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Relative Intelligence · Managed Health Care

How Elevance Health (ELV) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on ELV alone. It places ELV (Elevance Health Inc.) against 13 popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where ELV stands in the market, and of the alternatives worth a closer look.

Period covered: ELV's full trading record, from October 2001 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against ELV →Chart ELV vs. 13 alternatives →
On this page12 sections

Key findings

How much would $10,000 in ELV have grown?

This chart tracks a hypothetical $10,000 investment in ELV over the past 24 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of ELV over the same span and ELV's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Choose a period

From the end of September 2002 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 483 of the 1,370 stocks and funds worth at least $500 million that traded the whole period ended ahead of ELV; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$20,000$50,000$100,000$200,0002002200620102014201820222026$10,000$20,000$50,000$100,000$200,00020022008201420202026
  • MCK$360,420+3,504% total · +16.1% a year
  • HUM$353,303+3,433% total · +16.0% a year
  • CNC$279,806+2,698% total · +14.9% a year
  • COR$234,223+2,242% total · +14.0% a year
  • UNH$221,131+2,111% total · +13.8% a year
  • ELV$151,886+1,419% total · +12.0% a year
  • SPY (S&P 500)$144,215+1,342% total · +11.8% a year
  • CI$135,029+1,250% total · +11.5% a year
  • CVS$106,575+966% total · +10.4% a year
  • UHS$76,600+666% total · +8.9% a year
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From the end of September 2021 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 2,281 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of ELV; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$2,000$5,000$10,000$20,000$50,000202120222023202420252026$2,000$5,000$10,000$20,000$50,000202120222023202420252026
  • MCK$43,941+339% total · +34.5% a year
  • COR$26,420+164% total · +21.4% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • HCA$18,335+83.3% total · +12.9% a year
  • OSCR$17,735+77.4% total · +12.1% a year
  • CI$14,904+49.0% total · +8.3% a year
  • UHS$12,922+29.2% total · +5.3% a year
  • CVS$11,915+19.1% total · +3.6% a year
  • ELV$11,221+12.2% total · +2.3% a year
  • VEEV$9,905−0.9% total · −0.2% a year
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ELV at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

The company

Market value
$95B
Industry
Medical - Healthcare Plans
Price history from
October 2001

Returns

Past 1 year
+26.8%total return
Past 3 years
+2.0%+0.7% a year
Past 5 years
+11.7%+2.2% a year
Past 10 years
+307%+15.1% a year
Best calendar year
+58.7%2017
Worst calendar year
−52.0%2008
Losing years
7 of 24full calendar years

Risk

Volatility
29.4%typical yearly swing, 5 years
Sharpe ratio
0.23return per unit of risk, 5 years
Worst decline ever
−67.2%Dec 2007 to Nov 2008
From its all-time high
−18.4%below the peak

ELV against the whole market

Where ELV ranks among every stock and fund, and what across the market has done better.

How does ELV rank among all stocks?

This section ranks ELV on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how ELV stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureELVRankStanding
1-year return+26.8%1,061 of 3,287top 32%
3-year return+2.0%2,299 of 3,017bottom 25%
5-year return+11.7%1,569 of 2,893bottom 47%
10-year return+307%571 of 2,202top 26%
Volatility, 5 years29.4%667 of 2,893top 23%
Sharpe ratio, 5 years0.231,778 of 2,893bottom 40%
Worst decline, past 10 years−50.4%473 of 2,187top 22%

What has beaten ELV on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). ELV sits where the dashed lines cross. Anything in the green box above and to the left earned more than ELV with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to ELV; faint dots are 94 more of the 1,032 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

