BAX vs IEFA: Correlation
How closely do Baxter International (BAX) and iShares Core MSCI EAFE ETF (IEFA) trade together? Their weekly returns over three years give a correlation of 0.52, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BAX and IEFA?
On 3 years of weekly data the BAX/IEFA correlation comes out at 0.52, moderate. Recent behaviour matches the longer record: 0.54 over 1 year against 0.52 over 3. The 5-year figure is 0.45, and annualized covariance runs at 296.5 %².
By 3-year correlation, IEFA places #13 of the 43 assets tracked against BAX. Correlation aside, the last 12 months split them widely, with IEFA ahead by 15.2 points (+6.6% versus +21.8%). Across three years, the rolling one-year figure varied moderately, from 0.28 to 0.66. Note the risk asymmetry: BAX runs 2.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 IEFA: side by side
| BAX (Baxter International) | IEFA (iShares Core MSCI EAFE ETF) | |
|---|---|---|
| 1-year return | +6.6% | +21.8% |
| 5-year return | -62.2% | +54.5% |
| Volatility (ann.) | 38.4% | 15.0% |
| Beta vs S&P 500 | 0.89 | 0.77 |
| Max drawdown (3Y) | -62.4% | -13.8% |
| Market cap | $13.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.75% | 3.35% |
| Expense ratio | – | 0.07% |
| Assets under management | – | $190.1B |
| Sector / category | Health Care | ETF · International |
IEFA, iShares's Foreign Large Blend fund, carries $190.1B under management, 1620 holdings, a 0.07% expense ratio, a 3.35% trailing dividend yield.
Year-by-year returns
| Year | BAX | IEFA |
|---|---|---|
| 2022 | -39.6% | -15.2% |
| 2023 | -21.9% | +18.0% |
| 2024 | -22.4% | +3.3% |
| 2025 | -33.3% | +32.1% |
| 2026 | +35.8% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BAX and IEFA good diversifiers for each other?
To a limited degree. At 0.52 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 IEFA?
Using weekly returns as of 2026-08-27: 0.52 over 3 years, with 0.54 over the last year and 0.45 over 5 years.
Is IEFA a good diversifier for BAX?
To a limited degree. At 0.52 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 0.52 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bax-vs-iefa.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bax-vs-iefa/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BAX correlations · IEFA correlations
