DHR vs MRNA: Correlation
Danaher Corporation (DHR) and Moderna (MRNA) show a moderate relationship: their 3-year correlation of weekly returns is 0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DHR and MRNA?
Over the past 3 years, DHR and MRNA moved with a correlation of 0.37, which is moderate. Little has changed lately, as the 1-year reading of 0.33 lands near the 3-year figure. Over 5 years the correlation is 0.40, and the annualized covariance of weekly returns is 1100.6 %².
Among the 49 assets we track against DHR, MRNA ranks #37 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MRNA ahead by 462.8 points (+6.0% versus +468.8%). The rolling one-year correlation moved between 0.21 and 0.63 over the past three years, a moderate range. One caveat on sizing: MRNA is 3.4 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.
DHR vs MRNA: side by side
| DHR (Danaher Corporation) | MRNA (Moderna) | |
|---|---|---|
| 1-year return | +6.0% | +468.8% |
| 5-year return | -23.8% | -61.5% |
| Volatility (ann.) | 29.5% | 100.7% |
| Beta vs S&P 500 | 0.82 | 0.98 |
| Max drawdown (3Y) | -41.7% | -86.6% |
| Market cap | $151.6B | $57.0B |
| P/E (trailing) | 38.4 | – |
| Dividend yield | 0.67% | 0.00% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | DHR | MRNA |
|---|---|---|
| 2022 | -19.0% | -29.3% |
| 2023 | -1.2% | -44.6% |
| 2024 | -0.3% | -58.2% |
| 2025 | +0.4% | -29.1% |
| 2026 | -5.4% | +384.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DHR and MRNA good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between DHR and MRNA?
As of 2026-08-27, the correlation of weekly returns between DHR and MRNA is 0.37 over 3 years, 0.33 over 1 year and 0.40 over 5 years.
Is MRNA a good diversifier for DHR?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.37 mean?
A reading of 0.37 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: DHR correlations · MRNA correlations
