ATR vs BAX: Correlation
AptarGroup, Inc. (ATR) and Baxter International (BAX) show a moderate relationship: their 3-year correlation of weekly returns is 0.57.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ATR and BAX?
On 3 years of weekly data the ATR/BAX correlation comes out at 0.57, moderate. Recent behaviour matches the longer record: 0.59 over 1 year against 0.57 over 3. The 5-year figure is 0.48, and annualized covariance runs at 458.6 %².
Among the 19 assets we track against ATR, BAX ranks #8 by 3-year correlation. The trailing year gives BAX the advantage: -3.3% versus +6.6%, a 9.9-point spread. Risk is not evenly split, since BAX 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.
ATR vs BAX: side by side
| ATR (AptarGroup, Inc.) | BAX (Baxter International) | |
|---|---|---|
| 1-year return | -3.3% | +6.6% |
| 5-year return | +4.9% | -62.2% |
| Volatility (ann.) | 21.0% | 38.4% |
| Beta vs S&P 500 | 0.53 | 0.89 |
| Max drawdown (3Y) | -35.2% | -62.4% |
| Market cap | $8.4B | $13.4B |
| P/E (trailing) | 24.4 | – |
| Dividend yield | 1.40% | 0.75% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | ATR | BAX |
|---|---|---|
| 2022 | -8.9% | -39.6% |
| 2023 | +13.9% | -21.9% |
| 2024 | +28.6% | -22.4% |
| 2025 | -21.4% | -33.3% |
| 2026 | +10.2% | +35.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ATR and BAX good diversifiers for each other?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ATR and BAX?
Using weekly returns as of 2026-08-27: 0.57 over 3 years, with 0.59 over the last year and 0.48 over 5 years.
Is BAX a good diversifier for ATR?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.57 mean?
On the −1 to +1 scale, 0.57 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/atr-vs-bax.json
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Related comparisons
Hubs: ATR correlations · BAX correlations
