CDW vs QDEL: Correlation
How closely do CDW Corporation (CDW) and QuidelOrtho Corporation (QDEL) trade together? Their weekly returns over three years give a correlation of 0.41, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CDW and QDEL?
Over the past 3 years, CDW and QDEL moved with a correlation of 0.41, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.51 versus 0.41 over 3 years. Over 5 years the correlation is 0.36, and the annualized covariance of weekly returns is 923.2 %².
By 3-year correlation, QDEL places #25 of the 40 assets tracked against CDW. Their recent paths diverged sharply: over the last 12 months CDW outperformed by 36.8 percentage points (-8.0% for CDW against -44.8% for QDEL). One caveat on sizing: QDEL is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
CDW vs QDEL: side by side
| CDW (CDW Corporation) | QDEL (QuidelOrtho Corporation) | |
|---|---|---|
| 1-year return | -8.0% | -44.8% |
| 5-year return | -20.5% | -88.2% |
| Volatility (ann.) | 34.2% | 66.5% |
| Beta vs S&P 500 | 1.01 | 1.10 |
| Max drawdown (3Y) | -60.4% | -88.1% |
| Market cap | $18.6B | $1.1B |
| P/E (trailing) | 17.0 | – |
| Dividend yield | 1.78% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | CDW | QDEL |
|---|---|---|
| 2022 | -11.7% | -36.5% |
| 2023 | +28.8% | -14.0% |
| 2024 | -22.6% | -39.6% |
| 2025 | -20.6% | -35.9% |
| 2026 | +11.1% | -46.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDW and QDEL good diversifiers for each other?
Reasonably. At 0.41, CDW and QDEL keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CDW and QDEL?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.51 over the last year and 0.36 over 5 years.
Is QDEL a good diversifier for CDW?
Reasonably. At 0.41, CDW and QDEL keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.41 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/cdw-vs-qdel.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cdw-vs-qdel/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CDW correlations · QDEL correlations
