BAX vs REPL: Correlation
Baxter International (BAX) and Replimune Group, Inc. (REPL) show a negative relationship: their 3-year correlation of weekly returns is -0.19.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BAX and REPL?
Across a 3-year window, the weekly returns of BAX and REPL correlate at -0.19, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.04) than the 3-year average (-0.19). Stretching to 5 years gives -0.14, with an annualized covariance of -1131.4 %².
Within BAX's tracked universe of 43 assets, REPL comes in at #37 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months REPL outperformed by 175.5 percentage points (+6.6% for BAX against +182.1% for REPL). One caveat on sizing: REPL is 4.0 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 REPL: side by side
| BAX (Baxter International) | REPL (Replimune Group, Inc.) | |
|---|---|---|
| 1-year return | +6.6% | +182.1% |
| 5-year return | -62.2% | -50.4% |
| Volatility (ann.) | 38.4% | 153.7% |
| Beta vs S&P 500 | 0.89 | 0.48 |
| Max drawdown (3Y) | -62.4% | -92.0% |
| Market cap | $13.4B | $1.5B |
| P/E (trailing) | – | – |
| Dividend yield | 0.75% | 0.00% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | BAX | REPL |
|---|---|---|
| 2022 | -39.6% | +0.4% |
| 2023 | -21.9% | -69.0% |
| 2024 | -22.4% | +43.7% |
| 2025 | -33.3% | -19.7% |
| 2026 | +35.8% | +60.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BAX and REPL good diversifiers for each other?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BAX and REPL?
Using weekly returns as of 2026-08-27: -0.19 over 3 years, with -0.04 over the last year and -0.14 over 5 years.
Is REPL a good diversifier for BAX?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.19 mean?
A reading of -0.19 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-repl.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bax-vs-repl/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BAX correlations · REPL correlations
