ELV vs NVO: Correlation
Elevance Health (ELV) and Novo Nordisk A/S (NVO) show a moderate relationship: their 3-year correlation of weekly returns is 0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELV and NVO?
Over the past 3 years, ELV and NVO moved with a correlation of 0.36, which is moderate. Recent behaviour matches the longer record: 0.45 over 1 year against 0.36 over 3. Over 5 years the correlation is 0.33, and the annualized covariance of weekly returns is 461.4 %².
Within ELV's tracked universe of 27 assets, NVO comes in at #8 by 3-year correlation. Correlation aside, the last 12 months split them widely, with ELV ahead by 45.4 points (+31.5% versus -13.9%). Risk is not evenly split, since NVO carries 1.6 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 NVO: side by side
| ELV (Elevance Health) | NVO (Novo Nordisk A/S) | |
|---|---|---|
| 1-year return | +31.5% | -13.9% |
| 5-year return | +15.7% | +1.3% |
| Volatility (ann.) | 28.0% | 45.9% |
| Beta vs S&P 500 | 0.37 | 1.06 |
| Max drawdown (3Y) | -50.4% | -74.7% |
| Market cap | $86.6B | $204.5B |
| P/E (trailing) | 17.8 | 11.5 |
| Dividend yield | 1.70% | 24.79% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | ELV | NVO |
|---|---|---|
| 2022 | +11.8% | +22.7% |
| 2023 | -6.9% | +54.8% |
| 2024 | -20.7% | -15.9% |
| 2025 | -3.1% | -39.2% |
| 2026 | +15.0% | -4.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELV and NVO good diversifiers for each other?
Reasonably. At 0.36, ELV and NVO keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ELV and NVO?
As of 2026-08-27, the correlation of weekly returns between ELV and NVO is 0.36 over 3 years, 0.45 over 1 year and 0.33 over 5 years.
Is NVO a good diversifier for ELV?
Reasonably. At 0.36, ELV and NVO keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.36 mean?
A reading of 0.36 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: ELV correlations · NVO correlations
