HBIO vs ILMN: Correlation
Measured on weekly returns over the past three years, Harvard Bioscience, Inc. (HBIO) and Illumina, Inc. (ILMN) carry a correlation of 0.45, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HBIO and ILMN?
Across a 3-year window, the weekly returns of HBIO and ILMN correlate at 0.45, moderate. Recent behaviour matches the longer record: 0.49 over 1 year against 0.45 over 3. Stretching to 5 years gives 0.37, with an annualized covariance of 1550.0 %².
ILMN is one of the assets that tracks HBIO most closely: it ranks #2 out of the 10 assets we track against HBIO. Correlation aside, the last 12 months split them widely, with ILMN ahead by 79.6 points (+49.1% versus +128.7%). One caveat on sizing: HBIO is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
HBIO vs ILMN: side by side
| HBIO (Harvard Bioscience, Inc.) | ILMN (Illumina, Inc.) | |
|---|---|---|
| 1-year return | +49.1% | +128.7% |
| 5-year return | -90.4% | -48.8% |
| Volatility (ann.) | 75.4% | 45.9% |
| Beta vs S&P 500 | 1.79 | 1.22 |
| Max drawdown (3Y) | -94.9% | -57.1% |
| Market cap | – | $34.4B |
| P/E (trailing) | – | 42.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HBIO | ILMN |
|---|---|---|
| 2022 | -60.7% | -46.9% |
| 2023 | +93.1% | -31.1% |
| 2024 | -60.6% | -1.3% |
| 2025 | -68.2% | -1.8% |
| 2026 | +17.9% | +73.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HBIO and ILMN good diversifiers for each other?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HBIO and ILMN?
The HBIO/ILMN correlation stands at 0.45 on a 3-year window (1 year: 0.49, 5 years: 0.37), computed from weekly returns as of 2026-08-27.
Is ILMN a good diversifier for HBIO?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
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/hbio-vs-ilmn.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hbio-vs-ilmn/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HBIO correlations · ILMN correlations
