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

> Source: EasyCompare research, https://easycompare.io/research/elv
> Data as of October 20, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

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.

## Key findings

- **Right now:** ELV has run far ahead of the market, rising 39.0% over the past 6 months against 9.1% for the S&P 500 and 11.2% for the Nasdaq 100. Its managed health care peers were far apart over the past 6 months, from HUM (Humana, up 104%) to CI (Cigna, up 10.8%).
- **Stock or market?:** ELV's 15.7% gain over the past 3 months far outran its industry: the managed health care ETF IHF (iShares U.S. Healthcare Providers ETF) rose 7.1%. The S&P 500 rose 3.9%. ELV rose 7.5% last month as the S&P 500 fell 0.6% and the Nasdaq 100 fell 3.2%.
- **Past 1 to 3 years:** A ahead of 74% of stocks worth at least $300 million over 10 years, but behind 76% of the stocks worth at least $300 million over 3 years. On the flip side, over the past year, ELV rose 26.8% against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100.
- **Long term:** ELV turned $10,000 into $40,700 over the past decade, against $42,100 in the S&P 500. Even so, it outpaced every one of its managed health care peers over the past decade, including UNH (UnitedHealth Group) and CVS (CVS Health).
- **In a crash:** Across six sell-offs, ELV has typically fallen 1.2 times as far as the S&P 500. Even so, in the 2022 bear market, ELV held up better than CVS (CVS Health), HUM and CNC; only CI (Cigna) fell less.
- **Diversification:** Against the S&P 500, ELV has a correlation of 0.38 over 5 years, less closely than 54% of stocks worth at least $300 million. Next to an index fund it is some diversification, but not a hedge.
- **Better options**
  - **Popular alternatives:** MCK (McKesson) and COR (Cencora) 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%.
  - **Nearby categories and themes:** EHC (Encompass Health, health care facilities) and CAH (Cardinal Health, 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%.
  - **Whole market:** 1,032 of the 3,633 stocks and funds worth at least $500 million earned more than ELV with less volatility over the past 5 years, among them VTI (Vanguard Morningstar Total Stock Market ETF), VOO (Vanguard S&P 500 ETF) and BRK-B (Berkshire Hathaway).

## 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.

- $10,000 invested in ELV at the end of September 2002 would have grown to $151,886 by September 2026, more than the $144,215 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of ELV, and MCK finished highest, at $360,420.

## 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.

- 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.
- Over 24 full calendar years, ELV's best was 2017, when it returned 58.7%, and its worst was 2008, when it lost 52.0%. It lost money in seven of those years.
- ELV is 18.4% below its all-time high.

- Type: Stock, Healthcare (Medical - Healthcare Plans)
- Trading since: October 30, 2001
- Market value: $95B
- Volatility (5 years): 29.4%; Sharpe ratio: 0.23
- Worst decline ever: −67.2%, from December 24, 2007 to November 20, 2008; back at its high by July 18, 2013

| Period | ELV total return |
| --- | --- |
| 1 month | +7.5% |
| 3 months | +15.7% |
| 6 months | +39.0% |
| year to date | +26.1% |
| 1 year | +26.8% |
| 3 years | +2.0% |
| 5 years | +11.7% |
| 10 years | +307% |

## 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.

- ELV's worst decline of the past 10 years ranks in the top 22% of the 2,187 stocks worth at least $300 million, where the top fell the least.
- ELV's 3-year return ranks in the bottom 24% of the 3,017 stocks worth at least $300 million with 3 years of history.

| Measure | ELV | Rank |
| --- | --- | --- |
| 1-year return | +26.8% | 1,061 of 3,287 (top 33%) |
| 3-year return | +2.0% | 2,299 of 3,017 (top 77%) |
| 5-year return | +11.7% | 1,569 of 2,893 (top 55%) |
| 10-year return | +307% | 571 of 2,202 (top 26%) |
| Volatility, 5 years | 29.4% | 667 of 2,893 (top 24%) |
| Sharpe ratio, 5 years | 0.23 | 1,778 of 2,893 (top 62%) |
| Worst decline, past 10 years | −50.4% | 473 of 2,187 (top 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).

- 321 stocks and 711 ETFs worth at least $500 million sit in the green region: each earned more than ELV over the past 5 years with smaller price swings. That is 28% of the 3,633 screened.
- Among those with at least half ELV's swings, CAH has the best return for its risk: 42.1% a year at 24.7% volatility, 16% less than ELV's 29.4%, and a Sharpe ratio (return above cash per unit of volatility) of 1.55 against 0.23 for ELV.
- Among ELV's popular alternatives, MCK and COR are in the region. MCK earned 38.7% a year against 2.2% a year for ELV, at 25.0% volatility, 15% less than ELV's 29.4%.

