BAX vs PUMP: Correlation
How closely do Baxter International (BAX) and ProPetro Holding Corp. (PUMP) trade together? Their weekly returns over three years give a correlation of -0.17, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BAX and PUMP?
Across a 3-year window, the weekly returns of BAX and PUMP correlate at -0.17, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.49) runs below the 3-year figure (-0.17). Stretching to 5 years gives -0.09, with an annualized covariance of -428.4 %².
Within BAX's tracked universe of 43 assets, PUMP comes in at #35 by 3-year correlation. Correlation aside, the last 12 months split them widely, with PUMP ahead by 121.6 points (+6.6% versus +128.2%). One caveat on sizing: PUMP is 1.7 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 PUMP: side by side
| BAX (Baxter International) | PUMP (ProPetro Holding Corp.) | |
|---|---|---|
| 1-year return | +6.6% | +128.2% |
| 5-year return | -62.2% | +45.4% |
| Volatility (ann.) | 38.4% | 65.1% |
| Beta vs S&P 500 | 0.89 | 0.73 |
| Max drawdown (3Y) | -62.4% | -59.1% |
| Market cap | $13.4B | $1.4B |
| P/E (trailing) | – | – |
| Dividend yield | 0.75% | 0.00% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | BAX | PUMP |
|---|---|---|
| 2022 | -39.6% | +28.0% |
| 2023 | -21.9% | -19.2% |
| 2024 | -22.4% | +11.3% |
| 2025 | -33.3% | +1.9% |
| 2026 | +35.8% | +17.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BAX and PUMP good diversifiers for each other?
Yes: at -0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BAX and PUMP?
As of 2026-08-27, the correlation of weekly returns between BAX and PUMP is -0.17 over 3 years, -0.49 over 1 year and -0.09 over 5 years.
Is PUMP a good diversifier for BAX?
Yes: at -0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.17 mean?
On the −1 to +1 scale, -0.17 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 · PUMP correlations
