BAX vs DEO: Correlation
Baxter International (BAX) and Diageo plc (DEO) show a moderate relationship: their 3-year correlation of weekly returns is 0.52.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BAX and DEO?
Across a 3-year window, the weekly returns of BAX and DEO correlate at 0.52, moderate. The link has tightened recently: the 1-year correlation (0.65) runs above the 3-year figure (0.52). Stretching to 5 years gives 0.45, with an annualized covariance of 539.7 %².
Among the 43 assets we track against BAX, DEO ranks #10 by 3-year correlation. Correlation aside, the last 12 months split them widely, with BAX ahead by 21.4 points (+6.6% versus -14.8%).
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 DEO: side by side
| BAX (Baxter International) | DEO (Diageo plc) | |
|---|---|---|
| 1-year return | +6.6% | -14.8% |
| 5-year return | -62.2% | -45.7% |
| Volatility (ann.) | 38.4% | 26.8% |
| Beta vs S&P 500 | 0.89 | 0.68 |
| Max drawdown (3Y) | -62.4% | -54.4% |
| Market cap | $13.4B | $51.2B |
| P/E (trailing) | – | 29.5 |
| Dividend yield | 0.75% | 0.53% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | BAX | DEO |
|---|---|---|
| 2022 | -39.6% | -17.4% |
| 2023 | -21.9% | -16.3% |
| 2024 | -22.4% | -10.1% |
| 2025 | -33.3% | -29.3% |
| 2026 | +35.8% | +7.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BAX and DEO good diversifiers for each other?
Only partially. A correlation of 0.52 means BAX and DEO 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 BAX and DEO?
The BAX/DEO correlation stands at 0.52 on a 3-year window (1 year: 0.65, 5 years: 0.45), computed from weekly returns as of 2026-08-27.
Is DEO a good diversifier for BAX?
Only partially. A correlation of 0.52 means BAX and DEO 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?
On the −1 to +1 scale, 0.52 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
$ curl https://www.pairbook.io/api/v1/pairs/bax-vs-deo.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bax-vs-deo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BAX correlations · DEO correlations