### Is there a better investment than ELV?

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.

- 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%.
- Across the whole market, 1,032 of the 3,633 stocks and funds worth at least $500 million earned more than ELV with less volatility over the past 5 years, among them VTI, VOO and BRK-B.

The 15 strongest of 1,032 investments that beat ELV over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with ELV | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| ELV: Elevance Health Inc. (this page) |  | +2.2% | 29.4% | 0.23 | −50.4% | +307% |  |  |
| [ABBV](https://easycompare.io/research/abbv): AbbVie Inc. | Pharmaceuticals | +26.1% | 23.4% | 1.11 | −45.1% | +603% | 0.25 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [MRK](https://easycompare.io/research/mrk): Merck & Co., Inc. | Pharmaceuticals | +16.3% | 24.8% | 0.74 | −43.4% | +241% | 0.33 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [AMGN](https://easycompare.io/research/amgn): Amgen Inc. | Biotechnology | +19.6% | 24.9% | 0.85 | −24.9% | +266% | 0.22 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [GILD](https://easycompare.io/research/gild): Gilead Sciences, Inc. | Biotechnology | +22.8% | 24.9% | 0.95 | −30.5% | +200% | 0.04 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [MCK](https://easycompare.io/research/mck): McKesson Corporation | Health Care Distribution | +38.7% | 25.0% | 1.44 | −38.1% | +586% | 0.21 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| CIBR: First Trust Nasdaq Cybersecurity ETF | Cybersecurity | +14.1% | 26.1% | 0.64 | −33.9% | +454% | 0.29 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [SGOV](https://easycompare.io/research/sgov): iShares 0-3 Month Treasury Bond ETF | Treasury Bonds | +3.8% | 0.3% | 13.25 | −0.3% | — | -0.17 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| [RY](https://easycompare.io/research/ry): Royal Bank of Canada | Banks | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.36 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| JAAA: Janus Henderson AAA CLO ETF | CLO Bonds | +5.1% | 1.7% | 2.98 | −2.6% | — | -0.07 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| HACK: Amplify Cybersecurity ETF | Technology | +12.6% | 25.8% | 0.59 | −38.7% | +373% | 0.21 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [XOM](https://easycompare.io/research/xom): Exxonmobil Holdings Corporation | Integrated Oil & Gas | +27.1% | 26.5% | 1.04 | −61.0% | +214% | 0.14 | Higher return, lower volatility; Higher return in most periods |
| COMT: iShares GSCI Commodity Dynamic Roll Strategy ETF | Commodities | +13.1% | 21.1% | 0.69 | −39.2% | +160% | 0.19 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [CVX](https://easycompare.io/research/cvx): Chevron Corporation | Integrated Oil & Gas | +19.5% | 25.2% | 0.84 | −55.8% | +238% | 0.18 | Higher return, lower volatility; Higher return in most periods |
| IHAK: iShares Cybersecurity and Tech ETF | Technology | +8.3% | 25.0% | 0.44 | −34.4% | — | 0.31 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [VTI](https://easycompare.io/research/vti): Vanguard Morningstar Total Stock Market ETF | US Total Market | +11.5% | 17.5% | 0.71 | −35.0% | +302% | 0.37 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |

## 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.

- MCK, COR and CI were both more rewarding and calmer than ELV over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, ELV returned 2.2% a year, less than the S&P 500's 12.7%, with higher volatility (29.4% against 17.1%).

