FLGT vs WAT: Correlation
How closely do Fulgent Genetics, Inc. (FLGT) and Waters Corporation (WAT) trade together? Their weekly returns over three years give a correlation of 0.41, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLGT and WAT?
Over the past 3 years, FLGT and WAT moved with a correlation of 0.41, which is moderate. Recent behaviour matches the longer record: 0.40 over 1 year against 0.41 over 3. Over 5 years the correlation is 0.40, and the annualized covariance of weekly returns is 680.8 %².
Few assets follow FLGT as closely as WAT, which ranks #3 of 11 tracked partners. The last year tells two different stories: WAT led by 50.8 percentage points, -7.8% for FLGT against +43.0% for WAT.
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.
FLGT vs WAT: side by side
| FLGT (Fulgent Genetics, Inc.) | WAT (Waters Corporation) | |
|---|---|---|
| 1-year return | -7.8% | +43.0% |
| 5-year return | -78.2% | +2.0% |
| Volatility (ann.) | 46.5% | 35.3% |
| Beta vs S&P 500 | 0.55 | 0.89 |
| Max drawdown (3Y) | -59.2% | -33.4% |
| Market cap | $0.5B | $41.4B |
| P/E (trailing) | – | 105.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | FLGT | WAT |
|---|---|---|
| 2022 | -70.4% | -8.1% |
| 2023 | -2.9% | -3.9% |
| 2024 | -36.1% | +12.7% |
| 2025 | +42.2% | +2.4% |
| 2026 | -24.1% | +10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLGT and WAT good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FLGT and WAT?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.40 over the last year and 0.40 over 5 years.
Is WAT a good diversifier for FLGT?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.41 mean?
On the −1 to +1 scale, 0.41 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.
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Related comparisons
Hubs: FLGT correlations · WAT correlations
