DHR vs WAT: Correlation
How closely do Danaher Corporation (DHR) and Waters Corporation (WAT) trade together? Their weekly returns over three years give a correlation of 0.58, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DHR and WAT?
Across a 3-year window, the weekly returns of DHR and WAT correlate at 0.58, moderate. Little has changed lately, as the 1-year reading of 0.57 lands near the 3-year figure. Stretching to 5 years gives 0.63, with an annualized covariance of 605.2 %².
By 3-year correlation, WAT places #16 of the 49 assets tracked against DHR. Their recent paths diverged sharply: over the last 12 months WAT outperformed by 37.0 percentage points (+6.0% for DHR against +43.0% for WAT). Across three years, the rolling one-year figure varied moderately, from 0.44 to 0.79.
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 WAT: side by side
| DHR (Danaher Corporation) | WAT (Waters Corporation) | |
|---|---|---|
| 1-year return | +6.0% | +43.0% |
| 5-year return | -23.8% | +2.0% |
| Volatility (ann.) | 29.5% | 35.3% |
| Beta vs S&P 500 | 0.82 | 0.89 |
| Max drawdown (3Y) | -41.7% | -33.4% |
| Market cap | $151.6B | $41.4B |
| P/E (trailing) | 38.4 | 105.3 |
| Dividend yield | 0.67% | 0.00% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | DHR | WAT |
|---|---|---|
| 2022 | -19.0% | -8.1% |
| 2023 | -1.2% | -3.9% |
| 2024 | -0.3% | +12.7% |
| 2025 | +0.4% | +2.4% |
| 2026 | -5.4% | +10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DHR and WAT good diversifiers for each other?
Only partially. A correlation of 0.58 means DHR and WAT 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 WAT?
As of 2026-08-27, the correlation of weekly returns between DHR and WAT is 0.58 over 3 years, 0.57 over 1 year and 0.63 over 5 years.
Is WAT a good diversifier for DHR?
Only partially. A correlation of 0.58 means DHR and WAT share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.58 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
$ curl https://www.pairbook.io/api/v1/pairs/dhr-vs-wat.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dhr-vs-wat/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DHR correlations · WAT correlations