### 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.

- Three of the 13 popular alternatives, MCK, VEEV and OSCR, outperformed ELV in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- MCK, COR and CI earned more for the risk they took than ELV (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
- COR outperformed ELV over all three long-term periods but in only one of the five short-term ones, so ELV has had the better of it lately.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of ELV | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| ELV: Elevance Health Inc. (this page) | +26.8% | +2.0% | +11.7% | +307% |  |  | 0.23 |
| [MCK](https://easycompare.io/research/mck): McKesson Corporation | +31.3% | +131% | +413% | +586% | 3/5 short-term, 3/3 long-term | consistent | 1.44 |
| [VEEV](https://easycompare.io/research/veev): Veeva Systems Inc. | +11.5% | +59.0% | −0.4% | +715% | 4/5 short-term, 2/3 long-term | consistent | 0.19 |
| OSCR: Oscar Health, Inc. | +66.8% | +560% | +107% | — | 3/5 short-term, 2/3 long-term | consistent | 0.57 |
| [HCA](https://easycompare.io/research/hca): HCA Healthcare, Inc. | +8.3% | +97.6% | +93.6% | +513% | 2/5 short-term, 3/3 long-term |  | 0.59 |
| [COR](https://easycompare.io/research/cor): Cencora, Inc. | +5.7% | +86.5% | +195% | +406% | 1/5 short-term, 3/3 long-term |  | 1.07 |
| [CI](https://easycompare.io/research/ci): Cigna Corporation | +2.2% | +5.9% | +56.7% | +176% | 1/5 short-term, 2/3 long-term |  | 0.46 |
| UHS: Universal Health Services, Inc. | −10.0% | +50.9% | +42.4% | +55.7% | 1/5 short-term, 2/3 long-term |  | 0.38 |
| [CVS](https://easycompare.io/research/cvs): CVS Health Corp. | +18.5% | +52.5% | +29.2% | +47.0% | 1/5 short-term, 2/3 long-term |  | 0.32 |
| ALHC: Alignment Healthcare, Inc. | −51.1% | +19.9% | −55.8% | — | 0/5 short-term, 1/3 long-term |  | 0.08 |
| [HUM](https://easycompare.io/research/hum): Humana Inc. | +52.1% | −15.1% | −1.3% | +166% | 4/5 short-term, 0/3 long-term |  | 0.19 |
| CNC: Centene Corp. | +98.9% | −1.5% | +4.0% | +129% | 4/5 short-term, 0/3 long-term |  | 0.24 |
| MOH: Molina Healthcare, Inc. | +11.3% | −37.0% | −24.3% | +277% | 2/5 short-term, 0/3 long-term |  | 0.07 |
| [UNH](https://easycompare.io/research/unh): UnitedHealth Group Incorporated | +18.1% | −15.3% | +5.5% | +241% | 2/5 short-term, 0/3 long-term |  | 0.20 |

### 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.

- ELV finished ahead of the S&P 500 in 13 of its 24 full calendar years, and behind it in each of the last three.
- Among its popular alternatives, HCA came out ahead of ELV most often, in 11 of the 14 years both traded.
- Ranked against its popular alternatives each year, ELV finished in the top quarter in four of 24 years and in the bottom quarter in four. In 2025, it ranked 11 of 14.

| Year | ELV | SPY |
| --- | --- | --- |
| 2025 | −3.1% | +17.7% |
| 2024 | −20.7% | +24.9% |
| 2023 | −6.9% | +26.2% |
| 2022 | +11.8% | −18.2% |
| 2021 | +46.1% | +28.7% |
| 2020 | +7.8% | +18.3% |
| 2019 | +16.3% | +31.2% |
| 2018 | +18.1% | −4.6% |
| 2017 | +58.7% | +21.7% |
| 2016 | +5.1% | +12.0% |

## 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.

- In all five of ELV's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: ELV fell 50.4% from September 2024 to August 2025, while the S&P 500 rose 14.0%.
- The slowest recovery came after ELV fell 67.2% from December 2007 to November 2008; it did not regain that peak until July 2013, five years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −67.2% | December 24, 2007 | November 20, 2008 | July 18, 2013 | −48.6% | 2008 financial crisis |
| −50.4% | September 3, 2024 | August 1, 2025 | not yet | +14.0% |  |
| −44.1% | February 26, 2019 | March 23, 2020 | October 23, 2020 | −18.2% | Covid crash |
| −30.9% | June 22, 2015 | February 8, 2016 | March 1, 2017 | −11.5% | 2015 China and oil sell-off |
| −27.3% | June 12, 2002 | February 12, 2003 | May 20, 2003 | −18.9% | dot-com bust |

### 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.

- Among its popular alternatives, MCK held up best, falling less than ELV in five of the nine crashes they both traded through.
- ELV began trading after the dot-com bust, but seven of its popular alternatives lived through it. The mildest fall among them was UNH's 19.8%, against 47.5% for the S&P 500.
- ELV fell less than the S&P 500 in five of the nine crashes it has traded through. The clearest case was the 2022 bear market, when ELV fell 15.9% and the S&P 500 fell 24.5%.

| Crash | Dates | ELV fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | not trading | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −67.2% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −0.7% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −23.4% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −22.9% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −3.6% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −15.7% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −42.3% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −15.9% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −2.3% | −3.4% |

### 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.

- Six of the 11 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than ELV's 0.96, led by MCK, COR and VEEV.
- COR took just 58% of the S&P 500's losses, against 98% for ELV, while still keeping 80% of its gains.
- Over the past 10 years, ELV captured 94% of the S&P 500's gains in rising months and 98% of its losses in falling months, with a beta of 0.86. Its share of the market's losses was slightly larger than its share of the gains.

