INCY vs WAT: Correlation
Incyte (INCY) and Waters Corporation (WAT) show a moderate relationship: their 3-year correlation of weekly returns is 0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INCY and WAT?
Across a 3-year window, the weekly returns of INCY and WAT correlate at 0.41, moderate. Recent behaviour matches the longer record: 0.41 over 1 year against 0.41 over 3. Stretching to 5 years gives 0.37, with an annualized covariance of 473.9 %².
Within INCY's tracked universe of 35 assets, WAT comes in at #20 by 3-year correlation. The trailing year gives INCY the advantage: +50.6% versus +43.0%, a 7.6-point spread. On a rolling one-year basis the correlation drifted between 0.30 and 0.55, 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.
INCY vs WAT: side by side
| INCY (Incyte) | WAT (Waters Corporation) | |
|---|---|---|
| 1-year return | +50.6% | +43.0% |
| 5-year return | +68.0% | +2.0% |
| Volatility (ann.) | 33.1% | 35.3% |
| Beta vs S&P 500 | 0.45 | 0.89 |
| Max drawdown (3Y) | -33.8% | -33.4% |
| Market cap | $25.9B | $41.4B |
| P/E (trailing) | 16.3 | 105.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | INCY | WAT |
|---|---|---|
| 2022 | +9.4% | -8.1% |
| 2023 | -21.8% | -3.9% |
| 2024 | +10.0% | +12.7% |
| 2025 | +43.0% | +2.4% |
| 2026 | +29.3% | +10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INCY and WAT good diversifiers for each other?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between INCY and WAT?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.41 over the last year and 0.37 over 5 years.
Is WAT a good diversifier for INCY?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.41 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.
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Related comparisons
Hubs: INCY correlations · WAT correlations
