IBB vs TMO: Correlation
iShares Biotechnology ETF (IBB) and Thermo Fisher Scientific (TMO) show a strong relationship: their 3-year correlation of weekly returns is 0.65.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IBB and TMO?
On 3 years of weekly data the IBB/TMO correlation comes out at 0.65, strong. The relationship has been stable: the 1-year correlation (0.66) sits close to the 3-year figure. The 5-year figure is 0.65, and annualized covariance runs at 399.3 %².
By 3-year correlation, TMO places #15 of the 168 assets tracked against IBB. Correlation aside, the last 12 months split them widely, with IBB ahead by 25.7 points (+55.4% versus +29.7%). Across three years, the rolling one-year figure varied moderately, from 0.50 to 0.78.
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.
IBB vs TMO: side by side
| IBB (iShares Biotechnology ETF) | TMO (Thermo Fisher Scientific) | |
|---|---|---|
| 1-year return | +55.4% | +29.7% |
| 5-year return | +26.6% | +14.5% |
| Volatility (ann.) | 20.7% | 29.4% |
| Beta vs S&P 500 | 0.81 | 0.74 |
| Max drawdown (3Y) | -24.9% | -37.3% |
| Market cap | – | $233.2B |
| P/E (trailing) | – | 34.1 |
| Dividend yield | 0.22% | 0.28% |
| Expense ratio | 0.44% | – |
| Assets under management | $9.2B | – |
| Sector / category | ETF · Thematic | Health Care |
IBB, iShares's Health fund, carries $9.2B under management, 235 holdings, a 0.44% expense ratio, a 0.22% trailing dividend yield.
Year-by-year returns
| Year | IBB | TMO |
|---|---|---|
| 2022 | -13.7% | -17.3% |
| 2023 | +3.8% | -3.4% |
| 2024 | -2.4% | -1.7% |
| 2025 | +28.0% | +11.8% |
| 2026 | +27.4% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IBB and TMO good diversifiers for each other?
To a limited degree. At 0.65 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between IBB and TMO?
As of 2026-08-27, the correlation of weekly returns between IBB and TMO is 0.65 over 3 years, 0.66 over 1 year and 0.65 over 5 years.
Is TMO a good diversifier for IBB?
To a limited degree. At 0.65 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.65 mean?
On the −1 to +1 scale, 0.65 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/ibb-vs-tmo.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ibb-vs-tmo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IBB correlations · TMO correlations
