AZTA vs TMO: Correlation
How closely do Azenta, Inc. (AZTA) and Thermo Fisher Scientific (TMO) trade together? Their weekly returns over three years give a correlation of 0.61, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AZTA and TMO?
Over the past 3 years, AZTA and TMO moved with a correlation of 0.61, which is strong. The relationship has been stable: the 1-year correlation (0.58) sits close to the 3-year figure. Over 5 years the correlation is 0.56, and the annualized covariance of weekly returns is 927.5 %².
In AZTA's tracked universe of 16 assets, TMO sits right near the top at #1. Correlation aside, the last 12 months split them widely, with TMO ahead by 18.4 points (+11.3% versus +29.7%). Risk is not evenly split, since AZTA carries 1.7 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.
AZTA vs TMO: side by side
| AZTA (Azenta, Inc.) | TMO (Thermo Fisher Scientific) | |
|---|---|---|
| 1-year return | +11.3% | +29.7% |
| 5-year return | -60.4% | +14.5% |
| Volatility (ann.) | 51.4% | 29.4% |
| Beta vs S&P 500 | 1.08 | 0.74 |
| Max drawdown (3Y) | -76.3% | -37.3% |
| Market cap | $1.5B | $233.2B |
| P/E (trailing) | – | 34.1 |
| Dividend yield | 0.00% | 0.28% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | AZTA | TMO |
|---|---|---|
| 2022 | -43.5% | -17.3% |
| 2023 | +11.9% | -3.4% |
| 2024 | -23.2% | -1.7% |
| 2025 | -33.5% | +11.8% |
| 2026 | +1.1% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AZTA and TMO good diversifiers for each other?
To a limited degree. At 0.61 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between AZTA and TMO?
The AZTA/TMO correlation stands at 0.61 on a 3-year window (1 year: 0.58, 5 years: 0.56), computed from weekly returns as of 2026-08-27.
Is TMO a good diversifier for AZTA?
To a limited degree. At 0.61 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.61 mean?
On the −1 to +1 scale, 0.61 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
$ curl https://www.pairbook.io/api/v1/pairs/azta-vs-tmo.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/azta-vs-tmo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AZTA correlations · TMO correlations
