AVTR vs BAX: Correlation
How closely do Avantor, Inc. (AVTR) and Baxter International (BAX) trade together? Their weekly returns over three years give a correlation of 0.57, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AVTR and BAX?
Over the past 3 years, AVTR and BAX moved with a correlation of 0.57, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.75 versus 0.57 over 3 years. Over 5 years the correlation is 0.47, and the annualized covariance of weekly returns is 983.3 %².
Within AVTR's tracked universe of 14 assets, BAX comes in at #5 by 3-year correlation. Neither side won the trailing year by much: +10.8% against +6.6%.
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.
AVTR vs BAX: side by side
| AVTR (Avantor, Inc.) | BAX (Baxter International) | |
|---|---|---|
| 1-year return | +10.8% | +6.6% |
| 5-year return | -63.4% | -62.2% |
| Volatility (ann.) | 44.6% | 38.4% |
| Beta vs S&P 500 | 0.89 | 0.89 |
| Max drawdown (3Y) | -73.2% | -62.4% |
| Market cap | $9.9B | $13.4B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.75% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | AVTR | BAX |
|---|---|---|
| 2022 | -50.0% | -39.6% |
| 2023 | +8.3% | -21.9% |
| 2024 | -7.7% | -22.4% |
| 2025 | -45.6% | -33.3% |
| 2026 | +27.5% | +35.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AVTR and BAX good diversifiers for each other?
To a limited degree. At 0.57 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 AVTR and BAX?
The AVTR/BAX correlation stands at 0.57 on a 3-year window (1 year: 0.75, 5 years: 0.47), computed from weekly returns as of 2026-08-27.
Is BAX a good diversifier for AVTR?
To a limited degree. At 0.57 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 0.57 mean?
A reading of 0.57 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/avtr-vs-bax.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/avtr-vs-bax/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AVTR correlations · BAX correlations
