CNC vs EVH: Correlation
Measured on weekly returns over the past three years, Centene Corporation (CNC) and Evolent Health, Inc (EVH) carry a correlation of 0.32, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNC and EVH?
Over the past 3 years, CNC and EVH moved with a correlation of 0.32, which is moderate. The past 12 months show a tighter link (0.45) than the 3-year average (0.32). Over 5 years the correlation is 0.33, and the annualized covariance of weekly returns is 1042.9 %².
Within CNC's tracked universe of 30 assets, EVH comes in at #7 by 3-year correlation. The last year tells two different stories: CNC led by 178.8 percentage points, +126.5% for CNC against -52.3% for EVH. Note the risk asymmetry: EVH runs 1.6 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.
CNC vs EVH: side by side
| CNC (Centene Corporation) | EVH (Evolent Health, Inc) | |
|---|---|---|
| 1-year return | +126.5% | -52.3% |
| 5-year return | +3.3% | -81.3% |
| Volatility (ann.) | 45.4% | 72.4% |
| Beta vs S&P 500 | 0.36 | 0.65 |
| Max drawdown (3Y) | -68.6% | -93.8% |
| Market cap | $32.3B | $0.5B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | CNC | EVH |
|---|---|---|
| 2022 | -0.5% | +1.5% |
| 2023 | -9.5% | +17.6% |
| 2024 | -18.4% | -65.9% |
| 2025 | -32.1% | -64.4% |
| 2026 | +58.8% | +14.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNC and EVH good diversifiers for each other?
Reasonably. At 0.32, CNC and EVH keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CNC and EVH?
Using weekly returns as of 2026-08-27: 0.32 over 3 years, with 0.45 over the last year and 0.33 over 5 years.
Is EVH a good diversifier for CNC?
Reasonably. At 0.32, CNC and EVH keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.32 mean?
A reading of 0.32 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/cnc-vs-evh.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cnc-vs-evh/)
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Related comparisons
Hubs: CNC correlations · EVH correlations
