BAX vs EMN: Correlation
Baxter International (BAX) and Eastman Chemical Company (EMN) show a moderate relationship: their 3-year correlation of weekly returns is 0.53.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BAX and EMN?
Over the past 3 years, BAX and EMN moved with a correlation of 0.53, which is moderate. The relationship has been stable: the 1-year correlation (0.45) sits close to the 3-year figure. Over 5 years the correlation is 0.48, and the annualized covariance of weekly returns is 615.8 %².
By 3-year correlation, EMN places #7 of the 43 assets tracked against BAX. Their 12-month results are close: +6.6% for BAX against +10.8% for EMN.
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 EMN: side by side
| BAX (Baxter International) | EMN (Eastman Chemical Company) | |
|---|---|---|
| 1-year return | +6.6% | +10.8% |
| 5-year return | -62.2% | -22.9% |
| Volatility (ann.) | 38.4% | 30.5% |
| Beta vs S&P 500 | 0.89 | 0.95 |
| Max drawdown (3Y) | -62.4% | -48.4% |
| Market cap | $13.4B | $8.3B |
| P/E (trailing) | – | 18.9 |
| Dividend yield | 0.75% | 4.59% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | BAX | EMN |
|---|---|---|
| 2022 | -39.6% | -30.4% |
| 2023 | -21.9% | +14.7% |
| 2024 | -22.4% | +5.1% |
| 2025 | -33.3% | -26.9% |
| 2026 | +35.8% | +16.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BAX and EMN good diversifiers for each other?
Only partially. A correlation of 0.53 means BAX and EMN 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 EMN?
As of 2026-08-27, the correlation of weekly returns between BAX and EMN is 0.53 over 3 years, 0.45 over 1 year and 0.48 over 5 years.
Is EMN a good diversifier for BAX?
Only partially. A correlation of 0.53 means BAX and EMN share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.53 mean?
On the −1 to +1 scale, 0.53 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-emn.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bax-vs-emn/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BAX correlations · EMN correlations
