ELV vs PBAM: Correlation
How closely do Elevance Health (ELV) and Private Bancorp of America, Inc. (PBAM) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELV and PBAM?
Across a 3-year window, the weekly returns of ELV and PBAM correlate at -0.24, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.13) runs above the 3-year figure (-0.24). Stretching to 5 years gives -0.06, with an annualized covariance of -129.3 %².
PBAM is close to the least connected end of ELV's tracked universe, ranking #25 of 27. Their recent paths diverged sharply: over the last 12 months PBAM outperformed by 22.1 percentage points (+31.5% for ELV against +53.6% for PBAM).
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 PBAM: side by side
| ELV (Elevance Health) | PBAM (Private Bancorp of America, Inc.) | |
|---|---|---|
| 1-year return | +31.5% | +53.6% |
| 5-year return | +15.7% | +253.3% |
| Volatility (ann.) | 28.0% | 19.0% |
| Beta vs S&P 500 | 0.37 | 0.13 |
| Max drawdown (3Y) | -50.4% | -14.8% |
| Market cap | $86.6B | $0.5B |
| P/E (trailing) | 17.8 | 11.5 |
| Dividend yield | 1.70% | 0.00% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | ELV | PBAM |
|---|---|---|
| 2022 | +11.8% | +20.2% |
| 2023 | -6.9% | +8.1% |
| 2024 | -20.7% | +65.0% |
| 2025 | -3.1% | -0.4% |
| 2026 | +15.0% | +53.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELV and PBAM good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ELV and PBAM?
As of 2026-08-27, the correlation of weekly returns between ELV and PBAM is -0.24 over 3 years, -0.13 over 1 year and -0.06 over 5 years.
Is PBAM a good diversifier for ELV?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/elv-vs-pbam.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/elv-vs-pbam/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ELV correlations · PBAM correlations
