IQV vs TMO: Correlation
Measured on weekly returns over the past three years, IQVIA (IQV) and Thermo Fisher Scientific (TMO) carry a correlation of 0.74, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IQV and TMO?
Across a 3-year window, the weekly returns of IQV and TMO correlate at 0.74, strong. Little has changed lately, as the 1-year reading of 0.75 lands near the 3-year figure. Stretching to 5 years gives 0.74, with an annualized covariance of 823.5 %².
In IQV's tracked universe of 37 assets, TMO sits right near the top at #2. On 12-month performance IQV holds a 9.3-point edge, +39.0% against +29.7%. Stability stands out here, with the rolling one-year correlation confined to 0.61 through 0.84.
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.
IQV vs TMO: side by side
| IQV (IQVIA) | TMO (Thermo Fisher Scientific) | |
|---|---|---|
| 1-year return | +39.0% | +29.7% |
| 5-year return | +0.3% | +14.5% |
| Volatility (ann.) | 37.9% | 29.4% |
| Beta vs S&P 500 | 0.93 | 0.74 |
| Max drawdown (3Y) | -47.1% | -37.3% |
| Market cap | $43.2B | $233.2B |
| P/E (trailing) | 32.6 | 34.1 |
| Dividend yield | 0.00% | 0.28% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | IQV | TMO |
|---|---|---|
| 2022 | -27.4% | -17.3% |
| 2023 | +12.9% | -3.4% |
| 2024 | -15.1% | -1.7% |
| 2025 | +14.7% | +11.8% |
| 2026 | +16.4% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IQV and TMO good diversifiers for each other?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IQV and TMO?
As of 2026-08-27, the correlation of weekly returns between IQV and TMO is 0.74 over 3 years, 0.75 over 1 year and 0.74 over 5 years.
Is TMO a good diversifier for IQV?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.74 mean?
A reading of 0.74 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/iqv-vs-tmo.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: IQV correlations · TMO correlations