−10.0%0.0%10.0%20.0%30.0%40.0%50.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than ELVSGOV: +3.8% a year, volatility 0.3%RY: +17.3% a year, volatility 18.2%JAAA: +5.1% a year, volatility 1.7%HACK: +12.6% a year, volatility 25.8%XOM: +27.1% a year, volatility 26.5%COMT: +13.1% a year, volatility 21.1%CVX: +19.5% a year, volatility 25.2%IHAK: +8.3% a year, volatility 25.0%VTI: +11.5% a year, volatility 17.5%RSPH: +6.1% a year, volatility 16.8%SHEL: +21.0% a year, volatility 24.8%VOO: +12.8% a year, volatility 16.9%WMT: +20.8% a year, volatility 22.6%BRK-B: +13.4% a year, volatility 17.1%JPM: +17.3% a year, volatility 24.3%JNJ: +12.7% a year, volatility 17.9%V: +12.8% a year, volatility 22.9%E: +23.0% a year, volatility 25.6%VRIG: +4.7% a year, volatility 1.3%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%KO: +14.7% a year, volatility 16.8%BALT: +6.3% a year, volatility 3.3%COST: +17.4% a year, volatility 22.9%VXUS: +8.2% a year, volatility 16.4%QQQ: +14.5% a year, volatility 23.0%MA: +12.4% a year, volatility 23.8%PM: +21.0% a year, volatility 23.4%CSCO: +16.8% a year, volatility 26.1%NVS: +17.1% a year, volatility 20.7%VTV: +12.1% a year, volatility 13.7%FLRT: +6.0% a year, volatility 2.3%XLE: +22.6% a year, volatility 25.5%TAK: +11.9% a year, volatility 19.4%VEA: +9.3% a year, volatility 16.9%TD: +15.8% a year, volatility 20.0%TJX: +19.9% a year, volatility 22.3%GLD: +17.7% a year, volatility 18.9%PG: +5.1% a year, volatility 18.3%LIN: +11.5% a year, volatility 20.9%VGT: +18.4% a year, volatility 26.0%PGR: +21.3% a year, volatility 25.6%CB: +15.7% a year, volatility 20.4%VO: +6.8% a year, volatility 17.6%VIG: +10.4% a year, volatility 14.1%FLOT: +4.5% a year, volatility 1.8%TT: +22.7% a year, volatility 27.7%SCHD: +9.7% a year, volatility 14.3%T: +9.8% a year, volatility 25.2%GWW: +26.3% a year, volatility 24.9%UNP: +7.1% a year, volatility 22.9%VB: +6.2% a year, volatility 20.6%BLK: +7.1% a year, volatility 27.1%MNST: +17.2% a year, volatility 24.9%LMT: +11.1% a year, volatility 24.2%VT: +10.3% a year, volatility 16.2%SO: +11.3% a year, volatility 18.8%TMUS: +6.4% a year, volatility 26.1%IEMG: +6.8% a year, volatility 19.4%VWO: +5.2% a year, volatility 17.5%EP-PC: +5.2% a year, volatility 8.9%CME: +11.2% a year, volatility 20.8%ENB: +9.1% a year, volatility 18.9%RSG: +13.9% a year, volatility 18.5%ADP: +9.0% a year, volatility 22.9%UL: +5.5% a year, volatility 21.5%PJUL: +10.5% a year, volatility 8.6%RSP: +8.2% a year, volatility 16.1%ORLY: +15.9% a year, volatility 23.4%MSI: +14.8% a year, volatility 23.6%WM: +9.3% a year, volatility 19.2%GSK: +9.5% a year, volatility 24.5%NGG: +11.8% a year, volatility 22.6%FJAN: +11.1% a year, volatility 10.5%ETR: +19.2% a year, volatility 22.4%DUK: +7.5% a year, volatility 18.0%AEP: +12.4% a year, volatility 20.2%ALL: +17.0% a year, volatility 26.2%EWZ: +14.9% a year, volatility 27.7%PCAR: +17.9% a year, volatility 26.1%NEAR: +3.9% a year, volatility 1.4%FAST: +15.8% a year, volatility 24.6%CSX: +8.3% a year, volatility 23.3%SCHG: +13.1% a year, volatility 22.4%AME: +14.4% a year, volatility 22.1%EQIX: +6.6% a year, volatility 27.8%DYNF: +14.7% a year, volatility 17.5%TRP: +10.8% a year, volatility 21.9%AJG: +10.9% a year, volatility 24.2%CL: +7.2% a year, volatility 19.2%ICE: +5.4% a year, volatility 21.8%VXF: +4.9% a year, volatility 22.4%ITW: +6.7% a year, volatility 21.4%ECL: +6.7% a year, volatility 24.1%ELV: +2.2% a year, volatility 29.4%SPY (S&P 500): +12.7% a year, volatility 17.1%MCK: +38.7% a year, volatility 25.0%COR: +24.2% a year, volatility 22.8%CI: +9.4% a year, volatility 28.3%VEEV: −0.1% a year, volatility 39.6%HCA: +14.1% a year, volatility 30.1%EHC: +18.4% a year, volatility 26.8%CAH: +42.1% a year, volatility 24.7%ENSG: +19.8% a year, volatility 26.8%DBX: +3.9% a year, volatility 34.4%ABBV: +26.1% a year, volatility 23.4%MRK: +16.3% a year, volatility 24.8%AMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%CIBR: +14.1% a year, volatility 26.1%NHC: +32.0% a year, volatility 28.5%LLY: +40.7% a year, volatility 32.8%VTIP: +2.7% a year, volatility 2.9%ELVSPY (S&P 500)MCKCORCIVEEVHCAEHCCAHENSGDBXABBVMRKGILDCIBRNHCLLYVTIP−10.0%0.0%10.0%20.0%30.0%40.0%50.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than ELVSGOV: +3.8% a year, volatility 0.3%RY: +17.3% a year, volatility 18.2%JAAA: +5.1% a year, volatility 1.7%HACK: +12.6% a year, volatility 25.8%XOM: +27.1% a year, volatility 26.5%COMT: +13.1% a year, volatility 21.1%CVX: +19.5% a year, volatility 25.2%IHAK: +8.3% a year, volatility 25.0%VTI: +11.5% a year, volatility 17.5%RSPH: +6.1% a year, volatility 16.8%SHEL: +21.0% a year, volatility 24.8%VOO: +12.8% a year, volatility 16.9%WMT: +20.8% a year, volatility 22.6%BRK-B: +13.4% a year, volatility 17.1%JPM: +17.3% a year, volatility 24.3%JNJ: +12.7% a year, volatility 17.9%V: +12.8% a year, volatility 22.9%E: +23.0% a year, volatility 25.6%VRIG: +4.7% a year, volatility 1.3%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%KO: +14.7% a year, volatility 16.8%BALT: +6.3% a year, volatility 3.3%COST: +17.4% a year, volatility 22.9%VXUS: +8.2% a year, volatility 16.4%QQQ: +14.5% a year, volatility 23.0%MA: +12.4% a year, volatility 23.8%PM: +21.0% a year, volatility 23.4%CSCO: +16.8% a year, volatility 26.1%NVS: +17.1% a year, volatility 20.7%VTV: +12.1% a year, volatility 13.7%FLRT: +6.0% a year, volatility 2.3%XLE: +22.6% a year, volatility 25.5%TAK: +11.9% a year, volatility 19.4%VEA: +9.3% a year, volatility 16.9%TD: +15.8% a year, volatility 20.0%TJX: +19.9% a year, volatility 22.3%GLD: +17.7% a year, volatility 18.9%PG: +5.1% a year, volatility 18.3%LIN: +11.5% a year, volatility 20.9%VGT: +18.4% a year, volatility 26.0%PGR: +21.3% a year, volatility 25.6%CB: +15.7% a year, volatility 20.4%VO: +6.8% a year, volatility 17.6%VIG: +10.4% a year, volatility 14.1%FLOT: +4.5% a year, volatility 1.8%TT: +22.7% a year, volatility 27.7%SCHD: +9.7% a year, volatility 14.3%T: +9.8% a year, volatility 25.2%GWW: +26.3% a year, volatility 24.9%UNP: +7.1% a year, volatility 22.9%VB: +6.2% a year, volatility 20.6%BLK: +7.1% a year, volatility 27.1%MNST: +17.2% a year, volatility 24.9%LMT: +11.1% a year, volatility 24.2%VT: +10.3% a year, volatility 16.2%SO: +11.3% a year, volatility 18.8%TMUS: +6.4% a year, volatility 26.1%IEMG: +6.8% a year, volatility 19.4%VWO: +5.2% a year, volatility 17.5%EP-PC: +5.2% a year, volatility 8.9%CME: +11.2% a year, volatility 20.8%ENB: +9.1% a year, volatility 18.9%RSG: +13.9% a year, volatility 18.5%ADP: +9.0% a year, volatility 22.9%UL: +5.5% a year, volatility 21.5%PJUL: +10.5% a year, volatility 8.6%RSP: +8.2% a year, volatility 16.1%ORLY: +15.9% a year, volatility 23.4%MSI: +14.8% a year, volatility 23.6%WM: +9.3% a year, volatility 19.2%GSK: +9.5% a year, volatility 24.5%NGG: +11.8% a year, volatility 22.6%FJAN: +11.1% a year, volatility 10.5%ETR: +19.2% a year, volatility 22.4%DUK: +7.5% a year, volatility 18.0%AEP: +12.4% a year, volatility 20.2%ALL: +17.0% a year, volatility 26.2%EWZ: +14.9% a year, volatility 27.7%PCAR: +17.9% a year, volatility 26.1%NEAR: +3.9% a year, volatility 1.4%FAST: +15.8% a year, volatility 24.6%CSX: +8.3% a year, volatility 23.3%SCHG: +13.1% a year, volatility 22.4%AME: +14.4% a year, volatility 22.1%EQIX: +6.6% a year, volatility 27.8%DYNF: +14.7% a year, volatility 17.5%TRP: +10.8% a year, volatility 21.9%AJG: +10.9% a year, volatility 24.2%CL: +7.2% a year, volatility 19.2%ICE: +5.4% a year, volatility 21.8%VXF: +4.9% a year, volatility 22.4%ITW: +6.7% a year, volatility 21.4%ECL: +6.7% a year, volatility 24.1%ELV: +2.2% a year, volatility 29.4%SPY (S&P 500): +12.7% a year, volatility 17.1%MCK: +38.7% a year, volatility 25.0%COR: +24.2% a year, volatility 22.8%CI: +9.4% a year, volatility 28.3%VEEV: −0.1% a year, volatility 39.6%HCA: +14.1% a year, volatility 30.1%EHC: +18.4% a year, volatility 26.8%CAH: +42.1% a year, volatility 24.7%ENSG: +19.8% a year, volatility 26.8%DBX: +3.9% a year, volatility 34.4%ABBV: +26.1% a year, volatility 23.4%MRK: +16.3% a year, volatility 24.8%AMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%CIBR: +14.1% a year, volatility 26.1%NHC: +32.0% a year, volatility 28.5%LLY: +40.7% a year, volatility 32.8%VTIP: +2.7% a year, volatility 2.9%ELVSPY (S&P 500)MCKCORCIVEEVEHCCAHENSGDBXABBVMRKGILDNHCLLYVTIP
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region
  • 1 with more than 1.6× ELV's volatility is in the table only

