CLH vs TMDX: Correlation
Measured on weekly returns over the past three years, Clean Harbors, Inc. (CLH) and TransMedics Group, Inc. (TMDX) carry a correlation of 0.41, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLH and TMDX?
Over the past 3 years, CLH and TMDX moved with a correlation of 0.41, which is moderate. The past 12 months show a weaker link (0.29) than the 3-year average (0.41). Over 5 years the correlation is 0.28, and the annualized covariance of weekly returns is 681.1 %².
Among the 17 assets we track against CLH, TMDX ranks #10 by 3-year correlation. The last year tells two different stories: CLH led by 48.8 percentage points, +27.0% for CLH against -21.8% for TMDX. One caveat on sizing: TMDX is 2.9 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.
CLH vs TMDX: side by side
| CLH (Clean Harbors, Inc.) | TMDX (TransMedics Group, Inc.) | |
|---|---|---|
| 1-year return | +27.0% | -21.8% |
| 5-year return | +204.2% | +196.3% |
| Volatility (ann.) | 23.8% | 69.5% |
| Beta vs S&P 500 | 0.66 | 1.37 |
| Max drawdown (3Y) | -30.9% | -67.8% |
| Market cap | $16.5B | $3.2B |
| P/E (trailing) | 37.8 | 23.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CLH | TMDX |
|---|---|---|
| 2022 | +14.4% | +222.1% |
| 2023 | +52.9% | +27.9% |
| 2024 | +31.9% | -21.0% |
| 2025 | +1.9% | +95.1% |
| 2026 | +33.0% | -24.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLH and TMDX good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CLH and TMDX?
The CLH/TMDX correlation stands at 0.41 on a 3-year window (1 year: 0.29, 5 years: 0.28), computed from weekly returns as of 2026-08-27.
Is TMDX a good diversifier for CLH?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.41 mean?
A reading of 0.41 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
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[](https://www.pairbook.io/pair/clh-vs-tmdx/)
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Related comparisons
Hubs: CLH correlations · TMDX correlations
