EVH vs VRNS: Correlation
How closely do Evolent Health, Inc (EVH) and Varonis Systems, Inc. (VRNS) trade together? Their weekly returns over three years give a correlation of 0.39, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVH and VRNS?
On 3 years of weekly data the EVH/VRNS correlation comes out at 0.39, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.57 versus 0.39 over 3 years. The 5-year figure is 0.37, and annualized covariance runs at 1402.1 %².
Few assets follow EVH as closely as VRNS, which ranks #2 of 13 tracked partners. Their recent paths diverged sharply: over the last 12 months VRNS outperformed by 28.9 percentage points (-52.3% for EVH against -23.4% for VRNS).
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 VRNS: side by side
| EVH (Evolent Health, Inc) | VRNS (Varonis Systems, Inc.) | |
|---|---|---|
| 1-year return | -52.3% | -23.4% |
| 5-year return | -81.3% | -35.2% |
| Volatility (ann.) | 72.4% | 50.1% |
| Beta vs S&P 500 | 0.65 | 1.01 |
| Max drawdown (3Y) | -93.8% | -68.1% |
| Market cap | $0.5B | $5.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EVH | VRNS |
|---|---|---|
| 2022 | +1.5% | -50.9% |
| 2023 | +17.6% | +89.1% |
| 2024 | -65.9% | -1.9% |
| 2025 | -64.4% | -26.2% |
| 2026 | +14.8% | +36.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVH and VRNS good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between EVH and VRNS?
The EVH/VRNS correlation stands at 0.39 on a 3-year window (1 year: 0.57, 5 years: 0.37), computed from weekly returns as of 2026-08-27.
Is VRNS a good diversifier for EVH?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.39 mean?
On the −1 to +1 scale, 0.39 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.
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Related comparisons
Hubs: EVH correlations · VRNS correlations