Is there a better investment than ELV?

Investments that beat ELV over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat ELV over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks ELV's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than ELV follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than ELV's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× ELV's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than ELV's.

Screen the whole market against ELV for any period in BetterThanSPYOpen these 19 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with ELV?lower diversifies moreExpenseper year
ELVElevance Health Inc. · this page
+2.2%29.4%0.23−50.4%+307%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.380.09%
Popular alternativesbest 6 shownThe investments people most often weigh against ELV. 8 of 13 passed at least one test.
MCKMcKesson Corporation · Health Care Distribution
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+38.7%25.0%1.44−38.1%+586%0.21—
CORCencora, Inc. · Health Care Distribution
Higher return, lower volatilityHigher Sharpe, smaller worst decline+24.2%22.8%1.07−32.4%+406%0.38—
CICigna Corporation · Managed Health Care
Higher return, similar volatilityHigher Sharpe, smaller worst decline+9.4%28.3%0.46−42.5%+176%0.61—
VEEVVeeva Systems Inc. · Application Software
Higher return in most periods−0.1%39.6%0.19−55.7%+715%-0.02—
OSCROscar Health, Inc. · Managed Health Care
Higher return in most periods+15.7%80.0%0.57−94.2%—0.33—
HCAHCA Healthcare, Inc. · Health Care Facilities
Higher return, similar volatility+14.1%30.1%0.59−54.7%+513%0.30—
Same and neighboring categories, and shared themesbest 4 shownEverything else in Managed Health Care and the categories next to it (Health Care Facilities, Health Care Distribution, Application Software), plus ELV's specific themes. 4 of 39 passed at least one test.
EHCEncompass Health Corporation · Health Care Facilities
Higher return, lower volatilityHigher Sharpe, smaller worst decline+18.4%26.8%0.77−39.5%+340%0.29—
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, lower volatility+42.1%24.7%1.55−46.1%+349%0.20—
ENSGThe Ensign Group, Inc. · Health Care Facilities
Higher return, lower volatility+19.8%26.8%0.81−55.5%+896%0.12—
DBXDropbox, Inc. · Application Software
Higher return in most periods+3.9%34.4%0.29−62.6%—0.18—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 1,474 of 3,581 passed at least one test.
ABBVAbbVie Inc. · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+26.1%23.4%1.11−45.1%+603%0.25—
MRKMerck & Co., Inc. · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+16.3%24.8%0.74−43.4%+241%0.33—
AMGNAmgen Inc. · Biotechnology
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+19.6%24.9%0.85−24.9%+266%0.22—
GILDGilead Sciences, Inc. · Biotechnology
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+22.8%24.9%0.95−30.5%+200%0.04—
CIBRFirst Trust Nasdaq Cybersecurity ETF · Cybersecurity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+14.1%26.1%0.64−33.9%+454%0.290.58%
NHCNational HealthCare Corporation · Medical - Care Facilities
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+32.0%28.5%1.12−35.3%+394%0.26—
LLYEli Lilly and Company · Pharmaceuticals
Higher Sharpe, smaller worst declineSmaller losses in recent crashes+40.7%32.8%1.21−34.5%+1,807%0.35—
VTIPVanguard Short-Term Inflation-Protected Securities ETF · Treasury Bonds
Similar return, lower volatilityHigher Sharpe, smaller worst decline+2.7%2.9%0.94−6.3%+32.7%0.310.03%
What these numbers mean for ELV
Annual return
ELV returned 2.2% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $11,200. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
ELV's volatility over the past 5 years was 29.4%, 1.7 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, ELV's return lands within 29.4% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
ELV's Sharpe ratio over the past 5 years was 0.23, against 0.79 for the S&P 500, so ELV earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
ELV's worst fall from a peak to a low over the past 10 years was 50.4%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 50.4% fall takes a 102% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, ELV's monthly returns had a correlation of 0.38 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against ELV instead: the lower it is, the more that option would diversify a ELV holding. Guide: Correlation and diversification →
Show all 1,032 stocks and funds worth at least $500 million that earned more than ELV with less volatility

