BAX vs GEHC: Correlation
Baxter International (BAX) and GE HealthCare (GEHC) show a strong relationship: their 3-year correlation of weekly returns is 0.64.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BAX and GEHC?
Over the past 3 years, BAX and GEHC moved with a correlation of 0.64, which is strong. The relationship has been stable: the 1-year correlation (0.73) sits close to the 3-year figure. Over 5 years the correlation is 0.58, and the annualized covariance of weekly returns is 794.4 %².
Few assets follow BAX as closely as GEHC, which ranks #1 of 43 tracked partners. Over the last 12 months BAX came out ahead by 8.8 percentage points (+6.6% against -2.2%). The rolling one-year correlation moved between 0.37 and 0.73 over the past three years, a moderate range.
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 GEHC: side by side
| BAX (Baxter International) | GEHC (GE HealthCare) | |
|---|---|---|
| 1-year return | +6.6% | -2.2% |
| 5-year return | -62.2% | n/a |
| Volatility (ann.) | 38.4% | 32.4% |
| Beta vs S&P 500 | 0.89 | 1.22 |
| Max drawdown (3Y) | -62.4% | -37.4% |
| Market cap | $13.4B | $32.7B |
| P/E (trailing) | – | 16.9 |
| Dividend yield | 0.75% | 0.19% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | BAX | GEHC |
|---|---|---|
| 2022 | -39.6% | – |
| 2023 | -21.9% | +32.6% |
| 2024 | -22.4% | +1.3% |
| 2025 | -33.3% | +5.1% |
| 2026 | +35.8% | -11.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BAX and GEHC good diversifiers for each other?
To a limited degree. At 0.64 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 GEHC?
As of 2026-08-27, the correlation of weekly returns between BAX and GEHC is 0.64 over 3 years, 0.73 over 1 year and 0.58 over 5 years.
Is GEHC a good diversifier for BAX?
To a limited degree. At 0.64 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 0.64 mean?
A reading of 0.64 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-gehc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bax-vs-gehc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BAX correlations · GEHC correlations
