AVTR vs TMO: Correlation
Measured on weekly returns over the past three years, Avantor, Inc. (AVTR) and Thermo Fisher Scientific (TMO) carry a correlation of 0.67, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AVTR and TMO?
Across a 3-year window, the weekly returns of AVTR and TMO correlate at 0.67, strong. The relationship has been stable: the 1-year correlation (0.67) sits close to the 3-year figure. Stretching to 5 years gives 0.64, with an annualized covariance of 883.6 %².
Few assets follow AVTR as closely as TMO, which ranks #1 of 14 tracked partners. The last year tells two different stories: TMO led by 18.9 percentage points, +10.8% for AVTR against +29.7% for TMO. Risk is not evenly split, since AVTR carries 1.5 times the volatility of the other side.
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.
AVTR vs TMO: side by side
| AVTR (Avantor, Inc.) | TMO (Thermo Fisher Scientific) | |
|---|---|---|
| 1-year return | +10.8% | +29.7% |
| 5-year return | -63.4% | +14.5% |
| Volatility (ann.) | 44.6% | 29.4% |
| Beta vs S&P 500 | 0.89 | 0.74 |
| Max drawdown (3Y) | -73.2% | -37.3% |
| Market cap | $9.9B | $233.2B |
| P/E (trailing) | – | 34.1 |
| Dividend yield | 0.00% | 0.28% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | AVTR | TMO |
|---|---|---|
| 2022 | -50.0% | -17.3% |
| 2023 | +8.3% | -3.4% |
| 2024 | -7.7% | -1.7% |
| 2025 | -45.6% | +11.8% |
| 2026 | +27.5% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AVTR and TMO good diversifiers for each other?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AVTR and TMO?
As of 2026-08-27, the correlation of weekly returns between AVTR and TMO is 0.67 over 3 years, 0.67 over 1 year and 0.64 over 5 years.
Is TMO a good diversifier for AVTR?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.67 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/avtr-vs-tmo.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/avtr-vs-tmo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AVTR correlations · TMO correlations
