JNJ vs MDT: Correlation
Measured on weekly returns over the past three years, Johnson & Johnson (JNJ) and Medtronic (MDT) 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 JNJ and MDT?
Over the past 3 years, JNJ and MDT moved with a correlation of 0.49, which is moderate. The relationship has been stable: the 1-year correlation (0.47) sits close to the 3-year figure. Over 5 years the correlation is 0.41, and the annualized covariance of weekly returns is 189.7 %².
Within JNJ's tracked universe of 48 assets, MDT comes in at #18 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months JNJ outperformed by 52.8 percentage points (+53.7% for JNJ against +0.9% for MDT). On a rolling one-year basis the correlation drifted between 0.27 and 0.65, 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.
JNJ vs MDT: side by side
| JNJ (Johnson & Johnson) | MDT (Medtronic) | |
|---|---|---|
| 1-year return | +53.7% | +0.9% |
| 5-year return | +76.0% | -21.4% |
| Volatility (ann.) | 18.5% | 21.0% |
| Beta vs S&P 500 | 0.05 | 0.37 |
| Max drawdown (3Y) | -14.4% | -28.9% |
| Market cap | $640.5B | $115.2B |
| P/E (trailing) | 30.9 | 24.1 |
| Dividend yield | 1.94% | 3.09% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | JNJ | MDT |
|---|---|---|
| 2022 | +6.0% | -22.6% |
| 2023 | -8.6% | +9.6% |
| 2024 | -4.8% | +0.3% |
| 2025 | +47.5% | +24.0% |
| 2026 | +30.5% | -4.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JNJ and MDT good diversifiers for each other?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between JNJ and MDT?
The JNJ/MDT correlation stands at 0.49 on a 3-year window (1 year: 0.47, 5 years: 0.41), computed from weekly returns as of 2026-08-27.
Is MDT a good diversifier for JNJ?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.49 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/jnj-vs-mdt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/jnj-vs-mdt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: JNJ correlations · MDT correlations
