BAX vs VTRS: Correlation
Measured on weekly returns over the past three years, Baxter International (BAX) and Viatris (VTRS) carry a correlation of 0.44, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BAX and VTRS?
Across a 3-year window, the weekly returns of BAX and VTRS correlate at 0.44, moderate. Recent behaviour matches the longer record: 0.45 over 1 year against 0.44 over 3. Stretching to 5 years gives 0.39, with an annualized covariance of 558.1 %².
By 3-year correlation, VTRS places #25 of the 43 assets tracked against BAX. Correlation aside, the last 12 months split them widely, with VTRS ahead by 61.2 points (+6.6% versus +67.8%). Across three years, the rolling one-year figure varied moderately, from 0.15 to 0.63.
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 VTRS: side by side
| BAX (Baxter International) | VTRS (Viatris) | |
|---|---|---|
| 1-year return | +6.6% | +67.8% |
| 5-year return | -62.2% | +44.6% |
| Volatility (ann.) | 38.4% | 32.8% |
| Beta vs S&P 500 | 0.89 | 0.79 |
| Max drawdown (3Y) | -62.4% | -45.0% |
| Market cap | $13.4B | $19.4B |
| P/E (trailing) | – | – |
| Dividend yield | 0.75% | 2.85% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | BAX | VTRS |
|---|---|---|
| 2022 | -39.6% | -14.3% |
| 2023 | -21.9% | +2.1% |
| 2024 | -22.4% | +19.7% |
| 2025 | -33.3% | +5.1% |
| 2026 | +35.8% | +38.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BAX and VTRS good diversifiers for each other?
Reasonably. At 0.44, BAX and VTRS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BAX and VTRS?
The BAX/VTRS correlation stands at 0.44 on a 3-year window (1 year: 0.45, 5 years: 0.39), computed from weekly returns as of 2026-08-27.
Is VTRS a good diversifier for BAX?
Reasonably. At 0.44, BAX and VTRS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.44 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-vtrs.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bax-vs-vtrs/)
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Related comparisons
Hubs: BAX correlations · VTRS correlations
