BAX vs ECL: Correlation
How closely do Baxter International (BAX) and Ecolab (ECL) trade together? Their weekly returns over three years give a correlation of 0.52, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BAX and ECL?
Over the past 3 years, BAX and ECL moved with a correlation of 0.52, which is moderate. The past 12 months show a tighter link (0.64) than the 3-year average (0.52). Over 5 years the correlation is 0.46, and the annualized covariance of weekly returns is 393.3 %².
Among the 43 assets we track against BAX, ECL ranks #11 by 3-year correlation. Twelve-month performance is nearly a tie, at +6.6% for BAX and +3.1% for ECL. Across three years, the rolling one-year figure varied moderately, from 0.17 to 0.65. Note the risk asymmetry: BAX runs 2.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 ECL: side by side
| BAX (Baxter International) | ECL (Ecolab) | |
|---|---|---|
| 1-year return | +6.6% | +3.1% |
| 5-year return | -62.2% | +34.0% |
| Volatility (ann.) | 38.4% | 19.5% |
| Beta vs S&P 500 | 0.89 | 0.64 |
| Max drawdown (3Y) | -62.4% | -20.1% |
| Market cap | $13.4B | $80.1B |
| P/E (trailing) | – | 39.1 |
| Dividend yield | 0.75% | 0.98% |
| Sector / category | Health Care | Materials |
Year-by-year returns
| Year | BAX | ECL |
|---|---|---|
| 2022 | -39.6% | -37.1% |
| 2023 | -21.9% | +37.9% |
| 2024 | -22.4% | +19.3% |
| 2025 | -33.3% | +13.2% |
| 2026 | +35.8% | +9.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BAX and ECL good diversifiers for each other?
To a limited degree. At 0.52 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between BAX and ECL?
As of 2026-08-27, the correlation of weekly returns between BAX and ECL is 0.52 over 3 years, 0.64 over 1 year and 0.46 over 5 years.
Is ECL a good diversifier for BAX?
To a limited degree. At 0.52 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.52 mean?
A reading of 0.52 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bax-vs-ecl.json
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Related comparisons
Hubs: BAX correlations · ECL correlations
