AVTR vs WAT: Correlation
Measured on weekly returns over the past three years, Avantor, Inc. (AVTR) and Waters Corporation (WAT) carry a correlation of 0.50, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AVTR and WAT?
Across a 3-year window, the weekly returns of AVTR and WAT correlate at 0.50, moderate. Little has changed lately, as the 1-year reading of 0.60 lands near the 3-year figure. Stretching to 5 years gives 0.50, with an annualized covariance of 781.6 %².
Within AVTR's tracked universe of 14 assets, WAT comes in at #8 by 3-year correlation. Correlation aside, the last 12 months split them widely, with WAT ahead by 32.2 points (+10.8% versus +43.0%).
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 WAT: side by side
| AVTR (Avantor, Inc.) | WAT (Waters Corporation) | |
|---|---|---|
| 1-year return | +10.8% | +43.0% |
| 5-year return | -63.4% | +2.0% |
| Volatility (ann.) | 44.6% | 35.3% |
| Beta vs S&P 500 | 0.89 | 0.89 |
| Max drawdown (3Y) | -73.2% | -33.4% |
| Market cap | $9.9B | $41.4B |
| P/E (trailing) | – | 105.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | AVTR | WAT |
|---|---|---|
| 2022 | -50.0% | -8.1% |
| 2023 | +8.3% | -3.9% |
| 2024 | -7.7% | +12.7% |
| 2025 | -45.6% | +2.4% |
| 2026 | +27.5% | +10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AVTR and WAT good diversifiers for each other?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AVTR and WAT?
The AVTR/WAT correlation stands at 0.50 on a 3-year window (1 year: 0.60, 5 years: 0.50), computed from weekly returns as of 2026-08-27.
Is WAT a good diversifier for AVTR?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.50 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-wat.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/avtr-vs-wat/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AVTR correlations · WAT correlations
