ELV vs NVS: Correlation
Measured on weekly returns over the past three years, Elevance Health (ELV) and Novartis AG (NVS) carry a correlation of 0.32, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELV and NVS?
Over the past 3 years, ELV and NVS moved with a correlation of 0.32, which is moderate. Recent behaviour matches the longer record: 0.25 over 1 year against 0.32 over 3. Over 5 years the correlation is 0.35, and the annualized covariance of weekly returns is 174.7 %².
Within ELV's tracked universe of 27 assets, NVS comes in at #15 by 3-year correlation. The trailing year gives ELV the advantage: +31.5% versus +25.6%, a 5.9-point spread.
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 NVS: side by side
| ELV (Elevance Health) | NVS (Novartis AG) | |
|---|---|---|
| 1-year return | +31.5% | +25.6% |
| 5-year return | +15.7% | +103.5% |
| Volatility (ann.) | 28.0% | 19.6% |
| Beta vs S&P 500 | 0.37 | 0.25 |
| Max drawdown (3Y) | -50.4% | -20.0% |
| Market cap | $86.6B | $293.9B |
| P/E (trailing) | 17.8 | 23.4 |
| Dividend yield | 1.70% | 2.96% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | ELV | NVS |
|---|---|---|
| 2022 | +11.8% | +8.1% |
| 2023 | -6.9% | +16.1% |
| 2024 | -20.7% | +0.0% |
| 2025 | -3.1% | +47.0% |
| 2026 | +15.0% | +15.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELV and NVS good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ELV and NVS?
The ELV/NVS correlation stands at 0.32 on a 3-year window (1 year: 0.25, 5 years: 0.35), computed from weekly returns as of 2026-08-27.
Is NVS a good diversifier for ELV?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.32 mean?
A reading of 0.32 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-nvs.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/elv-vs-nvs/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ELV correlations · NVS correlations
