BAX vs DVA: Correlation
Measured on weekly returns over the past three years, Baxter International (BAX) and DaVita (DVA) carry a correlation of 0.27, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BAX and DVA?
Across a 3-year window, the weekly returns of BAX and DVA correlate at 0.27, weak. Recent behaviour matches the longer record: 0.24 over 1 year against 0.27 over 3. Stretching to 5 years gives 0.26, with an annualized covariance of 420.6 %².
Within BAX's tracked universe of 43 assets, DVA comes in at #32 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months DVA outperformed by 23.4 percentage points (+6.6% for BAX against +30.0% for DVA). The relationship is regime-dependent: the rolling one-year correlation swung between -0.05 and 0.65 over the past three years, so this pair behaves very differently depending on the market environment.
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 DVA: side by side
| BAX (Baxter International) | DVA (DaVita) | |
|---|---|---|
| 1-year return | +6.6% | +30.0% |
| 5-year return | -62.2% | +36.4% |
| Volatility (ann.) | 38.4% | 40.9% |
| Beta vs S&P 500 | 0.89 | 0.38 |
| Max drawdown (3Y) | -62.4% | -41.4% |
| Market cap | $13.4B | $11.4B |
| P/E (trailing) | – | 15.3 |
| Dividend yield | 0.75% | 0.00% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | BAX | DVA |
|---|---|---|
| 2022 | -39.6% | -34.4% |
| 2023 | -21.9% | +40.3% |
| 2024 | -22.4% | +42.8% |
| 2025 | -33.3% | -24.0% |
| 2026 | +35.8% | +57.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BAX and DVA good diversifiers for each other?
A fair diversifier. At 0.27, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BAX and DVA?
As of 2026-08-27, the correlation of weekly returns between BAX and DVA is 0.27 over 3 years, 0.24 over 1 year and 0.26 over 5 years.
Is DVA a good diversifier for BAX?
A fair diversifier. At 0.27, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
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
$ curl https://www.pairbook.io/api/v1/pairs/bax-vs-dva.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bax-vs-dva/)
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Related comparisons
Hubs: BAX correlations · DVA correlations
