A vs WAT: Correlation
Measured on weekly returns over the past three years, Agilent Technologies (A) and Waters Corporation (WAT) carry a correlation of 0.75, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are A and WAT?
On 3 years of weekly data the A/WAT correlation comes out at 0.75, strong. Recent behaviour matches the longer record: 0.65 over 1 year against 0.75 over 3. The 5-year figure is 0.77, and annualized covariance runs at 817.3 %².
In A's tracked universe of 33 assets, WAT sits right near the top at #2. Over the last 12 months WAT came out ahead by 9.1 percentage points (+33.9% against +43.0%). The rolling one-year correlation stayed in a tight band between 0.66 and 0.88 over the past three years, which points to a structural rather than episodic relationship.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
A vs WAT: side by side
| A (Agilent Technologies) | WAT (Waters Corporation) | |
|---|---|---|
| 1-year return | +33.9% | +43.0% |
| 5-year return | -7.5% | +2.0% |
| Volatility (ann.) | 31.0% | 35.3% |
| Beta vs S&P 500 | 0.98 | 0.89 |
| Max drawdown (3Y) | -35.3% | -33.4% |
| Market cap | $44.5B | $41.4B |
| P/E (trailing) | 30.6 | 105.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | A | WAT |
|---|---|---|
| 2022 | -5.5% | -8.1% |
| 2023 | -6.4% | -3.9% |
| 2024 | -2.7% | +12.7% |
| 2025 | +1.9% | +2.4% |
| 2026 | +16.6% | +10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are A and WAT good diversifiers for each other?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between A and WAT?
The A/WAT correlation stands at 0.75 on a 3-year window (1 year: 0.65, 5 years: 0.77), computed from weekly returns as of 2026-08-27.
Is WAT a good diversifier for A?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.75 mean?
On the −1 to +1 scale, 0.75 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
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Related comparisons
Hubs: A correlations · WAT correlations
