BAX vs BDX: Correlation
How closely do Baxter International (BAX) and Becton Dickinson (BDX) trade together? Their weekly returns over three years give a correlation of 0.47, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BAX and BDX?
On 3 years of weekly data the BAX/BDX correlation comes out at 0.47, moderate. The link has tightened recently: the 1-year correlation (0.59) runs above the 3-year figure (0.47). The 5-year figure is 0.48, and annualized covariance runs at 431.3 %².
Among the 43 assets we track against BAX, BDX ranks #20 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months BDX outperformed by 18.9 percentage points (+6.6% for BAX against +25.5% for BDX). Across three years, the rolling one-year figure varied moderately, from 0.17 to 0.62. One caveat on sizing: BAX is 1.6 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.
BAX vs BDX: side by side
| BAX (Baxter International) | BDX (Becton Dickinson) | |
|---|---|---|
| 1-year return | +6.6% | +25.5% |
| 5-year return | -62.2% | +6.8% |
| Volatility (ann.) | 38.4% | 24.0% |
| Beta vs S&P 500 | 0.89 | 0.33 |
| Max drawdown (3Y) | -62.4% | -39.6% |
| Market cap | $13.4B | $51.2B |
| P/E (trailing) | – | 32.9 |
| Dividend yield | 0.75% | 2.20% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | BAX | BDX |
|---|---|---|
| 2022 | -39.6% | +5.1% |
| 2023 | -21.9% | -2.7% |
| 2024 | -22.4% | -5.4% |
| 2025 | -33.3% | -12.6% |
| 2026 | +35.8% | +25.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BAX and BDX good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BAX and BDX?
Using weekly returns as of 2026-08-27: 0.47 over 3 years, with 0.59 over the last year and 0.48 over 5 years.
Is BDX a good diversifier for BAX?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.47 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bax-vs-bdx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bax-vs-bdx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BAX correlations · BDX correlations
