CRL vs TMO: Correlation
Charles River Laboratories (CRL) and Thermo Fisher Scientific (TMO) show a strong relationship: their 3-year correlation of weekly returns is 0.60.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CRL and TMO?
On 3 years of weekly data the CRL/TMO correlation comes out at 0.60, strong. The past 12 months show a tighter link (0.80) than the 3-year average (0.60). The 5-year figure is 0.63, and annualized covariance runs at 848.9 %².
By 3-year correlation, TMO places #4 of the 33 assets tracked against CRL. Their recent paths diverged sharply: over the last 12 months CRL outperformed by 52.4 percentage points (+82.1% for CRL against +29.7% for TMO). This link changes with the market regime, having swung between 0.30 and 0.83 on a rolling one-year basis. One caveat on sizing: CRL is 1.6 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.
CRL vs TMO: side by side
| CRL (Charles River Laboratories) | TMO (Thermo Fisher Scientific) | |
|---|---|---|
| 1-year return | +82.1% | +29.7% |
| 5-year return | -33.3% | +14.5% |
| Volatility (ann.) | 47.9% | 29.4% |
| Beta vs S&P 500 | 0.92 | 0.74 |
| Max drawdown (3Y) | -63.5% | -37.3% |
| Market cap | $14.3B | $233.2B |
| P/E (trailing) | – | 34.1 |
| Dividend yield | 0.00% | 0.28% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | CRL | TMO |
|---|---|---|
| 2022 | -42.2% | -17.3% |
| 2023 | +8.5% | -3.4% |
| 2024 | -21.9% | -1.7% |
| 2025 | +8.1% | +11.8% |
| 2026 | +48.6% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CRL and TMO good diversifiers for each other?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CRL and TMO?
The CRL/TMO correlation stands at 0.60 on a 3-year window (1 year: 0.80, 5 years: 0.63), computed from weekly returns as of 2026-08-27.
Is TMO a good diversifier for CRL?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.60 mean?
On the −1 to +1 scale, 0.60 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/crl-vs-tmo.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/crl-vs-tmo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CRL correlations · TMO correlations
