EW vs. BAX
EW (Edwards Lifesciences Corporation) and BAX (Baxter International Inc.) are both stocks. Both are in the Healthcare sector — EW in Medical Devices, BAX in Medical Instruments & Supplies. Over the past 10 years, EW returned 10.51%/yr vs -6.05%/yr for BAX. At a 0.35 correlation, their price movements are largely independent.
Performance
EW vs. BAX - Performance Comparison
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Returns By Period
In the year-to-date period, EW achieves a 1.99% return, which is significantly lower than BAX's 5.29% return. Over the past 10 years, EW has outperformed BAX with an annualized return of 10.51%, while BAX has yielded a comparatively lower -6.05% annualized return.
EW
- 1D
- 1.25%
- 1M
- 1.36%
- YTD
- 1.99%
- 6M
- 0.83%
- 1Y
- 15.44%
- 3Y*
- -1.27%
- 5Y*
- -3.48%
- 10Y*
- 10.51%
BAX
- 1D
- 2.24%
- 1M
- 4.85%
- YTD
- 5.29%
- 6M
- 6.29%
- 1Y
- -32.40%
- 3Y*
- -21.98%
- 5Y*
- -22.85%
- 10Y*
- -6.05%
EW vs. BAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EW Edwards Lifesciences Corporation | 1.99% | 15.16% | -2.91% | 2.20% | -42.41% | 42.00% | 17.32% | 52.31% | 35.90% | 20.29% |
BAX Baxter International Inc. | 5.29% | -33.28% | -22.40% | -21.91% | -39.58% | 8.48% | -2.95% | 28.40% | 2.89% | 47.30% |
Correlation
The correlation between EW and BAX is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.36 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Mar 27, 2000 | 0.35 |
The correlation between EW and BAX shifts across timeframes, from 0.20 (1 year) to 0.44 (10 years), reflecting how their relationship changes across market environments.
Fundamentals
EW:
$50.49B
BAX:
$10.35B
EW:
$1.87
BAX:
-$1.74
EW:
8.06
BAX:
0.91
EW:
4.89
BAX:
1.71
EW:
$6.30B
BAX:
$11.32B
EW:
$4.92B
BAX:
$3.41B
EW:
$1.44B
BAX:
$399.00M
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Return for Risk
EW vs. BAX — Risk / Return Rank
EW
BAX
EW vs. BAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Edwards Lifesciences Corporation (EW) and Baxter International Inc. (BAX). 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.
| EW | BAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.33 | ||
| Sortino ratioReturn per unit of downside risk | +1.83 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 0.89 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 1.22 | -0.66 | +1.88 |
| Martin ratioReturn relative to average drawdown | 3.01 | -0.95 | +3.96 |
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Drawdowns
EW vs. BAX - Drawdown Comparison
The maximum EW drawdown since its inception was -54.32%, smaller than the maximum BAX drawdown of -81.15%. Use the drawdown chart below to compare losses from any high point for EW and BAX.
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Drawdown Indicators
| EW | BAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.32% | -81.15% | +26.83% |
Max Drawdown (1Y)Largest decline over 1 year | -12.73% | -49.00% | +36.27% |
Max Drawdown (3Y)Largest decline over 3 years | -37.53% | -65.90% | +28.37% |
Max Drawdown (5Y)Largest decline over 5 years | -54.32% | -80.61% | +26.29% |
Max Drawdown (10Y)Largest decline over 10 years | -54.32% | -81.15% | +26.83% |
Current DrawdownCurrent decline from peak | -33.46% | -76.01% | +42.55% |
Average DrawdownAverage peak-to-trough decline | -14.50% | -21.69% | +7.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.15% | 34.11% | -28.96% |
Volatility
EW vs. BAX - Volatility Comparison
The current volatility for Edwards Lifesciences Corporation (EW) is 7.56%, while Baxter International Inc. (BAX) has a volatility of 10.19%. This indicates that EW experiences smaller price fluctuations and is considered to be less risky than BAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EW | BAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.56% | 10.19% | -2.63% |
Volatility (6M)Calculated over the trailing 6-month period | 19.01% | 32.59% | -13.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.36% | 46.73% | -22.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.66% | 33.91% | -1.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.26% | 29.34% | +2.92% |
Dividends
EW vs. BAX - Dividend Comparison
EW has not paid dividends to shareholders, while BAX's dividend yield for the trailing twelve months is around 1.00%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BAX Baxter International Inc. | 1.00% | 2.72% | 3.57% | 3.00% | 2.26% | 1.26% | 1.19% | 1.02% | 1.11% | 0.94% | 1.14% | 87.05% |
EW Edwards Lifesciences Corporation | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Financials
EW vs. BAX - Financials Comparison
This section allows you to compare key financial metrics between Edwards Lifesciences Corporation and Baxter International Inc.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
EW vs. BAX - Profitability Comparison
EW - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Edwards Lifesciences Corporation reported a gross profit of 1.29B and revenue of 1.65B. Therefore, the gross margin over that period was 78.2%.
BAX - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Baxter International Inc. reported a gross profit of 891.00M and revenue of 2.70B. Therefore, the gross margin over that period was 33.0%.
EW - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Edwards Lifesciences Corporation reported an operating income of 514.70M and revenue of 1.65B, resulting in an operating margin of 31.2%.
BAX - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Baxter International Inc. reported an operating income of -42.00M and revenue of 2.70B, resulting in an operating margin of -1.6%.
EW - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Edwards Lifesciences Corporation reported a net income of 380.70M and revenue of 1.65B, resulting in a net margin of 23.1%.
BAX - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Baxter International Inc. reported a net income of 190.00M and revenue of 2.70B, resulting in a net margin of 7.0%.
Frequently Asked Questions
EW and BAX have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BAX has higher volatility (10.19%) compared to EW (7.56%). In terms of maximum drawdown, EW dropped -54.32% vs BAX's -81.15%.
EW currently has the higher Sharpe Ratio (0.64 vs -0.70), 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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