IQV vs WAT: Correlation
IQVIA (IQV) and Waters Corporation (WAT) show a moderate relationship: their 3-year correlation of weekly returns is 0.51.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IQV and WAT?
On 3 years of weekly data the IQV/WAT correlation comes out at 0.51, moderate. The relationship has been stable: the 1-year correlation (0.57) sits close to the 3-year figure. The 5-year figure is 0.57, and annualized covariance runs at 684.0 %².
By 3-year correlation, WAT places #18 of the 37 assets tracked against IQV. Twelve-month performance is nearly a tie, at +39.0% for IQV and +43.0% for WAT. The rolling one-year correlation moved between 0.38 and 0.72 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.
IQV vs WAT: side by side
| IQV (IQVIA) | WAT (Waters Corporation) | |
|---|---|---|
| 1-year return | +39.0% | +43.0% |
| 5-year return | +0.3% | +2.0% |
| Volatility (ann.) | 37.9% | 35.3% |
| Beta vs S&P 500 | 0.93 | 0.89 |
| Max drawdown (3Y) | -47.1% | -33.4% |
| Market cap | $43.2B | $41.4B |
| P/E (trailing) | 32.6 | 105.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | IQV | WAT |
|---|---|---|
| 2022 | -27.4% | -8.1% |
| 2023 | +12.9% | -3.9% |
| 2024 | -15.1% | +12.7% |
| 2025 | +14.7% | +2.4% |
| 2026 | +16.4% | +10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IQV and WAT good diversifiers for each other?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IQV and WAT?
The IQV/WAT correlation stands at 0.51 on a 3-year window (1 year: 0.57, 5 years: 0.57), computed from weekly returns as of 2026-08-27.
Is WAT a good diversifier for IQV?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.51 mean?
A reading of 0.51 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: IQV correlations · WAT correlations