Out of 3,633 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with ELVExpense
1
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+603%0.25—
2
MRKMerck & Co., Inc. · Pharmaceuticals
Whole market+16.3%24.8%0.74−43.4%+241%0.33—
3
AMGNAmgen Inc. · Biotechnology
Whole market+19.6%24.9%0.85−24.9%+266%0.22—
4
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+200%0.04—
5
MCKMcKesson Corporation · Health Care Distribution
Popular alternative+38.7%25.0%1.44−38.1%+586%0.21—
6
CIBRFirst Trust Nasdaq Cybersecurity ETF · Cybersecurity
Whole market+14.1%26.1%0.64−33.9%+454%0.290.58%
7
SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds
Whole market+3.8%0.3%13.25−0.3%—-0.170.09%
8
RYRoyal Bank of Canada · Banks
Whole market+17.3%18.2%0.97−40.0%+352%0.36—
9
JAAAJanus Henderson AAA CLO ETF · CLO Bonds
Whole market+5.1%1.7%2.98−2.6%—-0.070.20%
10
HACKAmplify Cybersecurity ETF · Technology
Whole market+12.6%25.8%0.59−38.7%+373%0.210.60%
11
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Whole market+27.1%26.5%1.04−61.0%+214%0.14—
12
COMTiShares GSCI Commodity Dynamic Roll Strategy ETF · Commodities
Whole market+13.1%21.1%0.69−39.2%+160%0.190.49%
13
CVXChevron Corporation · Integrated Oil & Gas
Whole market+19.5%25.2%0.84−55.8%+238%0.18—
14
IHAKiShares Cybersecurity and Tech ETF · Technology
Whole market+8.3%25.0%0.44−34.4%—0.310.47%
15
VTIVanguard Morningstar Total Stock Market ETF · US Total Market
Whole market+11.5%17.5%0.71−35.0%+302%0.370.03%
16
RSPHInvesco S&P 500 Equal Weight Health Care ETF · Healthcare
Whole market+6.1%16.8%0.44−30.4%+177%0.460.40%
17
SHELShell plc · Integrated Oil & Gas
Whole market+21.0%24.8%0.90−67.2%+233%0.08—
18
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Whole market+12.8%16.9%0.80−34.0%+324%0.380.03%
19
WMTWalmart Inc. · Discount Retail
Whole market+20.8%22.6%0.96−25.7%+508%0.19—
20
BRK-BBerkshire Hathaway Inc. · Insurance
Whole market+13.4%17.1%0.82−29.6%+274%0.39—
21
JPMJPMorgan Chase & Co. · Banks
Whole market+17.3%24.3%0.78−43.6%+537%0.26—
22
JNJJohnson & Johnson · Pharmaceuticals
Whole market+12.7%17.9%0.76−27.4%+196%0.13—
23
VVisa Inc. · Payment Processing
Whole market+12.8%22.9%0.64−36.4%+429%0.32—
24
EEni S.p.A. · Integrated Oil & Gas
Whole market+23.0%25.6%0.94−61.4%+278%0.15—
25
VRIGInvesco Variable Rate Investment Grade ETF · Bonds
Whole market+4.7%1.3%3.51−13.1%+40.5%-0.120.30%
26
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.120.48%
27
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.220.40%
28
KOThe Coca-Cola Company · Food & Beverages
Whole market+14.7%16.8%0.91−37.0%+204%0.48—
29
BALTInnovator Defined Wealth Shield ETF · Crypto
Whole market+6.3%3.3%1.85−4.9%—0.200.69%
30
COSTCostco Wholesale Corporation · Discount Retail
Whole market+17.4%22.9%0.82−31.4%+685%0.19—
31
VXUSVanguard Total International Stock ETF · International Equity
Whole market+8.2%16.4%0.57−36.0%+140%0.370.05%
32
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Whole market+14.5%23.0%0.71−35.1%+553%0.250.18%
33
MAMastercard Incorporated · Payment Processing
Whole market+12.4%23.8%0.61−41.0%+541%0.20—
34
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+242%0.26—
35
CSCOCisco Systems, Inc. · Communications Equipment
Whole market+16.8%26.1%0.73−42.0%+374%0.28—
36
NVSNovartis AG · Pharmaceuticals
Whole market+17.1%20.7%0.87−26.8%+226%0.39—
37
VTVVanguard Morningstar Value ETF · US Large-Cap Value
Whole market+12.1%13.7%0.90−36.8%+235%0.480.03%
38
FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Financials
Whole market+6.0%2.3%2.55−21.0%+58.0%0.110.60%
39
XLEState Street Energy Select Sector SPDR ETF · Energy Equity
Whole market+22.6%25.5%0.93−66.8%+189%0.240.08%
40
TAKTakeda Pharmaceutical Company Limited · Pharmaceuticals
Whole market+11.9%19.4%0.68−54.4%+30.4%0.01—
41
VEAVanguard FTSE Developed Markets ETF · Developed International Equity
Whole market+9.3%16.9%0.61−35.8%+153%0.400.03%
42
TDThe Toronto-Dominion Bank · Banks
Whole market+15.8%20.0%0.84−42.0%+310%0.44—
43
TJXThe TJX Companies, Inc. · Specialty Retail
Whole market+19.9%22.3%0.93−42.5%+361%0.16—
44
GLDSPDR Gold Shares · Gold
Whole market+17.7%18.9%0.96−26.4%+213%0.120.40%
45
PGThe Procter & Gamble Company · Household & Personal Products
Whole market+5.1%18.3%0.37−23.8%+145%0.36—
46
LINLinde plc · Chemicals
Whole market+11.5%20.9%0.63−32.6%+394%0.36—
47
VGTVanguard Information Technology ETF · Technology Equity
Whole market+18.4%26.0%0.78−35.1%+779%0.250.09%
48
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+21.3%25.6%0.89−30.3%+816%0.39—
49
CBChubb Limited · Property & Casualty Insurance
Whole market+15.7%20.4%0.82−42.6%+248%0.51—
50
VOVanguard Morningstar Mid-Cap ETF · US Mid-Cap Equity
Whole market+6.8%17.6%0.47−39.4%+198%0.330.03%
51
VIGVanguard Dividend Appreciation ETF · US Dividend Equity
