HCA vs TMO: Correlation
HCA Healthcare (HCA) and Thermo Fisher Scientific (TMO) show a moderate relationship: their 3-year correlation of weekly returns is 0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HCA and TMO?
Over the past 3 years, HCA and TMO moved with a correlation of 0.31, which is moderate. Recent behaviour matches the longer record: 0.21 over 1 year against 0.31 over 3. Over 5 years the correlation is 0.33, and the annualized covariance of weekly returns is 244.8 %².
By 3-year correlation, TMO places #19 of the 32 assets tracked against HCA. Correlation aside, the last 12 months split them widely, with TMO ahead by 25.5 points (+4.2% versus +29.7%). The relationship is regime-dependent: the rolling one-year correlation swung between -0.12 and 0.67 over the past three years, so this pair behaves very differently depending on the market environment.
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.
HCA vs TMO: side by side
| HCA (HCA Healthcare) | TMO (Thermo Fisher Scientific) | |
|---|---|---|
| 1-year return | +4.2% | +29.7% |
| 5-year return | +72.5% | +14.5% |
| Volatility (ann.) | 26.9% | 29.4% |
| Beta vs S&P 500 | 0.42 | 0.74 |
| Max drawdown (3Y) | -33.6% | -37.3% |
| Market cap | $90.8B | $233.2B |
| P/E (trailing) | 14.1 | 34.1 |
| Dividend yield | 0.70% | 0.28% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | HCA | TMO |
|---|---|---|
| 2022 | -5.6% | -17.3% |
| 2023 | +13.8% | -3.4% |
| 2024 | +11.8% | -1.7% |
| 2025 | +56.7% | +11.8% |
| 2026 | -9.9% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HCA and TMO good diversifiers for each other?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HCA and TMO?
The HCA/TMO correlation stands at 0.31 on a 3-year window (1 year: 0.21, 5 years: 0.33), computed from weekly returns as of 2026-08-27.
Is TMO a good diversifier for HCA?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.31 mean?
A reading of 0.31 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hca-vs-tmo.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hca-vs-tmo/)
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Related comparisons
Hubs: HCA correlations · TMO correlations
