AVY vs BAX: Correlation
Measured on weekly returns over the past three years, Avery Dennison (AVY) and Baxter International (BAX) carry a correlation of 0.53, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AVY and BAX?
Across a 3-year window, the weekly returns of AVY and BAX correlate at 0.53, moderate. The relationship has been stable: the 1-year correlation (0.53) sits close to the 3-year figure. Stretching to 5 years gives 0.40, with an annualized covariance of 409.5 %².
Among the 38 assets we track against AVY, BAX ranks #17 by 3-year correlation. Neither side won the trailing year by much: +5.3% against +6.6%. On a rolling one-year basis the correlation drifted between 0.23 and 0.65, a moderate band. Note the risk asymmetry: BAX runs 1.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
AVY vs BAX: side by side
| AVY (Avery Dennison) | BAX (Baxter International) | |
|---|---|---|
| 1-year return | +5.3% | +6.6% |
| 5-year return | -14.0% | -62.2% |
| Volatility (ann.) | 20.2% | 38.4% |
| Beta vs S&P 500 | 0.61 | 0.89 |
| Max drawdown (3Y) | -30.6% | -62.4% |
| Market cap | $13.5B | $13.4B |
| P/E (trailing) | 20.0 | – |
| Dividend yield | 2.10% | 0.75% |
| Sector / category | Materials | Health Care |
Year-by-year returns
| Year | AVY | BAX |
|---|---|---|
| 2022 | -15.1% | -39.6% |
| 2023 | +13.7% | -21.9% |
| 2024 | -5.9% | -22.4% |
| 2025 | -0.7% | -33.3% |
| 2026 | -0.8% | +35.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AVY and BAX good diversifiers for each other?
Only partially. A correlation of 0.53 means AVY and BAX 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 AVY and BAX?
As of 2026-08-27, the correlation of weekly returns between AVY and BAX is 0.53 over 3 years, 0.53 over 1 year and 0.40 over 5 years.
Is BAX a good diversifier for AVY?
Only partially. A correlation of 0.53 means AVY and BAX share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.53 mean?
On the −1 to +1 scale, 0.53 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.
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Related comparisons
Hubs: AVY correlations · BAX correlations