Whole market+10.4%14.1%0.78−31.7%+258%0.460.04%
52
FLOTiShares Floating Rate Bond ETF · Floating Rate Bonds
Whole market+4.5%1.8%2.48−13.5%+35.9%-0.060.15%
53
TTTrane Technologies plc · Building Products
Whole market+22.7%27.7%0.88−40.5%+955%0.22—
54
SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity
Whole market+9.7%14.3%0.72−33.4%+252%0.400.06%
55
TAT&T Inc. · Integrated Telecommunications
Whole market+9.8%25.2%0.50−39.4%+60.7%0.14—
56
GWWW.W. Grainger, Inc. · Industrial Distribution
Whole market+26.3%24.9%1.07−41.6%+654%0.22—
57
UNPUnion Pacific Corporation · Railroads
Whole market+7.1%22.9%0.42−38.7%+295%0.42—
58
VBVanguard Morningstar Small-Cap ETF · US Small-Cap Equity
Whole market+6.2%20.6%0.40−42.0%+179%0.310.03%
59
BLKBlackRock, Inc. · Asset Management
Whole market+7.1%27.1%0.39−43.9%+313%0.27—
60
MNSTMonster Beverage Corporation · Food & Beverages
Whole market+17.2%24.9%0.77−30.4%+285%0.21—
61
LMTLockheed Martin Corporation · Aerospace & Defense
Whole market+11.1%24.2%0.56−36.7%+204%0.16—
62
VTVanguard Total World Stock ETF · Global Equity
Whole market+10.3%16.2%0.69−34.2%+223%0.380.06%
63
SOThe Southern Company · Electric Utilities
Whole market+11.3%18.8%0.67−38.4%+170%0.12—
64
TMUST-Mobile US, Inc. · Telecommunications
Whole market+6.4%26.1%0.37−44.0%+253%0.09—
65
IEMGiShares Core MSCI Emerging Markets ETF · Emerging Markets Equity
Whole market+6.8%19.4%0.44−38.7%+122%0.280.09%
66
VWOVanguard FTSE Emerging Markets ETF · Emerging Markets Equity
Whole market+5.2%17.5%0.38−36.4%+102%0.230.06%
67
EP-PCEl Paso Energy Capital Trust I PFD CV TR SECS · Preferred Stocks
Whole market+5.2%8.9%0.61−25.4%+37.8%0.04—
68
CMECME Group Inc. · Capital Markets
Whole market+11.2%20.8%0.62−37.4%+319%0.03—
69
ENBEnbridge Inc. · Oil & Gas Midstream
Whole market+9.1%18.9%0.56−44.1%+103%0.27—
70
RSGRepublic Services, Inc. · Environmental Services
Whole market+13.9%18.5%0.80−34.0%+446%0.30—
71
ADPAutomatic Data Processing, Inc. · Business Services
Whole market+9.0%22.9%0.49−40.8%+320%0.26—
72
ULUnilever PLC · Household & Personal Products
Whole market+5.5%21.5%0.36−30.1%+89.8%0.29—
73
PJULInnovator U.S. Equity Power Buffer ETF · Broad Market
Whole market+10.5%8.6%1.20−18.2%—0.300.79%
74
RSPInvesco S&P 500 Equal Weight ETF · US Large-Cap Equity
Whole market+8.2%16.1%0.57−39.0%+211%0.380.20%
75
ORLYO'Reilly Automotive, Inc. · Specialty Retail
Whole market+15.9%23.4%0.75−42.0%+393%0.27—
76
MSIMotorola Solutions, Inc. · Communications Equipment
Whole market+14.8%23.6%0.71−32.8%+625%0.22—
77
WMWaste Management, Inc. · Environmental Services
Whole market+9.3%19.2%0.56−30.1%+344%0.19—
78
GSKGSK plc · Pharmaceuticals
Whole market+9.5%24.5%0.49−37.6%+95.1%0.29—
79
NGGNational Grid plc · Electric Utilities
Whole market+11.8%22.6%0.61−39.2%+118%0.38—
80
FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset
Whole market+11.1%10.5%1.05−13.6%—0.290.85%
81
ETREntergy Corporation · Electric Utilities
Whole market+19.2%22.4%0.90−42.0%+311%0.03—
82
DUKDuke Energy Corporation · Electric Utilities
Whole market+7.5%18.0%0.50−37.4%+132%0.21—
83
AEPAmerican Electric Power Company, Inc. · Electric Utilities
Whole market+12.4%20.2%0.68−32.9%+185%0.21—
84
ALLThe Allstate Corporation · Property & Casualty Insurance
Whole market+17.0%26.2%0.73−41.4%+356%0.22—
85
EWZiShares MSCI Brazil ETF · International Equity
Whole market+14.9%27.7%0.64−57.0%+90.3%0.320.59%
86
PCARPACCAR Inc · Commercial Vehicles
Whole market+17.9%26.1%0.76−37.9%+314%0.16—
87
NEARiShares Short Duration Bond Active ETF · Short-Term Bonds
Whole market+3.9%1.4%2.71−9.6%+31.8%0.100.25%
88
FASTFastenal Company · Industrial Distribution
Whole market+15.8%24.6%0.72−30.7%+576%0.05—
89
CSXCSX Corporation · Railroads
Whole market+8.3%23.3%0.46−40.5%+446%0.22—
90
SCHGSchwab U.S. Large-Cap Growth ETF · US Large-Cap Growth
Whole market+13.1%22.4%0.67−34.5%+451%0.240.04%
91
AMEAMETEK, Inc. · Electronic Instruments
Whole market+14.4%22.1%0.72−42.7%+481%0.17—
92
EQIXEquinix, Inc. · Data Center REITs
Whole market+6.6%27.8%0.37−41.8%+226%0.08—
93
DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity
Whole market+14.7%17.5%0.87−34.7%—0.320.26%
94
TRPTC Energy Corporation · Oil & Gas Midstream
Whole market+10.8%21.9%0.58−41.6%+160%0.26—
95
AJGArthur J. Gallagher & Co. · Insurance
Whole market+10.9%24.2%0.55−44.4%+516%0.32—
96
CLColgate-Palmolive Company · Household & Personal Products
Whole market+7.2%19.2%0.46−29.0%+68.8%0.42—
97
ICEIntercontinental Exchange, Inc. · Capital Markets
Whole market+5.4%21.8%0.35−34.3%+240%0.23—
98
VXFVanguard Extended Market ETF · US Extended Market
Whole market+4.9%22.4%0.33−41.7%+194%0.260.05%
99
ITWIllinois Tool Works Inc. · Industrial Machinery
Whole market+6.7%21.4%0.41−37.9%+208%0.20—
100
ECLEcolab Inc. · Specialty Chemicals
Whole market+6.7%24.1%0.39−43.7%+176%0.28—

