BAX vs PPG: Correlation
How closely do Baxter International (BAX) and PPG Industries (PPG) 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 PPG?
Over the past 3 years, BAX and PPG moved with a correlation of 0.52, which is moderate. Recent behaviour matches the longer record: 0.51 over 1 year against 0.52 over 3. Over 5 years the correlation is 0.46, and the annualized covariance of weekly returns is 508.5 %².
By 3-year correlation, PPG places #14 of the 43 assets tracked against BAX. Neither side won the trailing year by much: +6.6% against +3.8%. On a rolling one-year basis the correlation drifted between 0.24 and 0.67, a moderate band. Note the risk asymmetry: BAX runs 1.5 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 PPG: side by side
| BAX (Baxter International) | PPG (PPG Industries) | |
|---|---|---|
| 1-year return | +6.6% | +3.8% |
| 5-year return | -62.2% | -22.0% |
| Volatility (ann.) | 38.4% | 25.5% |
| Beta vs S&P 500 | 0.89 | 0.90 |
| Max drawdown (3Y) | -62.4% | -37.4% |
| Market cap | $13.4B | $25.2B |
| P/E (trailing) | – | 16.4 |
| Dividend yield | 0.75% | 2.48% |
| Sector / category | Health Care | Materials |
Year-by-year returns
| Year | BAX | PPG |
|---|---|---|
| 2022 | -39.6% | -25.7% |
| 2023 | -21.9% | +21.2% |
| 2024 | -22.4% | -18.5% |
| 2025 | -33.3% | -12.0% |
| 2026 | +35.8% | +12.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BAX and PPG good diversifiers for each other?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BAX and PPG?
As of 2026-08-27, the correlation of weekly returns between BAX and PPG is 0.52 over 3 years, 0.51 over 1 year and 0.46 over 5 years.
Is PPG a good diversifier for BAX?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.52 mean?
On the −1 to +1 scale, 0.52 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
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Related comparisons
Hubs: BAX correlations · PPG correlations
