ALGN vs BAX: Correlation
Align Technology (ALGN) and Baxter International (BAX) show a moderate relationship: their 3-year correlation of weekly returns is 0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALGN and BAX?
Across a 3-year window, the weekly returns of ALGN and BAX correlate at 0.45, moderate. The relationship has been stable: the 1-year correlation (0.39) sits close to the 3-year figure. Stretching to 5 years gives 0.40, with an annualized covariance of 761.8 %².
Within ALGN's tracked universe of 37 assets, BAX comes in at #19 by 3-year correlation. The trailing year gives ALGN the advantage: +11.9% versus +6.6%, a 5.3-point spread. The relationship is regime-dependent: the rolling one-year correlation swung between 0.04 and 0.69 over the past three years, so this pair behaves very differently depending on the market environment.
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.
ALGN vs BAX: side by side
| ALGN (Align Technology) | BAX (Baxter International) | |
|---|---|---|
| 1-year return | +11.9% | +6.6% |
| 5-year return | -77.4% | -62.2% |
| Volatility (ann.) | 44.3% | 38.4% |
| Beta vs S&P 500 | 1.51 | 0.89 |
| Max drawdown (3Y) | -66.7% | -62.4% |
| Market cap | $11.3B | $13.4B |
| P/E (trailing) | 27.6 | – |
| Dividend yield | 0.00% | 0.75% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | ALGN | BAX |
|---|---|---|
| 2022 | -67.9% | -39.6% |
| 2023 | +29.9% | -21.9% |
| 2024 | -23.9% | -22.4% |
| 2025 | -25.1% | -33.3% |
| 2026 | +1.7% | +35.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALGN and BAX good diversifiers for each other?
Reasonably. At 0.45, ALGN and BAX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ALGN and BAX?
Using weekly returns as of 2026-08-27: 0.45 over 3 years, with 0.39 over the last year and 0.40 over 5 years.
Is BAX a good diversifier for ALGN?
Reasonably. At 0.45, ALGN and BAX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.45 mean?
A reading of 0.45 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: ALGN correlations · BAX correlations