ELV against its popular alternatives

The investments people most often weigh against ELV, compared period by period and year by year.

How do ELV's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at ELV, which divides the map into what did better or worse on each measure.

Green points earned more than ELV with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%−20.0%−10.0%0.0%10.0%20.0%30.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityELV: 2.2% a year, volatility 29.4%SPY (S&P 500): 12.7% a year, volatility 17.1%MCK: 38.7% a year, volatility 25.0%VEEV: −0.1% a year, volatility 39.6%COR: 24.2% a year, volatility 22.8%CI: 9.4% a year, volatility 28.3%ALHC: −15.1% a year, volatility 65.8%HUM: −0.3% a year, volatility 38.5%CNC: 0.8% a year, volatility 40.0%MOH: −5.4% a year, volatility 40.6%UNH: 1.1% a year, volatility 32.1%OSCR: 15.7% a year, volatility 80.0%HCA: 14.1% a year, volatility 30.1%UHS: 7.3% a year, volatility 32.1%CVS: 5.3% a year, volatility 30.4%ELVSPY (S&P 500)MCKVEEVCORCIALHCHUMMOHOSCRHCAUHSCVS0.0%20.0%40.0%60.0%80.0%−20.0%−10.0%0.0%10.0%20.0%30.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityELV: 2.2% a year, volatility 29.4%SPY (S&P 500): 12.7% a year, volatility 17.1%MCK: 38.7% a year, volatility 25.0%VEEV: −0.1% a year, volatility 39.6%COR: 24.2% a year, volatility 22.8%CI: 9.4% a year, volatility 28.3%ALHC: −15.1% a year, volatility 65.8%HUM: −0.3% a year, volatility 38.5%CNC: 0.8% a year, volatility 40.0%MOH: −5.4% a year, volatility 40.6%UNH: 1.1% a year, volatility 32.1%OSCR: 15.7% a year, volatility 80.0%HCA: 14.1% a year, volatility 30.1%UHS: 7.3% a year, volatility 32.1%CVS: 5.3% a year, volatility 30.4%ELVSPY (S&P 500)MCKVEEVCORCIALHCMOHUNHOSCRUHSCVS
All figures
InvestmentAnnual returnVolatility
MCK McKesson Corporation+38.7%25.0%
COR Cencora, Inc.+24.2%22.8%
OSCR Oscar Health, Inc.+15.7%80.0%
HCA HCA Healthcare, Inc.+14.1%30.1%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
CI Cigna Corporation+9.4%28.3%
UHS Universal Health Services, Inc.+7.3%32.1%
CVS CVS Health Corp.+5.3%30.4%
ELV This pageElevance Health Inc.+2.2%29.4%
UNH UnitedHealth Group Incorporated+1.1%32.1%
CNC Centene Corp.+0.8%40.0%
VEEV Veeva Systems Inc.−0.1%39.6%
HUM Humana Inc.−0.3%38.5%
MOH Molina Healthcare, Inc.−5.4%40.6%
ALHC Alignment Healthcare, Inc.−15.1%65.8%
Open these 15 in EasyCompare

Has ELV consistently beaten its popular alternatives?

This section compares ELV with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than ELV helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than ELV over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
ELV Elevance Health Inc. (this page)—+7.5%+15.7%+39.0%+26.1%+26.8%+2.0%+11.7%+307%29.4%0.23−50.4%—$95B—
MCK QualifiedMcKesson Corporation3/5 short3/3 long+16.2%+24.0%+20.2%+25.5%+31.3%+131%+413%+586%25.0%1.44−38.1%—$120B—
VEEV QualifiedVeeva Systems Inc.4/5 short2/3 long+22.0%+61.4%+88.7%+45.2%+11.5%+59.0%−0.4%+715%39.6%0.19−55.7%—$52B—
OSCR QualifiedOscar Health, Inc.3/5 short2/3 long+7.6%+13.7%+105%+125%+66.8%+560%+107%—80.0%0.57−94.2%—$8.7B—
HCA Medical - Care FacilitiesHCA Healthcare, Inc.2/5 short3/3 long+9.3%+26.0%−2.2%−0.5%+8.3%+97.6%+93.6%+513%30.1%0.59−54.7%—$101B—
COR Medical - DistributionCencora, Inc.1/5 short3/3 long+8.5%+13.1%+6.7%+1.9%+5.7%+86.5%+195%+406%22.8%1.07−32.4%—$66B—
CI Medical - Healthcare PlansCigna Corporation1/5 short2/3 long+11.7%+8.6%+10.8%+11.7%+2.2%+5.9%+56.7%+176%28.3%0.46−42.5%—$81B—
UHS Medical - Care FacilitiesUniversal Health Services, Inc.1/5 short2/3 long+6.2%+23.4%+3.5%−15.3%−10.0%+50.9%+42.4%+55.7%32.1%0.38−56.3%—$11B—
CVS Medical - Healthcare PlansCVS Health Corp.1/5 short2/3 long+8.2%−11.4%+25.6%+21.0%+18.5%+52.5%+29.2%+47.0%30.4%0.32−56.8%—$121B—
ALHC Medical - Healthcare PlansAlignment Healthcare, Inc.0/5 short1/3 long+2.2%−59.7%−60.5%−57.9%−51.1%+19.9%−55.8%—65.8%0.08−83.6%—$1.8B—
HUM Medical - Healthcare PlansHumana Inc.4/5 short0/3 long+12.9%+7.3%+104%+62.8%+52.1%−15.1%−1.3%+166%38.5%0.19−69.9%—$51B—
CNC Medical - Healthcare PlansCentene Corp.4/5 short0/3 long+9.0%+7.6%+84.9%+69.6%+98.9%−1.5%+4.0%+129%40.0%0.24−74.1%—$35B—
MOH Medical - Healthcare PlansMolina Healthcare, Inc.2/5 short0/3 long+11.1%−4.3%+46.4%+23.1%+11.3%−37.0%−24.3%+277%40.6%0.07−70.8%—$11B—
UNH Medical - Healthcare PlansUnitedHealth Group Incorporated2/5 short0/3 long+11.0%+0.1%+31.2%+27.1%+18.1%−15.3%+5.5%+241%32.1%0.20−61.4%—$376B—
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How did ELV do year by year?

