EVH vs EXE: Correlation
Measured on weekly returns over the past three years, Evolent Health, Inc (EVH) and Expand Energy (EXE) carry a correlation of -0.21, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVH and EXE?
Across a 3-year window, the weekly returns of EVH and EXE correlate at -0.21, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.25 over 1 year against -0.21 over 3. Stretching to 5 years gives 0.01, with an annualized covariance of -425.2 %².
Out of 13 assets tracked against EVH, EXE lands near the bottom at #10. Correlation aside, the last 12 months split them widely, with EXE ahead by 57.5 points (-52.3% versus +5.2%). One caveat on sizing: EVH is 2.6 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.
EVH vs EXE: side by side
| EVH (Evolent Health, Inc) | EXE (Expand Energy) | |
|---|---|---|
| 1-year return | -52.3% | +5.2% |
| 5-year return | -81.3% | +125.8% |
| Volatility (ann.) | 72.4% | 28.2% |
| Beta vs S&P 500 | 0.65 | 0.31 |
| Max drawdown (3Y) | -93.8% | -28.4% |
| Market cap | $0.5B | $22.7B |
| P/E (trailing) | – | 8.3 |
| Dividend yield | 0.00% | 3.30% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | EVH | EXE |
|---|---|---|
| 2022 | +1.5% | +62.3% |
| 2023 | +17.6% | -14.8% |
| 2024 | -65.9% | +33.2% |
| 2025 | -64.4% | +14.4% |
| 2026 | +14.8% | -9.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVH and EXE good diversifiers for each other?
Yes. With a correlation of -0.21, EVH and EXE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EVH and EXE?
The EVH/EXE correlation stands at -0.21 on a 3-year window (1 year: -0.25, 5 years: 0.01), computed from weekly returns as of 2026-08-27.
Is EXE a good diversifier for EVH?
Yes. With a correlation of -0.21, EVH and EXE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/evh-vs-exe.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/evh-vs-exe/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EVH correlations · EXE correlations
