Correlation Analysis
Elevance Health, Inc. vs NetFlix Inc
ELV vs NFLX
-0.726
Strong 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
NetFlix Inc
↗NFLX
Netflix's relatively simple business model involves only one business, its streaming service. It has the biggest television entertainment subscriber base in both the United States and the collective international market, with more than 300 million subscribers globally. Netflix has exposure to nearly the entire global population outside of China. The firm has traditionally avoided a regular slate of live programming or sports content, instead focusing on on-demand access to episodic television, movies, and documentaries. The firm introduced ad-supported subscription plans in 2022, giving the firm exposure to the advertising market in addition to the subscription fees that have historically accounted for nearly all its revenue.
Market cap 417.7B
Time Series
Relative Performance
Who Moves First
NFLX leads ELV by 6 days
NFLX tends to move before ELV.
After testing 13 timing shifts, the strongest relationship was -0.733 (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
+0.007
13 periods · Return correlation when both series rose
Both Falling
-0.135
5 periods · Return correlation when both series fell
Diverging
-0.718
17 periods · Return correlation when series moved apart
R-Squared
52.7%
Share of variance in one series explained by the other.
Trend Agreement
50.2%
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: [-0.755, -0.695]
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
NetFlix Inc
NFLX
Market cap 417.7B
Stock · 1,254 raw → 1,254 prepared
Sign agreement
100.0%
How often both values share the same sign.
Zero crossings
3
Estimated crossover points between normalized spreads.
Slope
-0.3250
Linear regression slope.
Intercept
209.5282
Linear regression intercept.
Related Extremes
Highest and Lowest Correlated
Saved 7 hours ago · ID: stock-elv-vs-stock-nflx-daily