This table shows each investment's total return in every full calendar year since 2002, along with where ELV ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with ELV and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Newest year first. Green marks a year in which the fund came out ahead of ELV; gray means the two finished within a fraction of a point. The rank row places ELV among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of ELV202520242023202220212020201920182017201620152014201320122011201020092008200720062005200420032002
ELV This pageElevance Health Inc.—−3.1%−20.7%−6.9%+11.8%+46.1%+7.8%+16.3%+18.1%+58.7%+5.1%+12.9%+38.2%+54.6%−6.3%+18.2%−2.4%+38.4%−52.0%+11.5%−1.4%+38.8%+53.3%+19.3%+27.1%
Rank among alternativesTop quarter in 4 of 2411 of 1412 of 149 of 144 of 144 of 128 of 1210 of 124 of 122 of 125 of 126 of 125 of 126 of 1110 of 116 of 1010 of 105 of 107 of 107 of 108 of 105 of 103 of 107 of 92 of 9
SPY S&P 500State Street SPDR S&P 500 ETF11 of 24+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%
MCK McKesson Corporation14 of 24+44.5%+23.7%+24.1%+51.8%+44.2%+27.1%+26.7%−28.4%+12.0%−28.3%−4.5%+29.3%+67.7%+25.6%+11.8%+13.8%+62.9%−40.4%+29.7%−1.2%+64.9%−1.4%+19.9%−27.2%
VEEV Veeva Systems Inc.7 of 12+6.2%+9.2%+19.3%−36.8%−6.2%+93.5%+57.5%+61.6%+35.8%+41.1%+9.2%−17.7%————————————
OSCR Oscar Health, Inc.3 of 4+6.9%+46.9%+272%−68.7%————————————————————
HCA HCA Healthcare, Inc.11 of 14+56.7%+11.8%+13.8%−5.6%+57.6%+11.6%+20.2%+43.4%+18.7%+9.4%−7.8%+53.8%+58.1%+70.9%——————————
COR Cencora, Inc.14 of 24+51.5%+10.4%+25.3%+26.3%+38.0%+17.0%+18.2%−16.6%+20.6%−23.3%+16.9%+29.9%+65.3%+17.9%+10.3%+32.4%+48.0%−19.8%+3.3%+8.9%+41.4%+2.5%+5.6%−14.5%
CI Cigna Corporation11 of 24+1.7%−6.3%−8.0%+46.7%+12.3%+1.8%+7.7%−6.5%+52.3%−8.8%+42.2%+17.7%+63.8%+27.4%+14.6%+4.1%+110%−68.6%+22.6%+17.9%+37.1%+42.8%+43.6%−54.8%
UHS Universal Health Services, Inc.10 of 24+22.0%+18.2%+8.8%+9.4%−5.2%−4.0%+23.6%+3.2%+6.9%−10.7%+7.7%+37.3%+68.6%+26.1%−10.1%+43.2%+63.3%−26.2%−7.1%+19.3%+5.7%−16.6%+19.1%+5.4%
CVS CVS Health Corp.10 of 24+84.3%−40.8%−12.6%−7.6%+54.9%−5.1%+17.3%−7.0%−5.8%−17.8%+2.9%+36.5%+50.4%+20.3%+19.0%+9.1%+13.2%−27.2%+29.4%+17.7%+17.8%+25.7%+45.7%−14.9%
ALHC Alignment Healthcare, Inc.2 of 4+75.6%+30.7%−26.8%−16.4%————————————————————
HUM Humana Inc.12 of 24+2.4%−44.0%−9.9%+11.2%+13.8%+12.7%+28.9%+16.3%+22.6%+14.9%+25.1%+40.4%+52.3%−20.6%+61.5%+24.7%+17.7%−50.5%+36.2%+1.8%+83.0%+29.9%+128%−15.2%
CNC Centene Corp.11 of 24−32.1%−18.4%−9.5%−0.5%+37.3%−4.5%+9.0%+14.3%+78.5%−14.1%+26.7%+76.1%+43.8%+3.5%+56.1%+19.9%+7.3%−28.1%+11.7%−6.5%−7.3%+103%+25.0%+53.0%
MOH Molina Healthcare, Inc.12 of 22−40.4%−19.4%+9.4%+3.8%+49.6%+56.7%+16.8%+51.6%+41.3%−9.8%+12.3%+54.0%+28.4%+21.2%+20.3%+21.8%+29.9%−54.5%+19.1%+22.0%−42.6%+83.8%——
UNH UnitedHealth Group Incorporated11 of 24−33.1%−2.4%+0.8%+6.9%+45.2%+21.3%+20.0%+14.5%+39.8%+38.4%+18.3%+36.5%+41.0%+8.6%+42.2%+19.9%+14.8%−54.3%+8.3%−13.5%+41.2%+51.4%+39.4%+18.1%
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Risk and diversification

How ELV has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were ELV's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents ELV's five deepest drawdowns since it began trading in 2001, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Green means ELV fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringELV fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−67.2%−48.6%Dec 2007Nov 200811 monthsJul 20134.7 years
No named crash−50.4%+14.0%Sep 2024Aug 202511 monthsNot yet—
Covid crash−44.1%−18.2%Feb 2019Mar 202013 monthsOct 20207 months
2015 China and oil sell-off−30.9%−11.5%Jun 2015Feb 20168 monthsMar 201713 months
Dot-com bust−27.3%−18.9%Jun 2002Feb 20038 monthsMay 20033 months

How did ELV do in stock market crashes?

