ELV vs HUM: Correlation
How closely do Elevance Health (ELV) and Humana (HUM) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELV and HUM?
Across a 3-year window, the weekly returns of ELV and HUM correlate at 0.43, moderate. The relationship has been stable: the 1-year correlation (0.51) sits close to the 3-year figure. Stretching to 5 years gives 0.50, with an annualized covariance of 521.9 %².
By 3-year correlation, HUM places #5 of the 27 assets tracked against ELV. Neither side won the trailing year by much: +31.5% against +34.0%. This link changes with the market regime, having swung between 0.22 and 0.74 on a rolling one-year basis. Note the risk asymmetry: HUM runs 1.5 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.
ELV vs HUM: side by side
| ELV (Elevance Health) | HUM (Humana) | |
|---|---|---|
| 1-year return | +31.5% | +34.0% |
| 5-year return | +15.7% | +1.8% |
| Volatility (ann.) | 28.0% | 43.3% |
| Beta vs S&P 500 | 0.37 | 0.52 |
| Max drawdown (3Y) | -50.4% | -67.9% |
| Market cap | $86.6B | $47.1B |
| P/E (trailing) | 17.8 | 36.9 |
| Dividend yield | 1.70% | 0.91% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | ELV | HUM |
|---|---|---|
| 2022 | +11.8% | +11.2% |
| 2023 | -6.9% | -9.9% |
| 2024 | -20.7% | -44.0% |
| 2025 | -3.1% | +2.4% |
| 2026 | +15.0% | +54.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELV and HUM good diversifiers for each other?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ELV and HUM?
Using weekly returns as of 2026-08-27: 0.43 over 3 years, with 0.51 over the last year and 0.50 over 5 years.
Is HUM a good diversifier for ELV?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.43 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/elv-vs-hum.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/elv-vs-hum/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ELV correlations · HUM correlations
