HSIC vs WAT: Correlation
Measured on weekly returns over the past three years, Henry Schein (HSIC) and Waters Corporation (WAT) carry a correlation of 0.36, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HSIC and WAT?
Over the past 3 years, HSIC and WAT moved with a correlation of 0.36, which is moderate. The link has loosened recently: the 1-year correlation (0.23) runs below the 3-year figure (0.36). Over 5 years the correlation is 0.37, and the annualized covariance of weekly returns is 318.2 %².
Among the 34 assets we track against HSIC, WAT ranks #21 by 3-year correlation. On 12-month performance WAT holds a 12.1-point edge, +30.9% against +43.0%. On a rolling one-year basis the correlation drifted between 0.20 and 0.57, a moderate band.
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.
HSIC vs WAT: side by side
| HSIC (Henry Schein) | WAT (Waters Corporation) | |
|---|---|---|
| 1-year return | +30.9% | +43.0% |
| 5-year return | +20.1% | +2.0% |
| Volatility (ann.) | 25.2% | 35.3% |
| Beta vs S&P 500 | 0.33 | 0.89 |
| Max drawdown (3Y) | -24.3% | -33.4% |
| Market cap | $10.1B | $41.4B |
| P/E (trailing) | 26.3 | 105.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | HSIC | WAT |
|---|---|---|
| 2022 | +3.0% | -8.1% |
| 2023 | -5.2% | -3.9% |
| 2024 | -8.6% | +12.7% |
| 2025 | +9.2% | +2.4% |
| 2026 | +19.4% | +10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HSIC and WAT good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HSIC and WAT?
As of 2026-08-27, the correlation of weekly returns between HSIC and WAT is 0.36 over 3 years, 0.23 over 1 year and 0.37 over 5 years.
Is WAT a good diversifier for HSIC?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.36 mean?
On the −1 to +1 scale, 0.36 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: HSIC correlations · WAT correlations
