ELV vs. APD

Last updated Jun 9, 2026

ELV (Elevance Health Inc) and APD (Air Products and Chemicals, Inc.) are both stocks. ELV operates in Healthcare Plans (Healthcare), while APD operates in Chemicals (Basic Materials). Over the past 10 years, ELV returned 13.78%/yr vs 9.22%/yr for APD. At a 0.33 correlation, their price movements are largely independent.

Performance

ELV vs. APD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Elevance Health Inc (ELV) and Air Products and Chemicals, Inc. (APD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ELV achieves a 20.02% return, which is significantly higher than APD's 13.57% return. Over the past 10 years, ELV has outperformed APD with an annualized return of 13.78%, while APD has yielded a comparatively lower 9.22% annualized return.

ELV

• 1D: 0.63%
• 1M: 10.60%
• YTD: 20.02%
• 6M: 27.26%
• 1Y: 8.57%
• 3Y*: -2.38%
• 5Y*: 3.00%
• 10Y*: 13.78%

APD

• 1D: -1.98%
• 1M: -6.31%
• YTD: 13.57%
• 6M: 18.85%
• 1Y: 1.58%
• 3Y*: 2.39%
• 5Y*: 1.07%
• 10Y*: 9.22%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ELV vs. APD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ELV Elevance Health Inc	20.02%	-3.14%	-20.72%	-6.89%	11.83%	46.12%	7.74%	16.33%	18.11%	58.72%
APD Air Products and Chemicals, Inc.	13.57%	-12.66%	8.09%	-8.95%	3.91%	13.75%	18.82%	50.02%	0.26%	17.04%

Correlation

The correlation between ELV and APD is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (10Y) Calculated over the trailing 10-year period	0.30
Correlation (All Time) Calculated using the full available price history since Oct 31, 2001	0.33

The correlation between ELV and APD shifts across timeframes, from 0.18 (1 year) to 0.33 (all time), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap ELV : $92.16B APD : $61.69B
EPS ELV : $23.46 APD : $9.45
PE Ratio ELV : 17.82 APD : 29.28
PS Ratio ELV : 0.47 APD : 4.95
PB Ratio ELV : 2.10 APD : 3.94
Total Revenue (TTM) ELV : $200.42B APD : $12.46B
Gross Profit (TTM) ELV : $46.43B APD : $3.99B
EBITDA (TTM) ELV : $8.92B APD : $4.36B

Return for Risk

ELV vs. APD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ELV

ELV Risk / Return Rank: 47
ELV Sharpe Ratio Rank: 50
ELV Sortino Ratio Rank: 44
ELV Omega Ratio Rank: 46
ELV Calmar Ratio Rank: 49
ELV Martin Ratio Rank: 48

APD

APD Risk / Return Rank: 41
APD Sharpe Ratio Rank: 44
APD Sortino Ratio Rank: 37
APD Omega Ratio Rank: 37
APD Calmar Ratio Rank: 44
APD Martin Ratio Rank: 44

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ELV vs. APD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Elevance Health Inc (ELV) and Air Products and Chemicals, Inc. (APD). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	ELV	APD	Difference
Sharpe ratio: Return per unit of total volatility	0.22	0.06	+0.16
Sortino ratio: Return per unit of downside risk	0.52	0.28	+0.25
Omega ratio: Gain probability vs. loss probability	1.08	1.04	+0.05
Calmar ratio: Return relative to maximum drawdown	0.28	0.07	+0.21
Martin ratio: Return relative to average drawdown	0.51	0.18	+0.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ELV vs. APD - Sharpe Ratio Comparison

The current ELV Sharpe Ratio is 0.22, which is higher than the APD Sharpe Ratio of 0.06. The chart below compares the historical Sharpe Ratios of ELV and APD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ELV	APD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.22	0.06	+0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	0.04	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.36	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.41	+0.04

Drawdowns

ELV vs. APD - Drawdown Comparison

The maximum ELV drawdown since its inception was -67.19%, which is greater than APD's maximum drawdown of -60.30%. Use the drawdown chart below to compare losses from any high point for ELV and APD.

Drawdown Indicators

	ELV	APD	Difference
Max Drawdown Largest peak-to-trough decline	-67.19%	-60.30%	-6.89%
Max Drawdown (1Y) Largest decline over 1 year	-30.60%	-22.39%	-8.21%
Max Drawdown (3Y) Largest decline over 3 years	-50.38%	-30.43%	-19.95%
Max Drawdown (5Y) Largest decline over 5 years	-50.38%	-31.77%	-18.61%
Max Drawdown (10Y) Largest decline over 10 years	-50.38%	-31.77%	-18.61%
Current Drawdown Current decline from peak	-23.19%	-15.42%	-7.77%
Average Drawdown Average peak-to-trough decline	-15.29%	-11.05%	-4.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.76%	8.90%	+7.86%

Volatility

ELV vs. APD - Volatility Comparison

Elevance Health Inc (ELV) has a higher volatility of 8.30% compared to Air Products and Chemicals, Inc. (APD) at 5.35%. This indicates that ELV's price experiences larger fluctuations and is considered to be riskier than APD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ELV	APD	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.30%	5.35%	+2.95%
Volatility (6M) Calculated over the trailing 6-month period	27.26%	18.93%	+8.33%
Volatility (1Y) Calculated over the trailing 1-year period	38.59%	24.63%	+13.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.93%	26.00%	+2.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.84%	25.90%	+4.94%

Dividends

ELV vs. APD - Dividend Comparison

ELV's dividend yield for the trailing twelve months is around 1.64%, less than APD's 2.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APD Air Products and Chemicals, Inc.	2.59%	2.89%	1.83%	2.56%	2.10%	1.97%	1.96%	1.97%	2.75%	2.32%	2.39%	2.49%
ELV Elevance Health Inc	1.64%	1.95%	1.77%	1.26%	1.00%	0.98%	1.18%	1.06%	1.14%	1.20%	1.81%	1.79%

Financials

ELV vs. APD - Profitability Comparison

The chart below illustrates the profitability comparison between Elevance Health Inc and Air Products and Chemicals, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

ELV - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Elevance Health Inc reported a gross profit of 9.10B and revenue of 50.18B. Therefore, the gross margin over that period was 18.1%.

APD - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Air Products and Chemicals, Inc. reported a gross profit of 987.40M and revenue of 3.17B. Therefore, the gross margin over that period was 31.1%.

ELV - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Elevance Health Inc reported an operating income of 2.66B and revenue of 50.18B, resulting in an operating margin of 5.3%.

APD - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Air Products and Chemicals, Inc. reported an operating income of 752.70M and revenue of 3.17B, resulting in an operating margin of 23.7%.

ELV - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Elevance Health Inc reported a net income of 1.76B and revenue of 50.18B, resulting in a net margin of 3.5%.

APD - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Air Products and Chemicals, Inc. reported a net income of 710.40M and revenue of 3.17B, resulting in a net margin of 22.4%.

Frequently Asked Questions

Can I hold both ELV and APD in my portfolio?

ELV and APD have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ELV or APD?

ELV has higher volatility (8.30%) compared to APD (5.35%). In terms of maximum drawdown, ELV dropped -67.19% vs APD's -60.30%.

Which has better risk-adjusted returns?

ELV currently has the higher Sharpe Ratio (0.22 vs 0.06), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.