This section measures how far ELV, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Note: ELV began trading on October 30, 2001, so its row reads "Not yet trading" for the dot-com bust. The older alternatives and the S&P 500 show how those crashes played out.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than ELV.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
ELV This pageElevance Health Inc.—−2.3%−15.9%−42.3%−15.7%−3.6%−22.9%−23.4%−0.7%−67.2%Not yet trading
SPY S&P 500State Street SPDR S&P 500 ETF4 of 9−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
MCK McKesson Corporation5 of 9−0.9%−10.5%−32.1%−20.7%−6.5%−30.8%−14.2%−3.5%−57.7%−39.4%
VEEV Veeva Systems Inc.1 of 6−4.6%−40.0%−26.7%−26.5%−9.5%−28.9%————
OSCR Oscar Health, Inc.0 of 2−18.1%−62.4%————————
HCA HCA Healthcare, Inc.0 of 7−2.2%−39.5%−54.4%−20.6%−3.8%−31.3%−49.0%———
COR Cencora, Inc.4 of 9−2.3%−17.8%−23.8%−24.2%−7.1%−21.4%−14.5%−2.8%−41.9%−29.7%
CI Cigna Corporation3 of 9−2.6%−10.7%−41.3%−20.8%−7.4%−16.2%−24.0%−4.7%−84.3%−56.3%
UHS Universal Health Services, Inc.2 of 9−5.2%−43.4%−52.5%−17.8%−4.8%−30.3%−40.4%0.0%−52.5%−32.3%
CVS CVS Health Corp.4 of 9−4.4%−19.9%−27.3%−22.1%−9.2%−16.9%−14.2%−1.1%−45.3%−62.4%
ALHC Alignment Healthcare, Inc.0 of 2−11.6%−51.7%————————
HUM Humana Inc.2 of 9−2.0%−20.9%−43.4%−22.8%−5.1%−17.3%−17.5%−2.7%−78.4%−45.3%
CNC Centene Corp.2 of 9−4.1%−24.1%−32.4%−25.7%−4.2%−27.4%−27.5%−3.3%−53.1%—
MOH Molina Healthcare, Inc.2 of 9−3.0%−27.6%−29.9%−29.3%−14.0%−37.3%−40.7%−3.6%−59.0%—
UNH UnitedHealth Group Incorporated3 of 9−1.8%−16.9%−35.9%−18.6%−6.7%−12.4%−20.7%−0.8%−72.4%−19.8%
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How closely does ELV move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares ELV with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than ELV's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
ELV This pageElevance Health Inc.94%98%0.960.86
MCK McKesson Corporation72%27%2.710.56
COR Cencora, Inc.80%58%1.390.56
VEEV Veeva Systems Inc.113%89%1.260.87
MOH Molina Healthcare, Inc.72%63%1.140.74
UNH UnitedHealth Group Incorporated81%82%0.980.70
HCA HCA Healthcare, Inc.135%140%0.971.37
CI Cigna Corporation66%74%0.900.58
HUM Humana Inc.70%80%0.870.82
CNC Centene Corp.69%94%0.730.80
UHS Universal Health Services, Inc.86%141%0.611.13
CVS CVS Health Corp.59%99%0.600.70
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What diversifies ELV?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with ELV's. Because such investments tend not to fall at the same time, pairing ELV with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which ELV lost money. The last two columns show a portfolio that is 80% ELV and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe202520242023201220102008200680/20 mix volatility80/20 mix annual return
ELV Elevance Health Inc. (this page)1.00+11.7%0.23−3.1%−20.7%−6.9%−6.3%−2.4%−52.0%−1.4%29.3%+2.3%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.22+119%1.48+27.1%+15.9%+17.4%————23.9%+5.8%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.12+225%1.34+32.8%+29.8%+42.0%+19.6%−1.8%−20.8%—23.9%+7.7%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.26+101%1.04+9.7%+33.4%+8.0%————24.3%+5.6%
HDV Dividend & IncomeiShares Core High Dividend ETF0.40+83.3%1.00+11.9%+14.1%+1.8%+9.6%———24.7%+4.9%
SMH TechnologyVanEck Semiconductor ETF0.21+323%0.97+49.2%+39.1%+73.4%+8.6%+19.0%−44.7%−6.7%25.8%+10.1%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.33+85.0%0.96+23.1%+13.4%+20.1%+20.9%———24.2%+5.2%
GLD CommoditiesSPDR Gold Shares0.12+126%0.96+63.7%+26.7%+12.7%+6.6%+29.3%+4.9%+22.6%24.1%+6.2%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.40+136%0.93+26.6%+45.8%+17.6%————25.4%+6.7%

Stocks

InvestmentCorrelation5Y returnSharpe202520242023201220102008200680/20 mix volatility80/20 mix annual return
ELV Elevance Health Inc. (this page)1.00+11.7%0.23−3.1%−20.7%−6.9%−6.3%−2.4%−52.0%−1.4%29.3%+2.3%
CAH Medical - DistributionCardinal Health, Inc.0.20+479%1.55+76.3%+19.0%+34.1%+3.8%+21.4%−39.6%−5.8%25.0%+9.7%
CLS Hardware, Equipment & PartsCelestica Inc.0.05+3,143%1.47+220%+215%+160%+11.2%+2.8%−20.5%−26.0%26.6%+22.3%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.10+1,636%1.46+121%+107%+79.6%+15.7%+8.7%−15.2%+38.9%25.9%+18.3%
MCK Medical - DistributionMcKesson Corporation0.21+413%1.44+44.5%+23.7%+24.1%+25.6%+13.8%−40.4%−1.2%25.0%+9.1%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.15+690%1.41+19.2%−4.0%+30.4%+94.3%———25.2%+11.7%
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Common questions

What was ELV's worst drawdown?

ELV's deepest decline since it began trading in 2001 was 67.2%, from December 2007 to November 2008. It took about five years from the low to climb back to its old high.

What were ELV's best and worst years?

Over 24 full calendar years, ELV's best year was 2017, when it returned 58.7%. Its worst was 2008, with a return of -52.0%.

Is there a better investment than ELV?

Among ELV's popular alternatives, MCK and COR earned more than ELV with less volatility over the past 5 years. MCK returned 38.7% a year at 25.0% volatility, against 2.2% a year at 29.4%. Looking beyond its popular alternatives, EHC (health care facilities) and CAH (health care distribution) earned more than ELV with less volatility over the past 5 years. EHC returned 18.4% a year at 26.8% volatility, against 2.2% a year at 29.4%.

Is ELV more volatile than the S&P 500?

Yes. ELV's volatility over the past 5 years was 29.4%, 1.7 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, ELV's return lands within 29.4% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is ELV's Sharpe ratio?

ELV's Sharpe ratio over the past 5 years was 0.23, against 0.79 for the S&P 500, so ELV earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is ELV with the S&P 500?

Over the past 5 years, ELV's monthly returns had a correlation of 0.38 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against ELV instead: the lower it is, the more that option would diversify a ELV holding.

What are the best alternatives to ELV?

Of the 13 popular alternatives we compared, three outperformed ELV in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: MCK, VEEV and OSCR.

Did ELV outperform the S&P 500?

ELV finished ahead of the S&P 500 (SPY) in 13 of 24 full calendar years. In 2025, it returned -3.1%, against +17.7% for the index.

How did ELV do in stock market crashes?

ELV fell less than the S&P 500 (SPY) in five of the nine major crashes it has traded through, and further in four. The clearest case was the 2022 bear market, when ELV fell 15.9% and the S&P 500 fell 24.5%.

What diversifies ELV?

These had a low correlation with ELV over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.22), DXJ (correlation 0.12) and EMLP (correlation 0.26); among large stocks, CAH (correlation 0.20), CLS (correlation 0.05) and FIX (correlation 0.10). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to ELV

Other stocks and ETFs