CRL vs WAT: Correlation
Charles River Laboratories (CRL) and Waters Corporation (WAT) show a moderate relationship: their 3-year correlation of weekly returns is 0.51.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CRL and WAT?
Over the past 3 years, CRL and WAT moved with a correlation of 0.51, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.69 versus 0.51 over 3 years. Over 5 years the correlation is 0.56, and the annualized covariance of weekly returns is 867.8 %².
By 3-year correlation, WAT places #16 of the 33 assets tracked against CRL. Their recent paths diverged sharply: over the last 12 months CRL outperformed by 39.1 percentage points (+82.1% for CRL against +43.0% for WAT). Across three years, the rolling one-year figure varied moderately, from 0.27 to 0.73.
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 WAT: side by side
| CRL (Charles River Laboratories) | WAT (Waters Corporation) | |
|---|---|---|
| 1-year return | +82.1% | +43.0% |
| 5-year return | -33.3% | +2.0% |
| Volatility (ann.) | 47.9% | 35.3% |
| Beta vs S&P 500 | 0.92 | 0.89 |
| Max drawdown (3Y) | -63.5% | -33.4% |
| Market cap | $14.3B | $41.4B |
| P/E (trailing) | – | 105.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | CRL | WAT |
|---|---|---|
| 2022 | -42.2% | -8.1% |
| 2023 | +8.5% | -3.9% |
| 2024 | -21.9% | +12.7% |
| 2025 | +8.1% | +2.4% |
| 2026 | +48.6% | +10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CRL and WAT good diversifiers for each other?
Only partially. A correlation of 0.51 means CRL and WAT share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CRL and WAT?
Using weekly returns as of 2026-08-27: 0.51 over 3 years, with 0.69 over the last year and 0.56 over 5 years.
Is WAT a good diversifier for CRL?
Only partially. A correlation of 0.51 means CRL and WAT share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.51 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/crl-vs-wat.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/crl-vs-wat/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CRL correlations · WAT correlations
