CVS vs ELV: Correlation
Measured on weekly returns over the past three years, CVS Health (CVS) and Elevance Health (ELV) carry a correlation of 0.34, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVS and ELV?
On 3 years of weekly data the CVS/ELV correlation comes out at 0.34, moderate. The relationship has been stable: the 1-year correlation (0.30) sits close to the 3-year figure. The 5-year figure is 0.39, and annualized covariance runs at 328.0 %².
By 3-year correlation, ELV places #14 of the 32 assets tracked against CVS. Neither side won the trailing year by much: +33.3% against +31.5%. On a rolling one-year basis the correlation drifted between 0.27 and 0.60, a moderate band.
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.
CVS vs ELV: side by side
| CVS (CVS Health) | ELV (Elevance Health) | |
|---|---|---|
| 1-year return | +33.3% | +31.5% |
| 5-year return | +29.6% | +15.7% |
| Volatility (ann.) | 34.4% | 28.0% |
| Beta vs S&P 500 | 0.40 | 0.37 |
| Max drawdown (3Y) | -44.0% | -50.4% |
| Market cap | $118.8B | $86.6B |
| P/E (trailing) | 24.8 | 17.8 |
| Dividend yield | 2.82% | 1.70% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | CVS | ELV |
|---|---|---|
| 2022 | -7.6% | +11.8% |
| 2023 | -12.5% | -6.9% |
| 2024 | -40.8% | -20.7% |
| 2025 | +84.3% | -3.1% |
| 2026 | +19.8% | +15.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVS and ELV good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CVS and ELV?
The CVS/ELV correlation stands at 0.34 on a 3-year window (1 year: 0.30, 5 years: 0.39), computed from weekly returns as of 2026-08-27.
Is ELV a good diversifier for CVS?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.34 mean?
A reading of 0.34 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/cvs-vs-elv.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cvs-vs-elv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CVS correlations · ELV correlations
