BAX vs RSP: Correlation
Baxter International (BAX) and Invesco S&P 500 Equal Weight ETF (RSP) show a moderate relationship: their 3-year correlation of weekly returns is 0.53.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BAX and RSP?
On 3 years of weekly data the BAX/RSP correlation comes out at 0.53, moderate. The past 12 months show a tighter link (0.66) than the 3-year average (0.53). The 5-year figure is 0.49, and annualized covariance runs at 270.4 %².
Within BAX's tracked universe of 43 assets, RSP comes in at #8 by 3-year correlation. On 12-month performance RSP holds a 12.6-point edge, +6.6% against +19.2%. On a rolling one-year basis the correlation drifted between 0.26 and 0.74, a moderate band. Risk is not evenly split, since BAX carries 2.9 times the volatility of the other side.
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 RSP: side by side
| BAX (Baxter International) | RSP (Invesco S&P 500 Equal Weight ETF) | |
|---|---|---|
| 1-year return | +6.6% | +19.2% |
| 5-year return | -62.2% | +53.9% |
| Volatility (ann.) | 38.4% | 13.2% |
| Beta vs S&P 500 | 0.89 | 0.77 |
| Max drawdown (3Y) | -62.4% | -17.8% |
| Market cap | $13.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.75% | 1.49% |
| Expense ratio | – | 0.20% |
| Assets under management | – | $97.3B |
| Sector / category | Health Care | ETF · US Large Cap |
On the fund side, RSP sits in the Large Blend category at Invesco, with $97.3B under management, 505 holdings, a 0.20% expense ratio, a 1.49% trailing dividend yield.
Year-by-year returns
| Year | BAX | RSP |
|---|---|---|
| 2022 | -39.6% | -11.6% |
| 2023 | -21.9% | +13.7% |
| 2024 | -22.4% | +12.8% |
| 2025 | -33.3% | +11.2% |
| 2026 | +35.8% | +16.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that RSP holds BAX at a 0.24% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are BAX and RSP good diversifiers for each other?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BAX and RSP?
The BAX/RSP correlation stands at 0.53 on a 3-year window (1 year: 0.66, 5 years: 0.49), computed from weekly returns as of 2026-08-27.
Is RSP a good diversifier for BAX?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.53 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
$ curl https://www.pairbook.io/api/v1/pairs/bax-vs-rsp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bax-vs-rsp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BAX correlations · RSP correlations