Measured over the past 10 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| ELV: Elevance Health Inc. (this page) | 94.0% | 98.0% | 0.86 |
| [MCK](https://easycompare.io/research/mck): McKesson Corporation | 72.0% | 27.0% | 0.56 |
| [VEEV](https://easycompare.io/research/veev): Veeva Systems Inc. | 113% | 89.0% | 0.87 |
| [HCA](https://easycompare.io/research/hca): HCA Healthcare, Inc. | 135% | 140% | 1.37 |
| [COR](https://easycompare.io/research/cor): Cencora, Inc. | 80.0% | 58.0% | 0.56 |
| [CI](https://easycompare.io/research/ci): Cigna Corporation | 66.0% | 74.0% | 0.58 |
| UHS: Universal Health Services, Inc. | 86.0% | 141% | 1.13 |
| [CVS](https://easycompare.io/research/cvs): CVS Health Corp. | 59.0% | 99.0% | 0.70 |
| [HUM](https://easycompare.io/research/hum): Humana Inc. | 70.0% | 80.0% | 0.82 |
| CNC: Centene Corp. | 69.0% | 94.0% | 0.80 |
| MOH: Molina Healthcare, Inc. | 72.0% | 63.0% | 0.74 |
| [UNH](https://easycompare.io/research/unh): UnitedHealth Group Incorporated | 81.0% | 82.0% | 0.70 |

### 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).

- Moving a fifth of the money in ELV into DXJ would have cut the portfolio's volatility by 18% over the past 5 years and raised its annual return (+2.3% for ELV alone, +7.7% for the mix).
- GLD made money in seven of the seven calendar years in which ELV lost money.
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of ELV over the past 5 years, with correlations of 0.26 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with ELV | 5Y return | Volatility | Sharpe | Rose in ELV's 7 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.22 | +119% | 11.1% | 1.48 | 3 of 7 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.12 | +225% | 19.1% | 1.34 | 4 of 7 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.26 | +101% | 14.5% | 1.04 | 3 of 7 |
| HDV: iShares Core High Dividend ETF | 0.40 | +83.3% | 13.0% | 1.00 | 4 of 7 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | 0.21 | +323% | 36.9% | 0.97 | 5 of 7 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.33 | +85.0% | 13.8% | 0.96 | 4 of 7 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.12 | +126% | 18.9% | 0.96 | 7 of 7 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.40 | +136% | 20.8% | 0.93 | 3 of 7 |

## 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.

## More research

- [McKesson (MCK) Performance, Alternatives and Market Rank](https://easycompare.io/research/mck)
- [Veeva Systems (VEEV) Performance, Alternatives and Market Rank](https://easycompare.io/research/veev)
- [HCA Healthcare (HCA) Performance, Alternatives and Market Rank](https://easycompare.io/research/hca)
- [Cencora (COR) Performance, Alternatives and Market Rank](https://easycompare.io/research/cor)
- [Cigna (CI) Performance, Alternatives and Market Rank](https://easycompare.io/research/ci)
- [CVS Health (CVS) Performance, Alternatives and Market Rank](https://easycompare.io/research/cvs)
- [Humana (HUM) Performance, Alternatives and Market Rank](https://easycompare.io/research/hum)
- [UnitedHealth Group (UNH) Performance, Alternatives and Market Rank](https://easycompare.io/research/unh)
- [Schwab U.S. Dividend Equity ETF (SCHD) Performance, Alternatives and Market Rank](https://easycompare.io/research/schd)
- [NVIDIA (NVDA) Performance, Alternatives and Market Rank](https://easycompare.io/research/nvda)
- [Apple (AAPL) Performance, Alternatives and Market Rank](https://easycompare.io/research/aapl)
- [Alphabet (GOOG) Performance, Alternatives and Market Rank](https://easycompare.io/research/goog)

## Explore further

- Full page with charts: https://easycompare.io/research/elv
- All research pages: https://easycompare.io/llms.txt
- Compare the entire market against ELV live: https://betterthanspy.com/?b=ELV&utm_source=easycompare&utm_medium=research