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BAX vs. SPY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BAX vs. SPY

Last updated Jun 23, 2026

BAX (Baxter International Inc.) is a stock, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, BAX returned -6.26%/yr vs 15.70%/yr for SPY. At a 0.42 correlation, their price movements are largely independent.

Performance

BAX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baxter International Inc. (BAX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, BAX achieves a 2.98% return, which is significantly lower than SPY's 9.74% return. Over the past 10 years, BAX has underperformed SPY with an annualized return of -6.26%, while SPY has yielded a comparatively higher 15.70% annualized return.

BAX

1D
-1.16%
1M
2.56%
YTD
2.98%
6M
3.69%
1Y
-33.88%
3Y*
-22.55%
5Y*
-23.11%
10Y*
-6.26%

SPY

1D
-0.31%
1M
0.09%
YTD
9.74%
6M
9.27%
1Y
26.65%
3Y*
21.27%
5Y*
13.51%
10Y*
15.70%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BAX vs. SPY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
BAX
Baxter International Inc.		2.98%-33.28%-22.40%-21.91%-39.58%8.48%-2.95%28.40%2.89%47.30%
SPY
State Street SPDR S&P 500 ETF		9.74%17.72%24.89%26.18%-18.18%28.73%18.33%31.22%-4.57%21.71%

Correlation

The correlation between BAX and SPY is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.30

Correlation (3Y)
Calculated over the trailing 3-year period

0.29

Correlation (5Y)
Calculated over the trailing 5-year period

0.35

Correlation (10Y)
Calculated over the trailing 10-year period

0.43

Correlation (All Time)
Calculated using the full available price history since Jan 29, 1993

0.42

The correlation between BAX and SPY shifts across timeframes, from 0.29 (3 years) to 0.43 (10 years), reflecting how their relationship changes across market environments.

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Baxter International Inc.

State Street SPDR S&P 500 ETF

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Return for Risk

BAX vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BAX
BAX Risk / Return Rank: 1515
Overall Rank
BAX Sharpe Ratio Rank: 1111
Sharpe Ratio Rank
BAX Sortino Ratio Rank: 1515
Sortino Ratio Rank
BAX Omega Ratio Rank: 1313
Omega Ratio Rank
BAX Calmar Ratio Rank: 1616
Calmar Ratio Rank
BAX Martin Ratio Rank: 2121
Martin Ratio Rank
SPY
SPY Risk / Return Rank: 6868
Overall Rank
SPY Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 6666
Sortino Ratio Rank
SPY Omega Ratio Rank: 6868
Omega Ratio Rank
SPY Calmar Ratio Rank: 6363
Calmar Ratio Rank
SPY Martin Ratio Rank: 7474
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BAX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baxter International Inc. (BAX) and State Street SPDR S&P 500 ETF (SPY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

BAXSPYDifference
Sharpe ratioReturn per unit of total volatility
-0.73
2.16

-2.89

Sortino ratioReturn per unit of downside risk
-0.77
2.91

-3.68

Omega ratioGain probability vs. loss probability

0.88

1.39

-0.51

Calmar ratioReturn relative to maximum drawdown

-0.69

3.01

-3.71

Martin ratioReturn relative to average drawdown

-1.00

13.54

-14.53

BAX vs. SPY - Sharpe Ratio Comparison

The current BAX Sharpe Ratio is -0.73, which is lower than the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of BAX and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

BAX vs. SPY - Drawdown Comparison

The maximum BAX drawdown since its inception was -81.15%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for BAX and SPY.

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Drawdown Indicators

BAXSPYDifference

Max Drawdown

Largest peak-to-trough decline

-81.15%

-55.19%

-25.96%

Max Drawdown (1Y)

Largest decline over 1 year

-49.00%

-8.88%

-40.12%

Max Drawdown (3Y)

Largest decline over 3 years

-65.90%

-18.76%

-47.14%

Max Drawdown (5Y)

Largest decline over 5 years

-80.61%

-24.50%

-56.11%

Max Drawdown (10Y)

Largest decline over 10 years

-81.15%

-33.72%

-47.43%

Current Drawdown

Current decline from peak

-76.53%

-1.75%

-74.78%

Average Drawdown

Average peak-to-trough decline

-21.68%

-9.04%

-12.64%

Ulcer Index

Depth and duration of drawdowns from previous peaks

34.04%

1.97%

+32.07%

Volatility

BAX vs. SPY - Volatility Comparison

Baxter International Inc. (BAX) has a higher volatility of 10.05% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that BAX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BAXSPYDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.05%

4.64%

+5.41%

Volatility (6M)

Calculated over the trailing 6-month period

32.53%

9.75%

+22.78%

Volatility (1Y)

Calculated over the trailing 1-year period

46.76%

12.43%

+34.33%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

33.89%

17.14%

+16.75%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

29.36%

17.99%

+11.37%

Dividends

BAX vs. SPY - Dividend Comparison

BAX's dividend yield for the trailing twelve months is around 1.02%, which matches SPY's 1.01% yield.

PositionTTM20252024202320222021202020192018201720162015
BAX
Baxter International Inc.		1.02%2.72%3.57%3.00%2.26%1.26%1.19%1.02%1.11%0.94%1.14%87.05%
SPY
State Street SPDR S&P 500 ETF		1.01%1.07%1.21%1.40%1.65%1.20%1.52%1.75%2.04%1.80%2.03%2.06%

Frequently Asked Questions

BAX and SPY have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BAX has higher volatility (10.05%) compared to SPY (4.64%). In terms of maximum drawdown, BAX dropped -81.15% vs SPY's -55.19%.

SPY currently has the higher Sharpe Ratio (2.16 vs -0.73), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

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