 3 years, CNC and ELV moved with a correlation of 0.58, which is moderate. Recent behaviour matches the longer record: 0.50 over 1 year against 0.58 over 3. Over 5 years the correlation is 0.61, and the annualized covariance of weekly returns is 731.8 %².
ELV is one of the assets that tracks CNC most closely: it ranks #2 out of the 30 assets we track against CNC. The last year tells two different stories: CNC led by 95.0 percentage points, +126.5% for CNC against +31.5% for ELV. Stability stands out here, with the rolling one-year correlation confined to 0.51 through 0.72. One caveat on sizing: CNC is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
CNC vs ELV: side by side
| CNC (Centene Corporation) | ELV (Elevance Health) | |
|---|---|---|
| 1-year return | +126.5% | +31.5% |
| 5-year return | +3.3% | +15.7% |
| Volatility (ann.) | 45.4% | 28.0% |
| Beta vs S&P 500 | 0.36 | 0.37 |
| Max drawdown (3Y) | -68.6% | -50.4% |
| Market cap | $32.3B | $86.6B |
| P/E (trailing) | – | 17.8 |
| Dividend yield | 0.00% | 1.70% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | CNC | ELV |
|---|---|---|
| 2022 | -0.5% | +11.8% |
| 2023 | -9.5% | -6.9% |
| 2024 | -18.4% | -20.7% |
| 2025 | -32.1% | -3.1% |
| 2026 | +58.8% | +15.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNC and ELV good diversifiers for each other?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CNC and ELV?
Using weekly returns as of 2026-08-27: 0.58 over 3 years, with 0.50 over the last year and 0.61 over 5 years.
Is ELV a good diversifier for CNC?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.58 mean?
On the −1 to +1 scale, 0.58 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cnc-vs-elv.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cnc-vs-elv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CNC correlations · ELV correlations
