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Elevance Health, Inc. (ELV) vs Spot Crude Oil Price: West Texas Intermediate
Correlation
of % moves
-23%
In sync
of periods
41%
History
monthsmonths · through 2026-04
47
These move in the same direction about 41% of the time
Their swing sizes only faintly mirror each other (~5% of the pattern is shared).
A real but noisy link — useful as context, risky as a standalone signal.
Both lines start at the same point — easy to compare when growth rates are similar.
What to Watch
ELV moves ~17 months before Spot Crude Oil Price: West Texas Intermediate
Watch ELV for an early read on Spot Crude Oil Price: West Texas Intermediate.
Holds in both up and down markets
The relationship is similar whether prices are rising or falling — reliable in both directions.
Flips between sync and inverse
Sometimes the two move together, sometimes opposite. Don't treat this as a stable signal.
Advanced
Statistics
In sync(i)
41.3%
Headline metric
Movement correlation(i)
-23%
Based on % moves
95% CI
-49% → +6%
Likely range of correlation
Pipeline
Pipeline Summary
47 paired data points survived the monthly window.
Raw input
980
964
Normalized
980
964
Prepared
48
964
Aligned
47
47
Invalid removed
R²(i)
5.4%
Variance explained
Significance
n.s.
Statistical confidence
Data points
47
Thin
Time-Shifted Correlation
See how correlation changes when one series is offset in time. A taller bar at a non-zero shift means the two move together better when one leads the other — that's a potential lead/lag signal.
Correlation by shift
Click a bar to inspect. Range: -18 to 18 months.
Selected shift
+17 months
Correlation at this shift
-54%
+31% stronger than no-shift baseline
Spot Crude Oil Price: West Texas Intermediate shifted 17 months earlier. Reads: "Does Elevance Health, Inc. (ELV) today line up with Spot Crude Oil Price: West Texas Intermediate 17 months from now?"
29 overlapping points at this shift
Baseline
-23%
No-shift correlation, matching the main time-series chart above.
Peak shift
+17 months
-54%
A non-zero peak suggests one series lines up better when shifted against the other.
Stability
How the correlation evolves over time. A stable line means the relationship is reliable; large swings signal regime-dependent behavior.
Do They Crash Together?
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
+40%
10 periods · Return correlation when both series rose
Both Falling
-47%
9 periods · Return correlation when both series fell
Diverging
-56%
27 periods · Return correlation when series moved apart
Scatter
0
A: 0 / B: 0
Duplicates removed
0
A: 0 / B: 0
Alignment drops
918
A: 1 / B: 917
Series A
Elevance Health, Inc. (ELV)
ELV
Stock · 980 raw → 48 prepared
Series B
Spot Crude Oil Price: West Texas Intermediate
WTISPLC
FRED · 964 raw → 964 prepared
Sign agreement
100.0%
How often both values share the same sign.
Zero crossings
5
Estimated crossover points between normalized spreads.
Slope
-0.3004
Linear regression slope.
Intercept
-0.0054
Linear regression intercept.
Saved 2 weeks ago · ID: fred-wtisplc_stock-elv_monthly_5y