BIO vs WAT: Correlation
How closely do Bio-Rad Laboratories, Inc. (BIO) and Waters Corporation (WAT) 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 BIO and WAT?
Over the past 3 years, BIO and WAT moved with a correlation of 0.61, which is strong. Recent behaviour matches the longer record: 0.65 over 1 year against 0.61 over 3. Over 5 years the correlation is 0.63, and the annualized covariance of weekly returns is 827.1 %².
WAT is one of the assets that tracks BIO most closely: it ranks #3 out of the 13 assets we track against BIO. On 12-month performance WAT holds a 9.8-point edge, +33.2% against +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.
BIO vs WAT: side by side
| BIO (Bio-Rad Laboratories, Inc.) | WAT (Waters Corporation) | |
|---|---|---|
| 1-year return | +33.2% | +43.0% |
| 5-year return | -52.1% | +2.0% |
| Volatility (ann.) | 38.4% | 35.3% |
| Beta vs S&P 500 | 0.85 | 0.89 |
| Max drawdown (3Y) | -45.9% | -33.4% |
| Market cap | $10.4B | $41.4B |
| P/E (trailing) | 47.4 | 105.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | BIO | WAT |
|---|---|---|
| 2022 | -44.3% | -8.1% |
| 2023 | -23.2% | -3.9% |
| 2024 | +1.7% | +12.7% |
| 2025 | -7.8% | +2.4% |
| 2026 | +28.7% | +10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BIO and WAT 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 BIO and WAT?
Using weekly returns as of 2026-08-27: 0.61 over 3 years, with 0.65 over the last year and 0.63 over 5 years.
Is WAT a good diversifier for BIO?
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?
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/bio-vs-wat.json
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Related comparisons
Hubs: BIO correlations · WAT correlations
