BAX vs HRL: Correlation
Baxter International (BAX) and Hormel Foods (HRL) show a moderate relationship: their 3-year correlation of weekly returns is 0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BAX and HRL?
Over the past 3 years, BAX and HRL moved with a correlation of 0.35, which is moderate. Little has changed lately, as the 1-year reading of 0.42 lands near the 3-year figure. Over 5 years the correlation is 0.33, and the annualized covariance of weekly returns is 354.6 %².
Within BAX's tracked universe of 43 assets, HRL comes in at #30 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months BAX outperformed by 29.4 percentage points (+6.6% for BAX against -22.8% for HRL). The relationship is regime-dependent: the rolling one-year correlation swung between 0.00 and 0.52 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 HRL: side by side
| BAX (Baxter International) | HRL (Hormel Foods) | |
|---|---|---|
| 1-year return | +6.6% | -22.8% |
| 5-year return | -62.2% | -44.3% |
| Volatility (ann.) | 38.4% | 26.1% |
| Beta vs S&P 500 | 0.89 | 0.07 |
| Max drawdown (3Y) | -62.4% | -44.5% |
| Market cap | $13.4B | – |
| P/E (trailing) | – | 28.0 |
| Dividend yield | 0.75% | 0.00% |
| Sector / category | Health Care | Consumer Staples |
Year-by-year returns
| Year | BAX | HRL |
|---|---|---|
| 2022 | -39.6% | -4.7% |
| 2023 | -21.9% | -27.5% |
| 2024 | -22.4% | +1.2% |
| 2025 | -33.3% | -21.3% |
| 2026 | +35.8% | -6.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BAX and HRL good diversifiers for each other?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BAX and HRL?
The BAX/HRL correlation stands at 0.35 on a 3-year window (1 year: 0.42, 5 years: 0.33), computed from weekly returns as of 2026-08-27.
Is HRL a good diversifier for BAX?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.35 mean?
On the −1 to +1 scale, 0.35 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-hrl.json
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Hubs: BAX correlations · HRL correlations
