BIO vs DHR: Correlation
Bio-Rad Laboratories, Inc. (BIO) and Danaher Corporation (DHR) show a moderate relationship: their 3-year correlation of weekly returns is 0.59.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BIO and DHR?
Over the past 3 years, BIO and DHR moved with a correlation of 0.59, which is moderate. The relationship has been stable: the 1-year correlation (0.68) sits close to the 3-year figure. Over 5 years the correlation is 0.65, and the annualized covariance of weekly returns is 665.5 %².
Within BIO's tracked universe of 13 assets, DHR comes in at #6 by 3-year correlation. The last year tells two different stories: BIO led by 27.2 percentage points, +33.2% for BIO against +6.0% for DHR.
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.
BIO vs DHR: side by side
| BIO (Bio-Rad Laboratories, Inc.) | DHR (Danaher Corporation) | |
|---|---|---|
| 1-year return | +33.2% | +6.0% |
| 5-year return | -52.1% | -23.8% |
| Volatility (ann.) | 38.4% | 29.5% |
| Beta vs S&P 500 | 0.85 | 0.82 |
| Max drawdown (3Y) | -45.9% | -41.7% |
| Market cap | $10.4B | $151.6B |
| P/E (trailing) | 47.4 | 38.4 |
| Dividend yield | 0.00% | 0.67% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | BIO | DHR |
|---|---|---|
| 2022 | -44.3% | -19.0% |
| 2023 | -23.2% | -1.2% |
| 2024 | +1.7% | -0.3% |
| 2025 | -7.8% | +0.4% |
| 2026 | +28.7% | -5.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BIO and DHR good diversifiers for each other?
Only partially. A correlation of 0.59 means BIO and DHR share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between BIO and DHR?
The BIO/DHR correlation stands at 0.59 on a 3-year window (1 year: 0.68, 5 years: 0.65), computed from weekly returns as of 2026-08-27.
Is DHR a good diversifier for BIO?
Only partially. A correlation of 0.59 means BIO and DHR share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.59 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.
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Related comparisons
Hubs: BIO correlations · DHR correlations
