A method, and associated apparatus and system, for monitoring a baby in-utero during labor are provided. A fetal heart rate signal and a uterine activity signal are processed to derive fetal well-being information at least in part by i) processing the fetal heart rate signal and the uterine activity signal to model a relationship between uterine activity and fetal heart rate variability and ii) deriving the fetal well-being information at least in part by processing the modeled relationship. The relationship may be modeled, for example, as a system having the uterine activity signal as an input and fetal heart rate variability as an output. Suitable system identification approaches may be used for modeling such a relationship. A signal for causing the fetal well-being information to be displayed on a display device is released to assist clinicians in identifying whether the baby being monitored is exhibiting an adverse response to hypoxic conditions. In practical systems, the fetal well-being information is derived and displayed over time to convey trends in fetal well-being.