Baxter International Correlations

BAX Stock

USD 30.87 0.75 2.49%

The current 90-days correlation between Baxter International and West Pharmaceutical Services is 0.51 (i.e., Very weak diversification). The correlation of Baxter International is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Baxter International Correlation With Market

Poor diversification

The correlation between Baxter International and DJI is 0.72 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Baxter International and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Baxter Stock

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Baxter International. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in nation.

For more information on how to buy Baxter Stock please use our How to Invest in Baxter International guide.

Moving together with Baxter Stock

0.84	EDAP	EDAP TMS SA	Pair Corr
0.68	ELMD	Electromed	Pair Corr
0.7	FIGS	Figs Inc	Pair Corr
0.62	SSY	SunLink Health Systems	Pair Corr
0.66	GKOS	Glaukos Corp	Pair Corr
0.86	INBS	Intelligent Bio Solutions	Pair Corr
0.81	KIDS	Orthopediatrics Corp	Pair Corr
0.71	LUNG	Pulmonx Corp	Pair Corr
0.79	OFIX	Orthofix Medical	Pair Corr
0.64	ACHC	Acadia Healthcare	Pair Corr
0.86	RXST	Rxsight	Pair Corr

Moving against Baxter Stock

0.71	MCK	McKesson	Pair Corr
0.56	CNC	Centene Corp	Pair Corr
0.56	MOH	Molina Healthcare	Pair Corr
0.51	CI	Cigna Corp Sell-off Trend	Pair Corr
0.43	CAH	Cardinal Health	Pair Corr
0.39	EHC	Encompass Health Corp	Pair Corr
0.33	ELV	Elevance Health	Pair Corr
0.55	ALHC	Alignment Healthcare LLC	Pair Corr
0.48	PNTG	Pennant Group	Pair Corr
0.4	ADUS	Addus HomeCare	Pair Corr

Related Correlations Analysis

	EMBC	WST	RMD	COO	TFX	BDX	HOLX	MMSI	ICUI	NVST
EMBC		0.66	-0.02	0.44	0.57	0.58	0.65	0.57	0.65	0.54	EMBC
WST	0.66		0.0	0.56	0.3	0.65	0.63	0.75	0.43	0.44	WST
RMD	-0.02	0.0		0.32	-0.16	-0.58	-0.33	0.09	-0.19	0.48	RMD
COO	0.44	0.56	0.32		0.53	0.33	0.5	0.61	0.35	0.78	COO
TFX	0.57	0.3	-0.16	0.53		0.61	0.69	0.43	0.7	0.61	TFX
BDX	0.58	0.65	-0.58	0.33	0.61		0.86	0.59	0.57	0.21	BDX
HOLX	0.65	0.63	-0.33	0.5	0.69	0.86		0.62	0.59	0.5	HOLX
MMSI	0.57	0.75	0.09	0.61	0.43	0.59	0.62		0.54	0.65	MMSI
ICUI	0.65	0.43	-0.19	0.35	0.7	0.57	0.59	0.54		0.58	ICUI
NVST	0.54	0.44	0.48	0.78	0.61	0.21	0.5	0.65	0.58		NVST
	EMBC	WST	RMD	COO	TFX	BDX	HOLX	MMSI	ICUI	NVST

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

HOLX	+ 0.86	BDX
NVST	+ 0.78	COO
MMSI	+ 0.75	WST
ICUI	+ 0.7	TFX
HOLX	+ 0.69	TFX
WST	+ 0.66	EMBC

High negative correlations

BDX	- 0.58	RMD
HOLX	- 0.33	RMD
ICUI	- 0.19	RMD
TFX	- 0.16	RMD
RMD	- 0.02	EMBC
RMD	- 0.0	WST

Risk-Adjusted Indicators

There is a big difference between Baxter Stock performing well and Baxter International Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Baxter International's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
EMBC	3.09	(0.21)	0.00	(0.24)	0.00	0.00	5.77	(5.66)	24.97
WST	1.84	0.05	0.02	0.02	2.39	(2.00)	4.39	(3.48)	12.44
RMD	1.44	0.13	0.08	0.14	1.84	(1.61)	3.30	(3.83)	12.16
COO	1.70	(0.16)	0.00	3.36	0.00	0.00	2.77	(3.77)	12.20
TFX	1.99	(0.51)	0.00	1.45	0.00	0.00	2.89	(4.50)	22.83
BDX	1.44	(0.34)	0.00	(0.49)	0.00	0.00	1.88	(2.46)	22.37
HOLX	1.66	(0.02)	0.00	(0.07)	0.00	0.00	3.26	(3.63)	8.71
MMSI	1.62	(0.04)	0.00	(0.07)	0.00	0.00	2.95	(2.98)	14.62
ICUI	2.31	(0.20)	0.00	(0.22)	0.00	0.00	4.37	(5.33)	21.09
NVST	2.55	(0.13)	0.00	(0.11)	0.00	0.00	5.46	(5.47)	17.74

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