BAX vs SPY: Correlation
How closely do Baxter International (BAX) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.34, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BAX and SPY?
Over the past 3 years, BAX and SPY moved with a correlation of 0.34, which is moderate. Little has changed lately, as the 1-year reading of 0.35 lands near the 3-year figure. Over 5 years the correlation is 0.37, and the annualized covariance of weekly returns is 186.9 %².
Within BAX's tracked universe of 43 assets, SPY comes in at #31 by 3-year correlation. On 12-month performance SPY holds a 14.0-point edge, +6.6% against +20.6%. The relationship is regime-dependent: the rolling one-year correlation swung between 0.06 and 0.56 over the past three years, so this pair behaves very differently depending on the market environment. One caveat on sizing: BAX is 2.6 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 SPY: side by side
| BAX (Baxter International) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +6.6% | +20.6% |
| 5-year return | -62.2% | +82.4% |
| Volatility (ann.) | 38.4% | 14.5% |
| Beta vs S&P 500 | 0.89 | 1.00 |
| Max drawdown (3Y) | -62.4% | -18.8% |
| Market cap | $13.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.75% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Health Care | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | BAX | SPY |
|---|---|---|
| 2022 | -39.6% | -18.2% |
| 2023 | -21.9% | +26.2% |
| 2024 | -22.4% | +24.9% |
| 2025 | -33.3% | +17.7% |
| 2026 | +35.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BAX and SPY good diversifiers for each other?
Reasonably. At 0.34, BAX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BAX and SPY?
Using weekly returns as of 2026-08-27: 0.34 over 3 years, with 0.35 over the last year and 0.37 over 5 years.
Is SPY a good diversifier for BAX?
Reasonably. At 0.34, BAX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.34 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.
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Hubs: BAX correlations · SPY correlations
