BAX vs WEN: Correlation
Baxter International (BAX) and Wendy's Company (The) (WEN) show a moderate relationship: their 3-year correlation of weekly returns is 0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BAX and WEN?
On 3 years of weekly data the BAX/WEN correlation comes out at 0.44, moderate. Little has changed lately, as the 1-year reading of 0.40 lands near the 3-year figure. The 5-year figure is 0.39, and annualized covariance runs at 529.6 %².
Within BAX's tracked universe of 43 assets, WEN comes in at #26 by 3-year correlation. Correlation aside, the last 12 months split them widely, with BAX ahead by 26.7 points (+6.6% versus -20.1%).
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 WEN: side by side
| BAX (Baxter International) | WEN (Wendy's Company (The)) | |
|---|---|---|
| 1-year return | +6.6% | -20.1% |
| 5-year return | -62.2% | -56.6% |
| Volatility (ann.) | 38.4% | 31.4% |
| Beta vs S&P 500 | 0.89 | 0.40 |
| Max drawdown (3Y) | -62.4% | -66.3% |
| Market cap | $13.4B | $1.5B |
| P/E (trailing) | – | 11.8 |
| Dividend yield | 0.75% | 6.19% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | BAX | WEN |
|---|---|---|
| 2022 | -39.6% | -2.8% |
| 2023 | -21.9% | -9.7% |
| 2024 | -22.4% | -11.4% |
| 2025 | -33.3% | -45.8% |
| 2026 | +35.8% | -2.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BAX and WEN good diversifiers for each other?
Reasonably. At 0.44, BAX and WEN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BAX and WEN?
Using weekly returns as of 2026-08-27: 0.44 over 3 years, with 0.40 over the last year and 0.39 over 5 years.
Is WEN a good diversifier for BAX?
Reasonably. At 0.44, BAX and WEN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.44 mean?
On the −1 to +1 scale, 0.44 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-wen.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bax-vs-wen/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BAX correlations · WEN correlations
