ELV vs FRMM: Correlation
Measured on weekly returns over the past three years, Elevance Health (ELV) and Forum Markets, Incorporated (FRMM) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELV and FRMM?
On 3 years of weekly data the ELV/FRMM correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.20) runs above the 3-year figure (-0.24). The 5-year figure is -0.16, and annualized covariance runs at -1504.2 %².
Out of 27 assets tracked against ELV, FRMM lands near the bottom at #23. Their recent paths diverged sharply: over the last 12 months ELV outperformed by 112.5 percentage points (+31.5% for ELV against -81.0% for FRMM). One caveat on sizing: FRMM is 8.1 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.
ELV vs FRMM: side by side
| ELV (Elevance Health) | FRMM (Forum Markets, Incorporated) | |
|---|---|---|
| 1-year return | +31.5% | -81.0% |
| 5-year return | +15.7% | -100.0% |
| Volatility (ann.) | 28.0% | 228.0% |
| Beta vs S&P 500 | 0.37 | 2.29 |
| Max drawdown (3Y) | -50.4% | -98.9% |
| Market cap | $86.6B | $0.1B |
| P/E (trailing) | 17.8 | – |
| Dividend yield | 1.70% | 0.00% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | ELV | FRMM |
|---|---|---|
| 2022 | +11.8% | -95.7% |
| 2023 | -6.9% | -93.7% |
| 2024 | -20.7% | -55.2% |
| 2025 | -3.1% | -73.1% |
| 2026 | +15.0% | +15.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELV and FRMM good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between ELV and FRMM?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with 0.20 over the last year and -0.16 over 5 years.
Is FRMM a good diversifier for ELV?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 mean?
A reading of -0.24 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/elv-vs-frmm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/elv-vs-frmm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ELV correlations · FRMM correlations
