DHR vs MTD: Correlation
How closely do Danaher Corporation (DHR) and Mettler Toledo (MTD) trade together? Their weekly returns over three years give a correlation of 0.63, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DHR and MTD?
On 3 years of weekly data the DHR/MTD correlation comes out at 0.63, strong. The relationship has been stable: the 1-year correlation (0.68) sits close to the 3-year figure. The 5-year figure is 0.69, and annualized covariance runs at 588.1 %².
Among the 49 assets we track against DHR, MTD ranks #9 by 3-year correlation. Neither side won the trailing year by much: +6.0% against +9.5%. Across three years, the rolling one-year figure varied moderately, from 0.46 to 0.81.
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 MTD: side by side
| DHR (Danaher Corporation) | MTD (Mettler Toledo) | |
|---|---|---|
| 1-year return | +6.0% | +9.5% |
| 5-year return | -23.8% | -11.4% |
| Volatility (ann.) | 29.5% | 31.4% |
| Beta vs S&P 500 | 0.82 | 1.00 |
| Max drawdown (3Y) | -41.7% | -36.6% |
| Market cap | $151.6B | $28.2B |
| P/E (trailing) | 38.4 | 31.7 |
| Dividend yield | 0.67% | 0.00% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | DHR | MTD |
|---|---|---|
| 2022 | -19.0% | -14.8% |
| 2023 | -1.2% | -16.1% |
| 2024 | -0.3% | +0.9% |
| 2025 | +0.4% | +13.9% |
| 2026 | -5.4% | +0.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DHR and MTD good diversifiers for each other?
Only partially. A correlation of 0.63 means DHR and MTD 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 DHR and MTD?
The DHR/MTD correlation stands at 0.63 on a 3-year window (1 year: 0.68, 5 years: 0.69), computed from weekly returns as of 2026-08-27.
Is MTD a good diversifier for DHR?
Only partially. A correlation of 0.63 means DHR and MTD share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.63 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
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Related comparisons
Hubs: DHR correlations · MTD correlations
