Correlation Analysis
Elevance Health, Inc. vs Johnson & Johnson
ELV vs JNJ
-0.543
Moderate inverse
When one moves up, the other tends to move down.
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
Johnson & Johnson
↗JNJ
Johnson & Johnson is the world's largest and most diverse healthcare firm. It has two divisions: innovative medicine and medtech. These now represent all of the company's sales following the divestment of the consumer business, Kenvue, in 2023. After restructurings in 2023-24, the drug division focuses on three main therapeutic areas: immunology, oncology, and neurology. Geographically, just over half of total revenue is generated in the United States.
Market cap 580.4B
Time Series
Relative Performance
Who Moves First
ELV leads JNJ by 6 days
ELV tends to move before JNJ.
After testing 13 timing shifts, the strongest relationship was -0.549 (they moved in opposite directions).
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
-0.085
11 periods · Return correlation when both series rose
Both Falling
-0.144
9 periods · Return correlation when both series fell
Diverging
-0.856
15 periods · Return correlation when series moved apart
R-Squared
29.5%
Share of variance in one series explained by the other.
Trend Agreement
61.2%
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: [-0.587, -0.497]
Scatter
XY Regression
Pipeline
Data quality details
Pipeline
Data quality details
Pipeline Summary
947 paired data points survived the daily window.
Raw input
947
1,254
Normalized
947
1,254
Prepared
947
1,254
Aligned
947
947
Invalid removed
0
A: 0 / B: 0
Duplicates removed
0
A: 0 / B: 0
Alignment drops
307
A: 0 / B: 307
Series A
Elevance Health, Inc.
ELV
Market cap 66.5B · 97,100 employees
Stock · 947 raw → 947 prepared
Series B
Johnson & Johnson
JNJ
Market cap 580.4B
Stock · 1,254 raw → 1,254 prepared
Sign agreement
100.0%
How often both values share the same sign.
Zero crossings
13
Estimated crossover points between normalized spreads.
Slope
-0.1656
Linear regression slope.
Intercept
240.9410
Linear regression intercept.
Related Extremes
Highest and Lowest Correlated
Saved 7 hours ago · ID: stock-elv-vs-stock-jnj-daily