BAX vs EFA: Correlation
Baxter International (BAX) and iShares MSCI EAFE ETF (EFA) 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 EFA?
On 3 years of weekly data the BAX/EFA correlation comes out at 0.52, moderate. The relationship has been stable: the 1-year correlation (0.54) sits close to the 3-year figure. The 5-year figure is 0.45, and annualized covariance runs at 298.5 %².
Among the 43 assets we track against BAX, EFA ranks #12 by 3-year correlation. The last year tells two different stories: EFA led by 15.3 percentage points, +6.6% for BAX against +21.9% for EFA. Across three years, the rolling one-year figure varied moderately, from 0.28 to 0.66. One caveat on sizing: BAX is 2.6 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 EFA: side by side
| BAX (Baxter International) | EFA (iShares MSCI EAFE ETF) | |
|---|---|---|
| 1-year return | +6.6% | +21.9% |
| 5-year return | -62.2% | +56.7% |
| Volatility (ann.) | 38.4% | 14.9% |
| Beta vs S&P 500 | 0.89 | 0.77 |
| Max drawdown (3Y) | -62.4% | -14.1% |
| Market cap | $13.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.75% | 3.19% |
| Expense ratio | – | 0.32% |
| Assets under management | – | $78.0B |
| Sector / category | Health Care | ETF · International |
EFA is a Foreign Large Blend fund from iShares: $78.0B under management, 666 holdings, a 0.32% expense ratio, a 3.19% trailing dividend yield.
Year-by-year returns
| Year | BAX | EFA |
|---|---|---|
| 2022 | -39.6% | -14.4% |
| 2023 | -21.9% | +18.4% |
| 2024 | -22.4% | +3.5% |
| 2025 | -33.3% | +31.5% |
| 2026 | +35.8% | +14.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BAX and EFA good diversifiers for each other?
Only partially. A correlation of 0.52 means BAX and EFA 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 EFA?
As of 2026-08-27, the correlation of weekly returns between BAX and EFA is 0.52 over 3 years, 0.54 over 1 year and 0.45 over 5 years.
Is EFA a good diversifier for BAX?
Only partially. A correlation of 0.52 means BAX and EFA 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?
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.
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Related comparisons
Hubs: BAX correlations · EFA correlations
