Correlation Analysis
Apple Inc. vs Elevance Health, Inc.
AAPL vs ELV
-0.664
Strong inverse
When one moves up, the other tends to move down.
Apple Inc.
↗AAPL
Apple is among the largest companies in the world, with a broad portfolio of hardware and software products targeted at consumers and businesses. Apple's iPhone makes up a majority of the firm sales, and Apple's other products like Mac, iPad, and Watch are designed around the iPhone as the focal point of an expansive software ecosystem. Apple has progressively worked to add new applications, like streaming video, subscription bundles, and augmented reality. The firm designs its own software and semiconductors while working with subcontractors like Foxconn and TSMC to build its products and chips. Slightly less than half of Apple's sales come directly through its flagship stores, with a majority of sales coming indirectly through partnerships and distribution.
Market cap 3.8T
Elevance Health, Inc.
↗ELV
Elevance Health remains one of the leading health insurers in the US, providing medical benefits to 45 million medical members at the end of 2025. The company offers employer, individual, and government-sponsored coverage plans. Elevance differs from its peers in its unique position as the largest single provider of Blue Cross Blue Shield branded coverage, operating as the licensee for the Blue Cross Blue Shield Association in 14 states. Through acquisitions, such as the Amerigroup deal in 2012 and MMM in 2021, Elevance's reach expands beyond those states in government-sponsored programs, such as Medicaid and Medicare Advantage plans, too. It is also an emerging player in pharmacy benefit management and other healthcare services.
Market cap 66.5B · 97,100 employees
Who Moves First
ELV leads AAPL by 1 day
ELV tends to move before AAPL.
Best correlation after shifting: -0.664 (13 shifts scanned)
Do They Crash Together?
Correlation by Market Regime
How these series behave when markets are rising, falling, or diverging. A correlation that holds in drawdowns is very different from one that only works in rallies.
Both Rising
-0.184
11 periods · Return correlation when both series rose
Both Falling
+0.270
5 periods · Return correlation when both series fell
Diverging
-0.761
19 periods · Return correlation when series moved apart
R-Squared
44.1%
Share of variance in one series explained by the other.
Trend Agreement
53.8%
How often both series moved in the same direction period-to-period.
Overlap Quality
947
Deep shared window — 947 usable pairs.
Significance
p < 0.001
95% CI: [-0.698, -0.627]
Time Series
Rebased to 100
Scatter
XY Regression
Pipeline
Data quality details
Pipeline
Data quality details
Pipeline Summary
947 paired observations survived the daily window.
Raw input
1,254
947
Normalized
1,254
947
Prepared
1,254
947
Aligned
947
947
Invalid removed
0
A: 0 / B: 0
Duplicates removed
0
A: 0 / B: 0
Alignment drops
307
A: 307 / B: 0
Series A
Apple Inc.
AAPL
Market cap 3.8T
Stock · 1,254 raw → 1,254 prepared
Series B
Elevance Health, Inc.
ELV
Market cap 66.5B · 97,100 employees
Stock · 947 raw → 947 prepared
Sign agreement
100.0%
How often both values share the same sign.
Zero crossings
11
Estimated crossover points between normalized spreads.
Slope
-1.2285
Linear regression slope.
Intercept
685.7785
Linear regression intercept.
Related Extremes
Highest and Lowest Correlated
Saved 3 hours ago · ID: stock-aapl-vs-stock-elv-daily-20260408-d5ltco