BAX vs LH: Correlation
Measured on weekly returns over the past three years, Baxter International (BAX) and Labcorp (LH) carry a correlation of 0.41, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BAX and LH?
Across a 3-year window, the weekly returns of BAX and LH correlate at 0.41, moderate. The past 12 months show a tighter link (0.51) than the 3-year average (0.41). Stretching to 5 years gives 0.36, with an annualized covariance of 333.8 %².
Among the 43 assets we track against BAX, LH ranks #27 by 3-year correlation. Correlation aside, the last 12 months split them widely, with LH ahead by 15.2 points (+6.6% versus +21.8%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.03 to 0.58. One caveat on sizing: BAX is 1.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 LH: side by side
| BAX (Baxter International) | LH (Labcorp) | |
|---|---|---|
| 1-year return | +6.6% | +21.8% |
| 5-year return | -62.2% | +36.0% |
| Volatility (ann.) | 38.4% | 21.4% |
| Beta vs S&P 500 | 0.89 | 0.33 |
| Max drawdown (3Y) | -62.4% | -17.4% |
| Market cap | $13.4B | $27.3B |
| P/E (trailing) | – | 27.8 |
| Dividend yield | 0.75% | 0.86% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | BAX | LH |
|---|---|---|
| 2022 | -39.6% | -24.4% |
| 2023 | -21.9% | +13.8% |
| 2024 | -22.4% | +2.2% |
| 2025 | -33.3% | +10.6% |
| 2026 | +35.8% | +34.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BAX and LH good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BAX and LH?
As of 2026-08-27, the correlation of weekly returns between BAX and LH is 0.41 over 3 years, 0.51 over 1 year and 0.36 over 5 years.
Is LH a good diversifier for BAX?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.41 mean?
A reading of 0.41 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-lh.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bax-vs-lh/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BAX correlations · LH correlations
