AZN vs BME: Correlation
Measured on weekly returns over the past three years, AstraZeneca PLC (AZN) and Blackrock Health Sciences Trust (BME) carry a correlation of 0.52, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AZN and BME?
Across a 3-year window, the weekly returns of AZN and BME correlate at 0.52, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.67 versus 0.52 over 3 years. Stretching to 5 years gives 0.46, with an annualized covariance of 187.6 %².
Among the 14 assets we track against AZN, BME ranks #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months BME outperformed by 32.0 percentage points (+4.0% for AZN against +36.0% for BME). One caveat on sizing: AZN is 1.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
AZN vs BME: side by side
| AZN (AstraZeneca PLC) | BME (Blackrock Health Sciences Trust) | |
|---|---|---|
| 1-year return | +4.0% | +36.0% |
| 5-year return | +54.7% | +33.5% |
| Volatility (ann.) | 25.1% | 14.4% |
| Beta vs S&P 500 | 0.21 | 0.45 |
| Max drawdown (3Y) | -27.9% | -14.4% |
| Market cap | $255.2B | – |
| P/E (trailing) | 24.9 | 7.8 |
| Dividend yield | 1.94% | 6.80% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AZN | BME |
|---|---|---|
| 2022 | +19.2% | -4.6% |
| 2023 | +1.4% | -1.1% |
| 2024 | -0.6% | -0.1% |
| 2025 | +43.3% | +17.9% |
| 2026 | -9.6% | +17.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AZN and BME good diversifiers for each other?
Only partially. A correlation of 0.52 means AZN and BME 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 AZN and BME?
As of 2026-08-27, the correlation of weekly returns between AZN and BME is 0.52 over 3 years, 0.67 over 1 year and 0.46 over 5 years.
Is BME a good diversifier for AZN?
Only partially. A correlation of 0.52 means AZN and BME share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.52 mean?
A reading of 0.52 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: AZN correlations · BME correlations
