BAX vs VXZ: Correlation
How closely do Baxter International (BAX) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BAX and VXZ?
Over the past 3 years, BAX and VXZ moved with a correlation of -0.29, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.43) runs below the 3-year figure (-0.29). Over 5 years the correlation is -0.26, and the annualized covariance of weekly returns is -288.3 %².
VXZ is close to the least connected end of BAX's tracked universe, ranking #42 of 43. Correlation aside, the last 12 months split them widely, with BAX ahead by 22.7 points (+6.6% versus -16.1%).
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 VXZ: side by side
| BAX (Baxter International) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +6.6% | -16.1% |
| 5-year return | -62.2% | -53.1% |
| Volatility (ann.) | 38.4% | 25.6% |
| Beta vs S&P 500 | 0.89 | -1.31 |
| Max drawdown (3Y) | -62.4% | -36.4% |
| Market cap | $13.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.75% | – |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | BAX | VXZ |
|---|---|---|
| 2022 | -39.6% | +0.5% |
| 2023 | -21.9% | -44.0% |
| 2024 | -22.4% | -12.7% |
| 2025 | -33.3% | +5.7% |
| 2026 | +35.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BAX and VXZ good diversifiers for each other?
Yes. With a correlation of -0.29, BAX and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BAX and VXZ?
Using weekly returns as of 2026-08-27: -0.29 over 3 years, with -0.43 over the last year and -0.26 over 5 years.
Is VXZ a good diversifier for BAX?
Yes. With a correlation of -0.29, BAX and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.29 mean?
On the −1 to +1 scale, -0.29 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bax-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bax-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BAX correlations · VXZ correlations
