BHC vs BLCO: Correlation
Measured on weekly returns over the past three years, Bausch Health Companies Inc. (BHC) and Bausch + Lomb Corporation (BLCO) carry a correlation of 0.48, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BHC and BLCO?
Across a 3-year window, the weekly returns of BHC and BLCO correlate at 0.48, moderate. Recent behaviour matches the longer record: 0.38 over 1 year against 0.48 over 3. Stretching to 5 years gives 0.49, with an annualized covariance of 1278.6 %².
Few assets follow BHC as closely as BLCO, which ranks #1 of 11 tracked partners. The last year tells two different stories: BLCO led by 31.0 percentage points, -13.3% for BHC against +17.7% for BLCO. One caveat on sizing: BHC is 1.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
BHC vs BLCO: side by side
| BHC (Bausch Health Companies Inc.) | BLCO (Bausch + Lomb Corporation) | |
|---|---|---|
| 1-year return | -13.3% | +17.7% |
| 5-year return | -78.4% | -14.4% |
| Volatility (ann.) | 67.6% | 39.6% |
| Beta vs S&P 500 | 0.94 | 0.82 |
| Max drawdown (3Y) | -59.3% | -47.9% |
| Market cap | $2.4B | $6.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BHC | BLCO |
|---|---|---|
| 2022 | -77.3% | – |
| 2023 | +27.7% | +10.0% |
| 2024 | +0.5% | +5.9% |
| 2025 | -13.8% | -5.4% |
| 2026 | -9.4% | +0.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BHC and BLCO good diversifiers for each other?
Reasonably. At 0.48, BHC and BLCO keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BHC and BLCO?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.38 over the last year and 0.49 over 5 years.
Is BLCO a good diversifier for BHC?
Reasonably. At 0.48, BHC and BLCO keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.48 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/bhc-vs-blco.json
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[](https://www.pairbook.io/pair/bhc-vs-blco/)
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Related comparisons
Hubs: BHC correlations · BLCO correlations
