ELV vs OGN: Correlation
Measured on weekly returns over the past three years, Elevance Health (ELV) and Organon & Co. (OGN) carry a correlation of 0.36, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELV and OGN?
Across a 3-year window, the weekly returns of ELV and OGN correlate at 0.36, moderate. The link has tightened recently: the 1-year correlation (0.54) runs above the 3-year figure (0.36). Stretching to 5 years gives 0.34, with an annualized covariance of 534.5 %².
Within ELV's tracked universe of 27 assets, OGN comes in at #9 by 3-year correlation. Correlation aside, the last 12 months split them widely, with OGN ahead by 19.3 points (+31.5% versus +50.8%). Risk is not evenly split, since OGN carries 1.9 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 OGN: side by side
| ELV (Elevance Health) | OGN (Organon & Co.) | |
|---|---|---|
| 1-year return | +31.5% | +50.8% |
| 5-year return | +15.7% | -50.3% |
| Volatility (ann.) | 28.0% | 53.4% |
| Beta vs S&P 500 | 0.37 | 0.88 |
| Max drawdown (3Y) | -50.4% | -74.1% |
| Market cap | $86.6B | $3.6B |
| P/E (trailing) | 17.8 | 17.6 |
| Dividend yield | 1.70% | 0.58% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | ELV | OGN |
|---|---|---|
| 2022 | +11.8% | -4.9% |
| 2023 | -6.9% | -45.1% |
| 2024 | -20.7% | +9.9% |
| 2025 | -3.1% | -50.7% |
| 2026 | +15.0% | +93.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELV and OGN good diversifiers for each other?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ELV and OGN?
The ELV/OGN correlation stands at 0.36 on a 3-year window (1 year: 0.54, 5 years: 0.34), computed from weekly returns as of 2026-08-27.
Is OGN a good diversifier for ELV?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/elv-vs-ogn.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/elv-vs-ogn/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ELV correlations · OGN correlations
