BAX vs NWL: Correlation
How closely do Baxter International (BAX) and Newell Brands Inc. (NWL) trade together? Their weekly returns over three years give a correlation of 0.54, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BAX and NWL?
Over the past 3 years, BAX and NWL moved with a correlation of 0.54, which is moderate. The past 12 months show a tighter link (0.68) than the 3-year average (0.54). Over 5 years the correlation is 0.49, and the annualized covariance of weekly returns is 1305.0 %².
Within BAX's tracked universe of 43 assets, NWL comes in at #5 by 3-year correlation. Neither side won the trailing year by much: +6.6% against +5.6%. One caveat on sizing: NWL is 1.6 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 NWL: side by side
| BAX (Baxter International) | NWL (Newell Brands Inc.) | |
|---|---|---|
| 1-year return | +6.6% | +5.6% |
| 5-year return | -62.2% | -70.7% |
| Volatility (ann.) | 38.4% | 62.8% |
| Beta vs S&P 500 | 0.89 | 1.15 |
| Max drawdown (3Y) | -62.4% | -72.3% |
| Market cap | $13.4B | $2.5B |
| P/E (trailing) | – | – |
| Dividend yield | 0.75% | 4.70% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | BAX | NWL |
|---|---|---|
| 2022 | -39.6% | -37.0% |
| 2023 | -21.9% | -30.9% |
| 2024 | -22.4% | +19.0% |
| 2025 | -33.3% | -60.5% |
| 2026 | +35.8% | +63.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BAX and NWL good diversifiers for each other?
Only partially. A correlation of 0.54 means BAX and NWL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between BAX and NWL?
Using weekly returns as of 2026-08-27: 0.54 over 3 years, with 0.68 over the last year and 0.49 over 5 years.
Is NWL a good diversifier for BAX?
Only partially. A correlation of 0.54 means BAX and NWL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.54 mean?
A reading of 0.54 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-nwl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bax-vs-nwl/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BAX correlations · NWL correlations
