IDXX vs QUAL: Correlation
Measured on weekly returns over the past three years, Idexx Laboratories (IDXX) and iShares MSCI USA Quality Factor ETF (QUAL) carry a correlation of 0.49, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IDXX and QUAL?
On 3 years of weekly data the IDXX/QUAL correlation comes out at 0.49, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.37 versus 0.49 over 3 years. The 5-year figure is 0.63, and annualized covariance runs at 212.5 %².
Among the 35 assets we track against IDXX, QUAL ranks #11 by 3-year correlation. The last year tells two different stories: QUAL led by 34.6 percentage points, -14.9% for IDXX against +19.7% for QUAL. Across three years, the rolling one-year figure varied moderately, from 0.34 to 0.80. One caveat on sizing: IDXX is 2.2 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 QUAL: side by side
| IDXX (Idexx Laboratories) | QUAL (iShares MSCI USA Quality Factor ETF) | |
|---|---|---|
| 1-year return | -14.9% | +19.7% |
| 5-year return | -20.7% | +68.0% |
| Volatility (ann.) | 30.9% | 14.0% |
| Beta vs S&P 500 | 1.01 | 0.93 |
| Max drawdown (3Y) | -37.4% | -18.0% |
| Market cap | $42.9B | – |
| P/E (trailing) | 38.9 | – |
| Dividend yield | 0.00% | 0.86% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $46.5B |
| Sector / category | Health Care | ETF · US Style |
QUAL, iShares's Large Blend fund, carries $46.5B under management, 123 holdings, a 0.15% expense ratio, a 0.86% trailing dividend yield.
Year-by-year returns
| Year | IDXX | QUAL |
|---|---|---|
| 2022 | -38.0% | -20.5% |
| 2023 | +36.1% | +30.9% |
| 2024 | -25.5% | +22.3% |
| 2025 | +63.6% | +12.7% |
| 2026 | -19.4% | +13.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that QUAL holds IDXX at a 0.28% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are IDXX and QUAL good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between IDXX and QUAL?
As of 2026-08-27, the correlation of weekly returns between IDXX and QUAL is 0.49 over 3 years, 0.37 over 1 year and 0.63 over 5 years.
Is QUAL a good diversifier for IDXX?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.49 mean?
A reading of 0.49 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/idxx-vs-qual.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/idxx-vs-qual/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IDXX correlations · QUAL correlations
