DHR vs ELV: Correlation
Danaher Corporation (DHR) and Elevance Health (ELV) show a moderate relationship: their 3-year correlation of weekly returns is 0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DHR and ELV?
Across a 3-year window, the weekly returns of DHR and ELV correlate at 0.34, moderate. Recent behaviour matches the longer record: 0.28 over 1 year against 0.34 over 3. Stretching to 5 years gives 0.32, with an annualized covariance of 277.1 %².
Among the 49 assets we track against DHR, ELV ranks #38 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ELV outperformed by 25.5 percentage points (+6.0% for DHR against +31.5% for ELV). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.03 to 0.57.
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.
DHR vs ELV: side by side
| DHR (Danaher Corporation) | ELV (Elevance Health) | |
|---|---|---|
| 1-year return | +6.0% | +31.5% |
| 5-year return | -23.8% | +15.7% |
| Volatility (ann.) | 29.5% | 28.0% |
| Beta vs S&P 500 | 0.82 | 0.37 |
| Max drawdown (3Y) | -41.7% | -50.4% |
| Market cap | $151.6B | $86.6B |
| P/E (trailing) | 38.4 | 17.8 |
| Dividend yield | 0.67% | 1.70% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | DHR | ELV |
|---|---|---|
| 2022 | -19.0% | +11.8% |
| 2023 | -1.2% | -6.9% |
| 2024 | -0.3% | -20.7% |
| 2025 | +0.4% | -3.1% |
| 2026 | -5.4% | +15.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DHR and ELV good diversifiers for each other?
Reasonably. At 0.34, DHR and ELV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between DHR and ELV?
As of 2026-08-27, the correlation of weekly returns between DHR and ELV is 0.34 over 3 years, 0.28 over 1 year and 0.32 over 5 years.
Is ELV a good diversifier for DHR?
Reasonably. At 0.34, DHR and ELV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.34 mean?
On the −1 to +1 scale, 0.34 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/dhr-vs-elv.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dhr-vs-elv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DHR correlations · ELV correlations
