ELV vs UNH: Correlation
Elevance Health (ELV) and UnitedHealth Group (UNH) show a moderate relationship: their 3-year correlation of weekly returns is 0.46.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELV and UNH?
Over the past 3 years, ELV and UNH moved with a correlation of 0.46, which is moderate. Recent behaviour matches the longer record: 0.51 over 1 year against 0.46 over 3. Over 5 years the correlation is 0.55, and the annualized covariance of weekly returns is 510.6 %².
Few assets follow ELV as closely as UNH, which ranks #3 of 27 tracked partners. Neither side won the trailing year by much: +31.5% against +33.5%. The relationship is regime-dependent: the rolling one-year correlation swung between 0.26 and 0.85 over the past three years, so this pair behaves very differently depending on the market environment.
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 UNH: side by side
| ELV (Elevance Health) | UNH (UnitedHealth Group) | |
|---|---|---|
| 1-year return | +31.5% | +33.5% |
| 5-year return | +15.7% | +3.1% |
| Volatility (ann.) | 28.0% | 39.8% |
| Beta vs S&P 500 | 0.37 | 0.17 |
| Max drawdown (3Y) | -50.4% | -61.4% |
| Market cap | $86.6B | $354.6B |
| P/E (trailing) | 17.8 | 25.8 |
| Dividend yield | 1.70% | 2.23% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | ELV | UNH |
|---|---|---|
| 2022 | +11.8% | +6.9% |
| 2023 | -6.9% | +0.8% |
| 2024 | -20.7% | -2.4% |
| 2025 | -3.1% | -33.1% |
| 2026 | +15.0% | +21.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELV and UNH good diversifiers for each other?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ELV and UNH?
Using weekly returns as of 2026-08-27: 0.46 over 3 years, with 0.51 over the last year and 0.55 over 5 years.
Is UNH a good diversifier for ELV?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.46 mean?
A reading of 0.46 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-unh.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/elv-vs-unh/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ELV correlations · UNH correlations
