ELV vs. AVGO

Last updated Jul 17, 2026

ELV (Elevance Health, Inc.) and AVGO (Broadcom Inc.) are both stocks. ELV operates in Healthcare Plans (Healthcare), while AVGO operates in Semiconductors (Technology). Over the past 10 years, ELV returned 12.24%/yr vs 40.36%/yr for AVGO. At a 0.22 correlation, their price movements are largely independent.

Performance

ELV vs. AVGO - Performance Comparison

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

Returns By Period

In the year-to-date period, ELV achieves a 7.45% return, which is significantly lower than AVGO's 8.59% return. Over the past 10 years, ELV has underperformed AVGO with an annualized return of 12.24%, while AVGO has yielded a comparatively higher 40.36% annualized return.

ELV

• 1D: -4.48%
• 1M: -6.27%
• 6M: -1.38%
• YTD: 7.45%
• 1Y: 10.49%
• 3Y*: -3.60%
• 5Y*: 0.35%
• 10Y*: 12.24%

AVGO

• 1D: -5.03%
• 1M: -0.44%
• 6M: 9.56%
• YTD: 8.59%
• 1Y: 34.32%
• 3Y*: 62.16%
• 5Y*: 54.44%
• 10Y*: 40.36%

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

ELV vs. AVGO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ELV Elevance Health, Inc.	7.45%	-3.14%	-20.72%	-6.89%	11.83%	46.12%	7.74%	16.33%	18.11%	58.72%
AVGO Broadcom Inc.	8.59%	50.63%	110.49%	104.18%	-13.27%	56.48%	44.88%	29.05%	2.18%	48.19%

Correlation

The correlation between ELV and AVGO is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.09
Correlation (3Y) Calculated over the trailing 3-year period	-0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.06
Correlation (10Y) Calculated over the trailing 10-year period	0.14
Correlation (All Time) Calculated using the full available price history since Aug 6, 2009	0.22

The correlation between ELV and AVGO shifts across timeframes, from -0.09 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap ELV : $80.97B AVGO : $1.78T
EPS ELV : $22.41 AVGO : $6.01
PE Ratio ELV : 16.64 AVGO : 62.31
PS Ratio ELV : 0.41 AVGO : 24.21
PB Ratio ELV : 1.81 AVGO : 20.82
Total Revenue (TTM) ELV : $201.11B AVGO : $75.47B
Gross Profit (TTM) ELV : $78.34B AVGO : $50.53B
EBITDA (TTM) ELV : $8.01B AVGO : $42.03B

Return for Risk

ELV vs. AVGO — Risk / Return Rank

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

ELV

ELV Risk / Return Rank: 53
ELV Sharpe Ratio Rank: 55
ELV Sortino Ratio Rank: 48
ELV Omega Ratio Rank: 51
ELV Calmar Ratio Rank: 55
ELV Martin Ratio Rank: 57

AVGO

AVGO Risk / Return Rank: 67
AVGO Sharpe Ratio Rank: 68
AVGO Sortino Ratio Rank: 64
AVGO Omega Ratio Rank: 64
AVGO Calmar Ratio Rank: 69
AVGO Martin Ratio Rank: 68

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. AVGO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Elevance Health, Inc. (ELV) and Broadcom Inc. (AVGO). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ELV	AVGO	Difference
Sharpe ratio: Return per unit of total volatility	0.27	0.73	-0.46
Sortino ratio: Return per unit of downside risk	0.59	1.28	-0.69
Omega ratio: Gain probability vs. loss probability	1.09	1.16	-0.07
Calmar ratio: Return relative to maximum drawdown	0.40	1.20	-0.81
Martin ratio: Return relative to average drawdown	1.03	2.51	-1.48

ELV vs. AVGO - Sharpe Ratio Comparison

The current ELV Sharpe Ratio is 0.27, which is lower than the AVGO Sharpe Ratio of 0.73. The chart below compares the historical Sharpe Ratios of ELV and AVGO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ELV vs. AVGO - Drawdown Comparison

The maximum ELV drawdown since its inception was -67.19%, which is greater than AVGO's maximum drawdown of -48.30%. Use the drawdown chart below to compare losses from any high point for ELV and AVGO.

Drawdown Indicators

	ELV	AVGO	Difference
Max Drawdown Largest peak-to-trough decline	-67.19%	-48.30%	-18.89%
Max Drawdown (1Y) Largest decline over 1 year	-26.49%	-28.67%	+2.18%
Max Drawdown (3Y) Largest decline over 3 years	-50.38%	-41.15%	-9.23%
Max Drawdown (5Y) Largest decline over 5 years	-50.38%	-41.15%	-9.23%
Max Drawdown (10Y) Largest decline over 10 years	-50.38%	-48.30%	-2.08%
Current Drawdown Current decline from peak	-31.23%	-22.12%	-9.11%
Average Drawdown Average peak-to-trough decline	-15.33%	-8.05%	-7.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.60%	13.70%	-2.10%

Volatility

ELV vs. AVGO - Volatility Comparison

Elevance Health, Inc. (ELV) and Broadcom Inc. (AVGO) have volatilities of 14.30% and 14.97%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ELV	AVGO	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.30%	14.97%	-0.67%
Volatility (6M) Calculated over the trailing 6-month period	29.89%	34.62%	-4.73%
Volatility (1Y) Calculated over the trailing 1-year period	39.24%	47.22%	-7.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.62%	43.86%	-14.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.12%	39.67%	-8.55%

Dividends

ELV vs. AVGO - Dividend Comparison

ELV's dividend yield for the trailing twelve months is around 1.84%, more than AVGO's 0.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVGO Broadcom Inc.	0.68%	0.70%	0.94%	1.71%	3.02%	2.24%	3.05%	3.54%	3.11%	1.87%	1.43%	1.13%
ELV Elevance Health, Inc.	1.84%	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. AVGO - Profitability Comparison

The chart below illustrates the profitability comparison between Elevance Health, Inc. and Broadcom 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 Jul 2026, Elevance Health, Inc. reported a gross profit of 44.98B and revenue of 50.47B. Therefore, the gross margin over that period was 89.1%.

AVGO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jul 2026, Broadcom Inc. reported a gross profit of 14.92B and revenue of 22.19B. Therefore, the gross margin over that period was 67.2%.

ELV - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jul 2026, Elevance Health, Inc. reported an operating income of 2.06B and revenue of 50.47B, resulting in an operating margin of 4.1%.

AVGO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jul 2026, Broadcom Inc. reported an operating income of 10.87B and revenue of 22.19B, resulting in an operating margin of 49.0%.

ELV - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jul 2026, Elevance Health, Inc. reported a net income of 1.46B and revenue of 50.47B, resulting in a net margin of 2.9%.

AVGO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jul 2026, Broadcom Inc. reported a net income of 9.31B and revenue of 22.19B, resulting in a net margin of 42.0%.

Frequently Asked Questions

Can I hold both ELV and AVGO in my portfolio?

ELV and AVGO have a correlation of -0.09, 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 AVGO?

AVGO has higher volatility (14.97%) compared to ELV (14.30%). In terms of maximum drawdown, ELV dropped -67.19% vs AVGO's -48.30%.

Which has better risk-adjusted returns?

AVGO currently has the higher Sharpe Ratio (0.73 vs 0.27), 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.