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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.

AAPL logo

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

ELV logo

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

Jun 28, 2022 — Apr 7, 2026Daily947 observationsStockStockTechnologyHealthcare

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

Green: AAPLGray: ELV36 of 947 points (sampled)

Scatter

XY Regression

119120140160180200220240260280289.7273.7300350400450500550573.8Apple Inc.Elevance Health, Inc.Data pointsFit (r = -0.664)

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

AAPL logo

Apple Inc.

AAPL

Market cap 3.8T

Stock · 1,254 raw → 1,254 prepared

Series B

ELV logo

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