DHR vs NEO: Correlation
Danaher Corporation (DHR) and NeoGenomics, Inc. (NEO) show a moderate relationship: their 3-year correlation of weekly returns is 0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DHR and NEO?
Across a 3-year window, the weekly returns of DHR and NEO correlate at 0.45, moderate. The past 12 months show a tighter link (0.73) than the 3-year average (0.45). Stretching to 5 years gives 0.49, with an annualized covariance of 798.9 %².
Among the 49 assets we track against DHR, NEO ranks #27 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NEO outperformed by 157.3 percentage points (+6.0% for DHR against +163.3% for NEO). Note the risk asymmetry: NEO runs 2.0 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.
DHR vs NEO: side by side
| DHR (Danaher Corporation) | NEO (NeoGenomics, Inc.) | |
|---|---|---|
| 1-year return | +6.0% | +163.3% |
| 5-year return | -23.8% | -62.1% |
| Volatility (ann.) | 29.5% | 59.7% |
| Beta vs S&P 500 | 0.82 | 1.17 |
| Max drawdown (3Y) | -41.7% | -76.7% |
| Market cap | $151.6B | $2.4B |
| P/E (trailing) | 38.4 | – |
| Dividend yield | 0.67% | 0.00% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | DHR | NEO |
|---|---|---|
| 2022 | -19.0% | -72.9% |
| 2023 | -1.2% | +75.1% |
| 2024 | -0.3% | +1.9% |
| 2025 | +0.4% | -28.6% |
| 2026 | -5.4% | +58.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DHR and NEO good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between DHR and NEO?
Using weekly returns as of 2026-08-27: 0.45 over 3 years, with 0.73 over the last year and 0.49 over 5 years.
Is NEO a good diversifier for DHR?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.45 mean?
On the −1 to +1 scale, 0.45 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dhr-vs-neo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dhr-vs-neo/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DHR correlations · NEO correlations
