BAX vs TPST: Correlation
How closely do Baxter International (BAX) and Tempest Therapeutics, Inc. (TPST) trade together? Their weekly returns over three years give a correlation of -0.18, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BAX and TPST?
Across a 3-year window, the weekly returns of BAX and TPST correlate at -0.18, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.00) runs above the 3-year figure (-0.18). Stretching to 5 years gives -0.14, with an annualized covariance of -5462.6 %².
Among the 43 assets we track against BAX, TPST ranks #36 by 3-year correlation. Correlation aside, the last 12 months split them widely, with BAX ahead by 96.6 points (+6.6% versus -90.0%). Note the risk asymmetry: TPST runs 20.4 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 TPST: side by side
| BAX (Baxter International) | TPST (Tempest Therapeutics, Inc.) | |
|---|---|---|
| 1-year return | +6.6% | -90.0% |
| 5-year return | -62.2% | -99.4% |
| Volatility (ann.) | 38.4% | 782.8% |
| Beta vs S&P 500 | 0.89 | 1.97 |
| Max drawdown (3Y) | -62.4% | -99.3% |
| Market cap | $13.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.75% | 0.00% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | BAX | TPST |
|---|---|---|
| 2022 | -39.6% | -78.2% |
| 2023 | -21.9% | +282.6% |
| 2024 | -22.4% | -81.0% |
| 2025 | -33.3% | -73.6% |
| 2026 | +35.8% | -62.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BAX and TPST good diversifiers for each other?
By historical standards, yes. A correlation of -0.18 means the two rarely move for the same reasons.
FAQ
What is the correlation between BAX and TPST?
The BAX/TPST correlation stands at -0.18 on a 3-year window (1 year: -0.00, 5 years: -0.14), computed from weekly returns as of 2026-08-27.
Is TPST a good diversifier for BAX?
By historical standards, yes. A correlation of -0.18 means the two rarely move for the same reasons.
What does a correlation of -0.18 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 · TPST correlations
