Correlation Analysis
Broadcom Inc. Common Stock vs Elevance Health, Inc.
AVGO vs ELV
-0.801
Strong inverse
When one moves up, the other tends to move down.
Broadcom Inc. Common Stock
↗AVGO
Broadcom is one of the largest semiconductor companies in the world and has also expanded into infrastructure software. Its semiconductors primarily serve computing and networking, with custom AI accelerators now accounting for the bulk of the business. It is primarily a fabless designer, but holds some manufacturing in-house, such as for its best-of-breed film bulk acoustic resonator filters that sell into the Apple iPhone. In software, it sells virtualization, infrastructure, and security software to large enterprises, financial institutions, and governments. Broadcom is the product of consolidation. Its businesses are an amalgamation of former companies like legacy Broadcom and Avago Technologies in chips, as well as VMware, Brocade, CA Technologies, and Symantec in software.
Market cap 1.5T
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
Time Series
Rebased to 100
Who Moves First
in sync
AVGO and ELV tend to move at the same time.
Best correlation after shifting: -0.801 (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
+0.136
14 periods · Return correlation when both series rose
Both Falling
N/A
4 periods · Return correlation when both series fell
Diverging
-0.747
17 periods · Return correlation when series moved apart
R-Squared
64.1%
Share of variance in one series explained by the other.
Trend Agreement
54.1%
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: [-0.822, -0.777]
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
Broadcom Inc. Common Stock
AVGO
Market cap 1.5T
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
3
Estimated crossover points between normalized spreads.
Slope
-0.5719
Linear regression slope.
Intercept
533.0041
Linear regression intercept.
Related Extremes
Highest and Lowest Correlated
Saved 3 hours ago · ID: stock-avgo-vs-stock-elv-daily-20260408-fgz559