ARE vs BAX: Correlation
How closely do Alexandria Real Estate Equities (ARE) and Baxter International (BAX) trade together? Their weekly returns over three years give a correlation of 0.56, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARE and BAX?
On 3 years of weekly data the ARE/BAX correlation comes out at 0.56, moderate. The relationship has been stable: the 1-year correlation (0.59) sits close to the 3-year figure. The 5-year figure is 0.48, and annualized covariance runs at 816.3 %².
Among the 34 assets we track against ARE, BAX ranks #18 by 3-year correlation. Correlation aside, the last 12 months split them widely, with BAX ahead by 38.7 points (-32.1% versus +6.6%). On a rolling one-year basis the correlation drifted between 0.25 and 0.69, a moderate band.
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.
ARE vs BAX: side by side
| ARE (Alexandria Real Estate Equities) | BAX (Baxter International) | |
|---|---|---|
| 1-year return | -32.1% | +6.6% |
| 5-year return | -68.3% | -62.2% |
| Volatility (ann.) | 38.3% | 38.4% |
| Beta vs S&P 500 | 0.91 | 0.89 |
| Max drawdown (3Y) | -65.6% | -62.4% |
| Market cap | $9.0B | $13.4B |
| P/E (trailing) | – | – |
| Dividend yield | 6.57% | 0.75% |
| Sector / category | Real Estate | Health Care |
Year-by-year returns
| Year | ARE | BAX |
|---|---|---|
| 2022 | -32.6% | -39.6% |
| 2023 | -9.1% | -21.9% |
| 2024 | -19.4% | -22.4% |
| 2025 | -46.6% | -33.3% |
| 2026 | +9.9% | +35.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARE and BAX good diversifiers for each other?
To a limited degree. At 0.56 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between ARE and BAX?
Using weekly returns as of 2026-08-27: 0.56 over 3 years, with 0.59 over the last year and 0.48 over 5 years.
Is BAX a good diversifier for ARE?
To a limited degree. At 0.56 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.56 mean?
A reading of 0.56 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/are-vs-bax.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/are-vs-bax/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ARE correlations · BAX correlations
