BIO vs TMO: Correlation
How closely do Bio-Rad Laboratories, Inc. (BIO) and Thermo Fisher Scientific (TMO) trade together? Their weekly returns over three years give a correlation of 0.63, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BIO and TMO?
Over the past 3 years, BIO and TMO moved with a correlation of 0.63, which is strong. Little has changed lately, as the 1-year reading of 0.69 lands near the 3-year figure. Over 5 years the correlation is 0.68, and the annualized covariance of weekly returns is 714.3 %².
TMO is one of the assets that tracks BIO most closely: it ranks #1 out of the 13 assets we track against BIO. Neither side won the trailing year by much: +33.2% against +29.7%.
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 TMO: side by side
| BIO (Bio-Rad Laboratories, Inc.) | TMO (Thermo Fisher Scientific) | |
|---|---|---|
| 1-year return | +33.2% | +29.7% |
| 5-year return | -52.1% | +14.5% |
| Volatility (ann.) | 38.4% | 29.4% |
| Beta vs S&P 500 | 0.85 | 0.74 |
| Max drawdown (3Y) | -45.9% | -37.3% |
| Market cap | $10.4B | $233.2B |
| P/E (trailing) | 47.4 | 34.1 |
| Dividend yield | 0.00% | 0.28% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | BIO | TMO |
|---|---|---|
| 2022 | -44.3% | -17.3% |
| 2023 | -23.2% | -3.4% |
| 2024 | +1.7% | -1.7% |
| 2025 | -7.8% | +11.8% |
| 2026 | +28.7% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BIO and TMO good diversifiers for each other?
Only partially. A correlation of 0.63 means BIO and TMO 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 TMO?
The BIO/TMO correlation stands at 0.63 on a 3-year window (1 year: 0.69, 5 years: 0.68), computed from weekly returns as of 2026-08-27.
Is TMO a good diversifier for BIO?
Only partially. A correlation of 0.63 means BIO and TMO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.63 mean?
A reading of 0.63 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bio-vs-tmo.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: BIO correlations · TMO correlations
