HBIO vs VTRS: Correlation
How closely do Harvard Bioscience, Inc. (HBIO) and Viatris (VTRS) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HBIO and VTRS?
On 3 years of weekly data the HBIO/VTRS correlation comes out at 0.42, moderate. Little has changed lately, as the 1-year reading of 0.36 lands near the 3-year figure. The 5-year figure is 0.26, and annualized covariance runs at 1044.9 %².
By 3-year correlation, VTRS places #4 of the 10 assets tracked against HBIO. Correlation aside, the last 12 months split them widely, with VTRS ahead by 18.7 points (+49.1% versus +67.8%). Note the risk asymmetry: HBIO runs 2.3 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.
HBIO vs VTRS: side by side
| HBIO (Harvard Bioscience, Inc.) | VTRS (Viatris) | |
|---|---|---|
| 1-year return | +49.1% | +67.8% |
| 5-year return | -90.4% | +44.6% |
| Volatility (ann.) | 75.4% | 32.8% |
| Beta vs S&P 500 | 1.79 | 0.79 |
| Max drawdown (3Y) | -94.9% | -45.0% |
| Market cap | – | $19.4B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 2.85% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | HBIO | VTRS |
|---|---|---|
| 2022 | -60.7% | -14.3% |
| 2023 | +93.1% | +2.1% |
| 2024 | -60.6% | +19.7% |
| 2025 | -68.2% | +5.1% |
| 2026 | +17.9% | +38.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HBIO and VTRS good diversifiers for each other?
Reasonably. At 0.42, HBIO and VTRS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HBIO and VTRS?
As of 2026-08-27, the correlation of weekly returns between HBIO and VTRS is 0.42 over 3 years, 0.36 over 1 year and 0.26 over 5 years.
Is VTRS a good diversifier for HBIO?
Reasonably. At 0.42, HBIO and VTRS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 mean?
On the −1 to +1 scale, 0.42 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-vtrs.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hbio-vs-vtrs/)
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Related comparisons
Hubs: HBIO correlations · VTRS correlations
