ALC vs BME: Correlation
How closely do Alcon Inc. (ALC) and Blackrock Health Sciences Trust (BME) trade together? Their weekly returns over three years give a correlation of 0.58, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALC and BME?
On 3 years of weekly data the ALC/BME correlation comes out at 0.58, moderate. The relationship has been stable: the 1-year correlation (0.60) sits close to the 3-year figure. The 5-year figure is 0.53, and annualized covariance runs at 215.1 %².
Among the 13 assets we track against ALC, BME ranks #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months BME outperformed by 46.8 percentage points (-10.8% for ALC against +36.0% for BME). Risk is not evenly split, since ALC carries 1.8 times the volatility of the other side.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
ALC vs BME: side by side
| ALC (Alcon Inc.) | BME (Blackrock Health Sciences Trust) | |
|---|---|---|
| 1-year return | -10.8% | +36.0% |
| 5-year return | -10.3% | +33.5% |
| Volatility (ann.) | 26.0% | 14.4% |
| Beta vs S&P 500 | 0.77 | 0.45 |
| Max drawdown (3Y) | -37.9% | -14.4% |
| Market cap | $34.9B | – |
| P/E (trailing) | 55.6 | 7.8 |
| Dividend yield | 0.49% | 6.80% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ALC | BME |
|---|---|---|
| 2022 | -21.1% | -4.6% |
| 2023 | +14.3% | -1.1% |
| 2024 | +9.0% | -0.1% |
| 2025 | -6.8% | +17.9% |
| 2026 | -7.9% | +17.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALC and BME good diversifiers for each other?
Only partially. A correlation of 0.58 means ALC and BME share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between ALC and BME?
As of 2026-08-27, the correlation of weekly returns between ALC and BME is 0.58 over 3 years, 0.60 over 1 year and 0.53 over 5 years.
Is BME a good diversifier for ALC?
Only partially. A correlation of 0.58 means ALC and BME share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.58 mean?
A reading of 0.58 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: ALC correlations · BME correlations
