ELV vs SPY: Correlation
Measured on weekly returns over the past three years, Elevance Health (ELV) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.19, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELV and SPY?
Over the past 3 years, ELV and SPY moved with a correlation of 0.19, which is weak. The past 12 months show a tighter link (0.31) than the 3-year average (0.19). Over 5 years the correlation is 0.28, and the annualized covariance of weekly returns is 78.1 %².
By 3-year correlation, SPY places #16 of the 27 assets tracked against ELV. Over the last 12 months ELV came out ahead by 10.9 percentage points (+31.5% against +20.6%). Across three years, the rolling one-year figure varied moderately, from 0.00 to 0.34. One caveat on sizing: ELV is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 SPY: side by side
| ELV (Elevance Health) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +31.5% | +20.6% |
| 5-year return | +15.7% | +82.4% |
| Volatility (ann.) | 28.0% | 14.5% |
| Beta vs S&P 500 | 0.37 | 1.00 |
| Max drawdown (3Y) | -50.4% | -18.8% |
| Market cap | $86.6B | – |
| P/E (trailing) | 17.8 | – |
| Dividend yield | 1.70% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Health Care | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | ELV | SPY |
|---|---|---|
| 2022 | +11.8% | -18.2% |
| 2023 | -6.9% | +26.2% |
| 2024 | -20.7% | +24.9% |
| 2025 | -3.1% | +17.7% |
| 2026 | +15.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
ELV represents 0.13% of SPY's portfolio, so part of any move in SPY is ELV itself, and the correlation between them is partly mechanical.
Are ELV and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between ELV and SPY?
The ELV/SPY correlation stands at 0.19 on a 3-year window (1 year: 0.31, 5 years: 0.28), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ELV?
By historical standards, yes. A correlation of 0.19 means the two rarely move for the same reasons.
What does a correlation of 0.19 mean?
A reading of 0.19 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 · SPY correlations
