IDXX vs MTD: Correlation
Idexx Laboratories (IDXX) and Mettler Toledo (MTD) show a moderate relationship: their 3-year correlation of weekly returns is 0.46.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IDXX and MTD?
Across a 3-year window, the weekly returns of IDXX and MTD correlate at 0.46, moderate. Little has changed lately, as the 1-year reading of 0.50 lands near the 3-year figure. Stretching to 5 years gives 0.58, with an annualized covariance of 450.3 %².
Within IDXX's tracked universe of 35 assets, MTD comes in at #18 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MTD ahead by 24.4 points (-14.9% versus +9.5%). The rolling one-year correlation moved between 0.32 and 0.82 over the past three years, a moderate range.
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.
IDXX vs MTD: side by side
| IDXX (Idexx Laboratories) | MTD (Mettler Toledo) | |
|---|---|---|
| 1-year return | -14.9% | +9.5% |
| 5-year return | -20.7% | -11.4% |
| Volatility (ann.) | 30.9% | 31.4% |
| Beta vs S&P 500 | 1.01 | 1.00 |
| Max drawdown (3Y) | -37.4% | -36.6% |
| Market cap | $42.9B | $28.2B |
| P/E (trailing) | 38.9 | 31.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | IDXX | MTD |
|---|---|---|
| 2022 | -38.0% | -14.8% |
| 2023 | +36.1% | -16.1% |
| 2024 | -25.5% | +0.9% |
| 2025 | +63.6% | +13.9% |
| 2026 | -19.4% | +0.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IDXX and MTD good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between IDXX and MTD?
The IDXX/MTD correlation stands at 0.46 on a 3-year window (1 year: 0.50, 5 years: 0.58), computed from weekly returns as of 2026-08-27.
Is MTD a good diversifier for IDXX?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.46 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/idxx-vs-mtd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/idxx-vs-mtd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IDXX correlations · MTD correlations
