BMEZ vs WAT: Correlation
BlackRock Health Sciences Term Trust (BMEZ) and Waters Corporation (WAT) show a moderate relationship: their 3-year correlation of weekly returns is 0.48.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BMEZ and WAT?
Across a 3-year window, the weekly returns of BMEZ and WAT correlate at 0.48, moderate. Recent behaviour matches the longer record: 0.52 over 1 year against 0.48 over 3. Stretching to 5 years gives 0.48, with an annualized covariance of 283.0 %².
Among the 23 assets we track against BMEZ, WAT ranks #10 by 3-year correlation. Over the last 12 months WAT came out ahead by 11.6 percentage points (+31.4% against +43.0%). Note the risk asymmetry: WAT runs 2.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
BMEZ vs WAT: side by side
| BMEZ (BlackRock Health Sciences Term Trust) | WAT (Waters Corporation) | |
|---|---|---|
| 1-year return | +31.4% | +43.0% |
| 5-year return | +0.9% | +2.0% |
| Volatility (ann.) | 16.5% | 35.3% |
| Beta vs S&P 500 | 0.63 | 0.89 |
| Max drawdown (3Y) | -18.3% | -33.4% |
| Market cap | $1.1B | $41.4B |
| P/E (trailing) | 6.7 | 105.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | BMEZ | WAT |
|---|---|---|
| 2022 | -32.7% | -8.1% |
| 2023 | +5.1% | -3.9% |
| 2024 | +9.5% | +12.7% |
| 2025 | +18.7% | +2.4% |
| 2026 | +20.6% | +10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BMEZ and WAT good diversifiers for each other?
Reasonably. At 0.48, BMEZ and WAT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BMEZ and WAT?
As of 2026-08-27, the correlation of weekly returns between BMEZ and WAT is 0.48 over 3 years, 0.52 over 1 year and 0.48 over 5 years.
Is WAT a good diversifier for BMEZ?
Reasonably. At 0.48, BMEZ and WAT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.48 mean?
A reading of 0.48 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: BMEZ correlations · WAT correlations
