Baxter International Correlations

BAX Stock

USD 20.41 0.52 2.61%

The current 90-days correlation between Baxter International and Masimo is 0.23 (i.e., Modest 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

Weak diversification

The correlation between Baxter International and DJI is 0.35 (i.e., Weak 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

0.75	OM	Outset Medical	Pair Corr
0.75	GOOD	Gladstone Commercial	Pair Corr
0.66	HPQ	HP Inc	Pair Corr

Moving against Baxter Stock

0.91	MRLWF	Marlowe Plc	Pair Corr
0.76	CSCO	Cisco Systems	Pair Corr
0.75	CAT	Caterpillar	Pair Corr
0.69	MMSI	Merit Medical Systems	Pair Corr
0.66	KO	Coca Cola	Pair Corr
0.61	AXP	American Express	Pair Corr
0.6	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.59	FTV	Fortive Corp	Pair Corr
0.57	TRV	The Travelers Companies	Pair Corr
0.56	MMM	3M Company	Pair Corr
0.55	BAC	Bank of America	Pair Corr
0.52	DHR	Danaher	Pair Corr
0.51	JNJ	Johnson Johnson	Pair Corr
0.47	AMPH	Amphastar P	Pair Corr
0.38	JPM	JPMorgan Chase Earnings Call This Week	Pair Corr
0.32	AA	Alcoa Corp	Pair Corr

Related Correlations Analysis

	MASI	MDGL	ATR	RGEN	RNA	AVTR	DVA	HIMS	BIO	QGEN
MASI		-0.64	0.29	-0.47	-0.54	0.54	0.73	0.63	0.33	0.34	MASI
MDGL	-0.64		-0.47	0.72	0.74	-0.74	-0.79	-0.84	-0.1	-0.37	MDGL
ATR	0.29	-0.47		-0.09	-0.81	0.8	0.68	0.69	0.05	0.71	ATR
RGEN	-0.47	0.72	-0.09		0.43	-0.23	-0.5	-0.58	0.42	0.28	RGEN
RNA	-0.54	0.74	-0.81	0.43		-0.85	-0.8	-0.89	0.04	-0.54	RNA
AVTR	0.54	-0.74	0.8	-0.23	-0.85		0.83	0.78	0.35	0.71	AVTR
DVA	0.73	-0.79	0.68	-0.5	-0.8	0.83		0.84	0.25	0.51	DVA
HIMS	0.63	-0.84	0.69	-0.58	-0.89	0.78	0.84		-0.03	0.5	HIMS
BIO	0.33	-0.1	0.05	0.42	0.04	0.35	0.25	-0.03		0.56	BIO
QGEN	0.34	-0.37	0.71	0.28	-0.54	0.71	0.51	0.5	0.56		QGEN
	MASI	MDGL	ATR	RGEN	RNA	AVTR	DVA	HIMS	BIO	QGEN

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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

HIMS	+ 0.84	DVA
DVA	+ 0.83	AVTR
AVTR	+ 0.8	ATR
HIMS	+ 0.78	AVTR
RNA	+ 0.74	MDGL
DVA	+ 0.73	MASI

High negative correlations

HIMS	- 0.89	RNA
AVTR	- 0.85	RNA
HIMS	- 0.84	MDGL
RNA	- 0.81	ATR
DVA	- 0.8	RNA
DVA	- 0.79	MDGL

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
MASI	1.52	(0.13)	0.00	(0.13)	0.00	0.00	3.02	(2.71)	7.67
MDGL	2.00	0.38	0.22	0.54	1.30	(2.57)	7.29	(2.58)	12.14
ATR	0.93	(0.14)	0.00	(0.49)	0.00	0.00	1.62	(2.49)	7.63
RGEN	1.78	0.14	0.08	0.17	2.01	(2.04)	3.36	(2.78)	10.86
RNA	1.96	0.81	0.60	0.75	0.04	(2.14)	4.86	(1.82)	42.94
AVTR	2.03	(0.24)	0.00	(0.11)	0.00	0.00	4.82	(4.39)	28.26
DVA	1.06	(0.29)	0.00	(0.29)	0.00	0.00	1.78	(2.40)	8.43
HIMS	3.23	(0.75)	0.00	(0.40)	0.00	0.00	5.86	(7.38)	32.02
BIO	1.56	0.02	0.03	0.09	1.70	(1.92)	4.31	(3.17)	8.48
QGEN	0.97	(0.04)	(0.06)	0.01	1.21	(1.05)	2.56	(2.25)	5.38

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