BAX vs CI: Correlation
How closely do Baxter International (BAX) and Cigna (CI) 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 CI?
Over the past 3 years, BAX and CI moved with a correlation of 0.47, which is moderate. Recent behaviour matches the longer record: 0.51 over 1 year against 0.47 over 3. Over 5 years the correlation is 0.42, and the annualized covariance of weekly returns is 478.7 %².
Within BAX's tracked universe of 43 assets, CI comes in at #21 by 3-year correlation. Over the last 12 months BAX came out ahead by 12.0 percentage points (+6.6% against -5.4%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.05 to 0.75.
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 CI: side by side
| BAX (Baxter International) | CI (Cigna) | |
|---|---|---|
| 1-year return | +6.6% | -5.4% |
| 5-year return | -62.2% | +46.7% |
| Volatility (ann.) | 38.4% | 26.7% |
| Beta vs S&P 500 | 0.89 | 0.22 |
| Max drawdown (3Y) | -62.4% | -32.1% |
| Market cap | $13.4B | $73.4B |
| P/E (trailing) | – | 11.6 |
| Dividend yield | 0.75% | 2.19% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | BAX | CI |
|---|---|---|
| 2022 | -39.6% | +46.7% |
| 2023 | -21.9% | -8.0% |
| 2024 | -22.4% | -6.3% |
| 2025 | -33.3% | +1.7% |
| 2026 | +35.8% | +2.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BAX and CI good diversifiers for each other?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BAX and CI?
Using weekly returns as of 2026-08-27: 0.47 over 3 years, with 0.51 over the last year and 0.42 over 5 years.
Is CI a good diversifier for BAX?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
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-ci.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bax-vs-ci/)
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Related comparisons
Hubs: BAX correlations · CI correlations
