ICLR vs TMO: Correlation
How closely do ICON plc (ICLR) and Thermo Fisher Scientific (TMO) trade together? Their weekly returns over three years give a correlation of 0.62, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICLR and TMO?
Over the past 3 years, ICLR and TMO moved with a correlation of 0.62, which is strong. Recent behaviour matches the longer record: 0.65 over 1 year against 0.62 over 3. Over 5 years the correlation is 0.65, and the annualized covariance of weekly returns is 941.4 %².
In ICLR's tracked universe of 11 assets, TMO sits right near the top at #3. Their recent paths diverged sharply: over the last 12 months TMO outperformed by 32.2 percentage points (-2.5% for ICLR against +29.7% for TMO). Risk is not evenly split, since ICLR carries 1.7 times the volatility of the other side.
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.
ICLR vs TMO: side by side
| ICLR (ICON plc) | TMO (Thermo Fisher Scientific) | |
|---|---|---|
| 1-year return | -2.5% | +29.7% |
| 5-year return | -33.7% | +14.5% |
| Volatility (ann.) | 51.4% | 29.4% |
| Beta vs S&P 500 | 1.03 | 0.74 |
| Max drawdown (3Y) | -76.9% | -37.3% |
| Market cap | $13.1B | $233.2B |
| P/E (trailing) | 265.2 | 34.1 |
| Dividend yield | 0.00% | 0.28% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | ICLR | TMO |
|---|---|---|
| 2022 | -37.3% | -17.3% |
| 2023 | +45.7% | -3.4% |
| 2024 | -25.9% | -1.7% |
| 2025 | -13.1% | +11.8% |
| 2026 | -6.9% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICLR and TMO good diversifiers for each other?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ICLR and TMO?
As of 2026-08-27, the correlation of weekly returns between ICLR and TMO is 0.62 over 3 years, 0.65 over 1 year and 0.65 over 5 years.
Is TMO a good diversifier for ICLR?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.62 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/iclr-vs-tmo.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/iclr-vs-tmo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ICLR correlations · TMO correlations
