BAX vs BNC: Correlation
Measured on weekly returns over the past three years, Baxter International (BAX) and CEA Industries Inc. (BNC) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BAX and BNC?
Across a 3-year window, the weekly returns of BAX and BNC correlate at -0.27, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.00) than the 3-year average (-0.27). Stretching to 5 years gives -0.17, with an annualized covariance of -1266.4 %².
Among the 43 assets we track against BAX, BNC sits near the bottom by co-movement, at rank #41. Correlation aside, the last 12 months split them widely, with BAX ahead by 92.7 points (+6.6% versus -86.1%). One caveat on sizing: BNC is 3.1 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 BNC: side by side
| BAX (Baxter International) | BNC (CEA Industries Inc.) | |
|---|---|---|
| 1-year return | +6.6% | -86.1% |
| 5-year return | -62.2% | -97.4% |
| Volatility (ann.) | 38.4% | 120.4% |
| Beta vs S&P 500 | 0.89 | -0.47 |
| Max drawdown (3Y) | -62.4% | -96.5% |
| Market cap | $13.4B | $0.1B |
| P/E (trailing) | – | 0.0 |
| Dividend yield | 0.75% | 0.00% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | BAX | BNC |
|---|---|---|
| 2022 | -39.6% | -82.5% |
| 2023 | -21.9% | -34.9% |
| 2024 | -22.4% | +23.7% |
| 2025 | -33.3% | -20.9% |
| 2026 | +35.8% | -53.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BAX and BNC good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BAX and BNC?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with 0.00 over the last year and -0.17 over 5 years.
Is BNC a good diversifier for BAX?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 mean?
On the −1 to +1 scale, -0.27 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
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Related comparisons
Hubs: BAX correlations · BNC correlations
