BAX vs HSIC: Correlation
Measured on weekly returns over the past three years, Baxter International (BAX) and Henry Schein (HSIC) carry a correlation of 0.37, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BAX and HSIC?
On 3 years of weekly data the BAX/HSIC correlation comes out at 0.37, moderate. Recent behaviour matches the longer record: 0.40 over 1 year against 0.37 over 3. The 5-year figure is 0.40, and annualized covariance runs at 353.0 %².
By 3-year correlation, HSIC places #29 of the 43 assets tracked against BAX. Correlation aside, the last 12 months split them widely, with HSIC ahead by 24.3 points (+6.6% versus +30.9%). On a rolling one-year basis the correlation drifted between 0.19 and 0.52, a moderate band. Risk is not evenly split, since BAX carries 1.5 times the volatility of the other side.
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 HSIC: side by side
| BAX (Baxter International) | HSIC (Henry Schein) | |
|---|---|---|
| 1-year return | +6.6% | +30.9% |
| 5-year return | -62.2% | +20.1% |
| Volatility (ann.) | 38.4% | 25.2% |
| Beta vs S&P 500 | 0.89 | 0.33 |
| Max drawdown (3Y) | -62.4% | -24.3% |
| Market cap | $13.4B | $10.1B |
| P/E (trailing) | – | 26.3 |
| Dividend yield | 0.75% | 0.00% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | BAX | HSIC |
|---|---|---|
| 2022 | -39.6% | +3.0% |
| 2023 | -21.9% | -5.2% |
| 2024 | -22.4% | -8.6% |
| 2025 | -33.3% | +9.2% |
| 2026 | +35.8% | +19.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BAX and HSIC good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BAX and HSIC?
Using weekly returns as of 2026-08-27: 0.37 over 3 years, with 0.40 over the last year and 0.40 over 5 years.
Is HSIC a good diversifier for BAX?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.37 mean?
On the −1 to +1 scale, 0.37 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-hsic.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bax-vs-hsic/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BAX correlations · HSIC correlations
