BAX vs ZBH: Correlation
Baxter International (BAX) and Zimmer Biomet (ZBH) show a moderate relationship: their 3-year correlation of weekly returns is 0.49.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BAX and ZBH?
On 3 years of weekly data the BAX/ZBH correlation comes out at 0.49, moderate. Little has changed lately, as the 1-year reading of 0.48 lands near the 3-year figure. The 5-year figure is 0.49, and annualized covariance runs at 471.1 %².
Among the 43 assets we track against BAX, ZBH ranks #19 by 3-year correlation. Over the last 12 months BAX came out ahead by 12.5 percentage points (+6.6% against -5.9%). The relationship is regime-dependent: the rolling one-year correlation swung between 0.10 and 0.70 over the past three years, so this pair behaves very differently depending on the market environment. Note the risk asymmetry: BAX runs 1.5 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 ZBH: side by side
| BAX (Baxter International) | ZBH (Zimmer Biomet) | |
|---|---|---|
| 1-year return | +6.6% | -5.9% |
| 5-year return | -62.2% | -28.6% |
| Volatility (ann.) | 38.4% | 24.9% |
| Beta vs S&P 500 | 0.89 | 0.51 |
| Max drawdown (3Y) | -62.4% | -38.8% |
| Market cap | $13.4B | $19.0B |
| P/E (trailing) | – | 24.6 |
| Dividend yield | 0.75% | 0.95% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | BAX | ZBH |
|---|---|---|
| 2022 | -39.6% | +4.2% |
| 2023 | -21.9% | -3.8% |
| 2024 | -22.4% | -12.5% |
| 2025 | -33.3% | -14.0% |
| 2026 | +35.8% | +11.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BAX and ZBH good diversifiers for each other?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BAX and ZBH?
Using weekly returns as of 2026-08-27: 0.49 over 3 years, with 0.48 over the last year and 0.49 over 5 years.
Is ZBH a good diversifier for BAX?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.49 mean?
On the −1 to +1 scale, 0.49 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-zbh.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bax-vs-zbh/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BAX correlations · ZBH correlations
