ELV vs PGR: Correlation
Elevance Health (ELV) and Progressive Corporation (PGR) 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 PGR?
Over the past 3 years, ELV and PGR moved with a correlation of 0.36, which is moderate. Little has changed lately, as the 1-year reading of 0.43 lands near the 3-year figure. Over 5 years the correlation is 0.38, and the annualized covariance of weekly returns is 238.0 %².
Within ELV's tracked universe of 27 assets, PGR comes in at #10 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ELV outperformed by 36.8 percentage points (+31.5% for ELV against -5.3% for PGR). Across three years, the rolling one-year figure varied moderately, from 0.19 to 0.51.
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 PGR: side by side
| ELV (Elevance Health) | PGR (Progressive Corporation) | |
|---|---|---|
| 1-year return | +31.5% | -5.3% |
| 5-year return | +15.7% | +153.0% |
| Volatility (ann.) | 28.0% | 23.6% |
| Beta vs S&P 500 | 0.37 | 0.32 |
| Max drawdown (3Y) | -50.4% | -30.4% |
| Market cap | $86.6B | $126.5B |
| P/E (trailing) | 17.8 | 10.9 |
| Dividend yield | 1.70% | 0.18% |
| Sector / category | Health Care | Financials |
Year-by-year returns
| Year | ELV | PGR |
|---|---|---|
| 2022 | +11.8% | +26.8% |
| 2023 | -6.9% | +23.2% |
| 2024 | -20.7% | +51.4% |
| 2025 | -3.1% | -3.0% |
| 2026 | +15.0% | +1.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELV and PGR good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ELV and PGR?
As of 2026-08-27, the correlation of weekly returns between ELV and PGR is 0.36 over 3 years, 0.43 over 1 year and 0.38 over 5 years.
Is PGR a good diversifier for ELV?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined 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 · PGR correlations
