ELV vs NUWE: Correlation
Elevance Health (ELV) and Nuwellis, Inc. (NUWE) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELV and NUWE?
Over the past 3 years, ELV and NUWE moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.11 versus -0.22 over 3 years. Over 5 years the correlation is -0.13, and the annualized covariance of weekly returns is -885.3 %².
Among the 27 assets we track against ELV, NUWE ranks #19 by 3-year correlation. Correlation aside, the last 12 months split them widely, with ELV ahead by 131.0 points (+31.5% versus -99.5%). Risk is not evenly split, since NUWE carries 5.1 times the volatility of the other side.
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 NUWE: side by side
| ELV (Elevance Health) | NUWE (Nuwellis, Inc.) | |
|---|---|---|
| 1-year return | +31.5% | -99.5% |
| 5-year return | +15.7% | -100.0% |
| Volatility (ann.) | 28.0% | 141.6% |
| Beta vs S&P 500 | 0.37 | 1.66 |
| Max drawdown (3Y) | -50.4% | -100.0% |
| Market cap | $86.6B | – |
| P/E (trailing) | 17.8 | 0.0 |
| Dividend yield | 1.70% | 0.00% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | ELV | NUWE |
|---|---|---|
| 2022 | +11.8% | -90.6% |
| 2023 | -6.9% | -94.6% |
| 2024 | -20.7% | -94.5% |
| 2025 | -3.1% | -96.3% |
| 2026 | +15.0% | -98.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELV and NUWE good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ELV and NUWE?
As of 2026-08-27, the correlation of weekly returns between ELV and NUWE is -0.22 over 3 years, -0.11 over 1 year and -0.13 over 5 years.
Is NUWE a good diversifier for ELV?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 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
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Related comparisons
Hubs: ELV correlations · NUWE correlations
