DFLI vs TMO: Correlation
How closely do Dragonfly Energy Holdings Corp (DFLI) and Thermo Fisher Scientific (TMO) trade together? Their weekly returns over three years give a correlation of 0.40, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DFLI and TMO?
On 3 years of weekly data the DFLI/TMO correlation comes out at 0.40, moderate. Recent behaviour matches the longer record: 0.45 over 1 year against 0.40 over 3. The 5-year figure is 0.33, and annualized covariance runs at 2477.3 %².
Among the 15 assets we track against DFLI, TMO ranks #5 by 3-year correlation. The last year tells two different stories: TMO led by 94.5 percentage points, -64.8% for DFLI against +29.7% for TMO. Note the risk asymmetry: DFLI runs 7.1 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.
DFLI vs TMO: side by side
| DFLI (Dragonfly Energy Holdings Corp) | TMO (Thermo Fisher Scientific) | |
|---|---|---|
| 1-year return | -64.8% | +29.7% |
| 5-year return | -99.9% | +14.5% |
| Volatility (ann.) | 208.7% | 29.4% |
| Beta vs S&P 500 | 1.72 | 0.74 |
| Max drawdown (3Y) | -99.3% | -37.3% |
| Market cap | – | $233.2B |
| P/E (trailing) | – | 34.1 |
| Dividend yield | 0.00% | 0.28% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | DFLI | TMO |
|---|---|---|
| 2022 | +19.4% | -17.3% |
| 2023 | -95.4% | -3.4% |
| 2024 | -43.0% | -1.7% |
| 2025 | -89.0% | +11.8% |
| 2026 | -62.9% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DFLI and TMO good diversifiers for each other?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between DFLI and TMO?
Using weekly returns as of 2026-08-27: 0.40 over 3 years, with 0.45 over the last year and 0.33 over 5 years.
Is TMO a good diversifier for DFLI?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.40 mean?
A reading of 0.40 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
$ curl https://www.pairbook.io/api/v1/pairs/dfli-vs-tmo.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dfli-vs-tmo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DFLI correlations · TMO correlations
