BAX vs QQQ: Correlation
Baxter International (BAX) and Invesco QQQ Trust (QQQ) show a weak relationship: their 3-year correlation of weekly returns is 0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BAX and QQQ?
Over the past 3 years, BAX and QQQ moved with a correlation of 0.21, which is weak. The relationship has been stable: the 1-year correlation (0.18) sits close to the 3-year figure. Over 5 years the correlation is 0.27, and the annualized covariance of weekly returns is 158.3 %².
By 3-year correlation, QQQ places #33 of the 43 assets tracked against BAX. Correlation aside, the last 12 months split them widely, with QQQ ahead by 19.7 points (+6.6% versus +26.3%). The relationship is regime-dependent: the rolling one-year correlation swung between -0.04 and 0.47 over the past three years, so this pair behaves very differently depending on the market environment. One caveat on sizing: BAX is 2.0 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 QQQ: side by side
| BAX (Baxter International) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +6.6% | +26.3% |
| 5-year return | -62.2% | +95.4% |
| Volatility (ann.) | 38.4% | 19.6% |
| Beta vs S&P 500 | 0.89 | 1.28 |
| Max drawdown (3Y) | -62.4% | -22.8% |
| Market cap | $13.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.75% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | Health Care | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | BAX | QQQ |
|---|---|---|
| 2022 | -39.6% | -32.6% |
| 2023 | -21.9% | +54.9% |
| 2024 | -22.4% | +25.6% |
| 2025 | -33.3% | +20.8% |
| 2026 | +35.8% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BAX and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.21 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BAX and QQQ?
Using weekly returns as of 2026-08-27: 0.21 over 3 years, with 0.18 over the last year and 0.27 over 5 years.
Is QQQ a good diversifier for BAX?
Yes, to a useful degree: a correlation of 0.21 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.21 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
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Related comparisons
Hubs: BAX correlations · QQQ correlations
