DHR vs TMO: Correlation
Measured on weekly returns over the past three years, Danaher Corporation (DHR) and Thermo Fisher Scientific (TMO) carry a correlation of 0.79, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DHR and TMO?
Over the past 3 years, DHR and TMO moved with a correlation of 0.79, which is strong. Little has changed lately, as the 1-year reading of 0.81 lands near the 3-year figure. Over 5 years the correlation is 0.83, and the annualized covariance of weekly returns is 689.9 %².
TMO is one of the assets that tracks DHR most closely: it ranks #1 out of the 49 assets we track against DHR. Their recent paths diverged sharply: over the last 12 months TMO outperformed by 23.7 percentage points (+6.0% for DHR against +29.7% for TMO). Stability stands out here, with the rolling one-year correlation confined to 0.69 through 0.91.
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 TMO: side by side
| DHR (Danaher Corporation) | TMO (Thermo Fisher Scientific) | |
|---|---|---|
| 1-year return | +6.0% | +29.7% |
| 5-year return | -23.8% | +14.5% |
| Volatility (ann.) | 29.5% | 29.4% |
| Beta vs S&P 500 | 0.82 | 0.74 |
| Max drawdown (3Y) | -41.7% | -37.3% |
| Market cap | $151.6B | $233.2B |
| P/E (trailing) | 38.4 | 34.1 |
| Dividend yield | 0.67% | 0.28% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | DHR | TMO |
|---|---|---|
| 2022 | -19.0% | -17.3% |
| 2023 | -1.2% | -3.4% |
| 2024 | -0.3% | -1.7% |
| 2025 | +0.4% | +11.8% |
| 2026 | -5.4% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DHR and TMO good diversifiers for each other?
Only partially. A correlation of 0.79 means DHR and TMO 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 TMO?
As of 2026-08-27, the correlation of weekly returns between DHR and TMO is 0.79 over 3 years, 0.81 over 1 year and 0.83 over 5 years.
Is TMO a good diversifier for DHR?
Only partially. A correlation of 0.79 means DHR and TMO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.79 mean?
On the −1 to +1 scale, 0.79 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-tmo.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dhr-vs-tmo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DHR correlations · TMO correlations
