BSX vs MDT: Correlation
How closely do Boston Scientific (BSX) and Medtronic (MDT) trade together? Their weekly returns over three years give a correlation of 0.40, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BSX and MDT?
On 3 years of weekly data the BSX/MDT correlation comes out at 0.40, moderate. Little has changed lately, as the 1-year reading of 0.47 lands near the 3-year figure. The 5-year figure is 0.47, and annualized covariance runs at 229.5 %².
Within BSX's tracked universe of 33 assets, MDT comes in at #16 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MDT ahead by 56.8 points (-55.9% versus +0.9%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.18 to 0.69.
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.
BSX vs MDT: side by side
| BSX (Boston Scientific) | MDT (Medtronic) | |
|---|---|---|
| 1-year return | -55.9% | +0.9% |
| 5-year return | +4.1% | -21.4% |
| Volatility (ann.) | 27.6% | 21.0% |
| Beta vs S&P 500 | 0.72 | 0.37 |
| Max drawdown (3Y) | -60.6% | -28.9% |
| Market cap | $67.6B | $115.2B |
| P/E (trailing) | 19.5 | 24.1 |
| Dividend yield | 0.00% | 3.09% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | BSX | MDT |
|---|---|---|
| 2022 | +8.9% | -22.6% |
| 2023 | +24.9% | +9.6% |
| 2024 | +54.5% | +0.3% |
| 2025 | +6.8% | +24.0% |
| 2026 | -51.1% | -4.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BSX and MDT good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BSX and MDT?
Using weekly returns as of 2026-08-27: 0.40 over 3 years, with 0.47 over the last year and 0.47 over 5 years.
Is MDT a good diversifier for BSX?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.40 mean?
A reading of 0.40 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bsx-vs-mdt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bsx-vs-mdt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BSX correlations · MDT correlations
