DHR vs IBB: Correlation
How closely do Danaher Corporation (DHR) and iShares Biotechnology ETF (IBB) trade together? Their weekly returns over three years give a correlation of 0.66, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DHR and IBB?
Over the past 3 years, DHR and IBB moved with a correlation of 0.66, which is strong. Recent behaviour matches the longer record: 0.71 over 1 year against 0.66 over 3. Over 5 years the correlation is 0.67, and the annualized covariance of weekly returns is 405.0 %².
Among the 49 assets we track against DHR, IBB ranks #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with IBB ahead by 49.4 points (+6.0% versus +55.4%). Stability stands out here, with the rolling one-year correlation confined to 0.50 through 0.74.
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.
DHR vs IBB: side by side
| DHR (Danaher Corporation) | IBB (iShares Biotechnology ETF) | |
|---|---|---|
| 1-year return | +6.0% | +55.4% |
| 5-year return | -23.8% | +26.6% |
| Volatility (ann.) | 29.5% | 20.7% |
| Beta vs S&P 500 | 0.82 | 0.81 |
| Max drawdown (3Y) | -41.7% | -24.9% |
| Market cap | $151.6B | – |
| P/E (trailing) | 38.4 | – |
| Dividend yield | 0.67% | 0.22% |
| Expense ratio | – | 0.44% |
| Assets under management | – | $9.2B |
| Sector / category | Health Care | ETF · Thematic |
IBB, iShares's Health fund, carries $9.2B under management, 235 holdings, a 0.44% expense ratio, a 0.22% trailing dividend yield.
Year-by-year returns
| Year | DHR | IBB |
|---|---|---|
| 2022 | -19.0% | -13.7% |
| 2023 | -1.2% | +3.8% |
| 2024 | -0.3% | -2.4% |
| 2025 | +0.4% | +28.0% |
| 2026 | -5.4% | +27.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DHR and IBB good diversifiers for each other?
To a limited degree. At 0.66 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between DHR and IBB?
Using weekly returns as of 2026-08-27: 0.66 over 3 years, with 0.71 over the last year and 0.67 over 5 years.
Is IBB a good diversifier for DHR?
To a limited degree. At 0.66 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.66 mean?
A reading of 0.66 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/dhr-vs-ibb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dhr-vs-ibb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DHR correlations · IBB correlations
