LH vs MDT: Correlation
Labcorp (LH) and Medtronic (MDT) 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 LH and MDT?
Over the past 3 years, LH and MDT moved with a correlation of 0.41, which is moderate. Little has changed lately, as the 1-year reading of 0.40 lands near the 3-year figure. Over 5 years the correlation is 0.33, and the annualized covariance of weekly returns is 186.2 %².
Within LH's tracked universe of 34 assets, MDT comes in at #18 by 3-year correlation. The last year tells two different stories: LH led by 20.9 percentage points, +21.8% for LH against +0.9% for MDT. The link looks structural: the rolling one-year correlation barely moved, holding between 0.30 and 0.54.
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.
LH vs MDT: side by side
| LH (Labcorp) | MDT (Medtronic) | |
|---|---|---|
| 1-year return | +21.8% | +0.9% |
| 5-year return | +36.0% | -21.4% |
| Volatility (ann.) | 21.4% | 21.0% |
| Beta vs S&P 500 | 0.33 | 0.37 |
| Max drawdown (3Y) | -17.4% | -28.9% |
| Market cap | $27.3B | $115.2B |
| P/E (trailing) | 27.8 | 24.1 |
| Dividend yield | 0.86% | 3.09% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | LH | MDT |
|---|---|---|
| 2022 | -24.4% | -22.6% |
| 2023 | +13.8% | +9.6% |
| 2024 | +2.2% | +0.3% |
| 2025 | +10.6% | +24.0% |
| 2026 | +34.8% | -4.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LH and MDT 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 LH and MDT?
As of 2026-08-27, the correlation of weekly returns between LH and MDT is 0.41 over 3 years, 0.40 over 1 year and 0.33 over 5 years.
Is MDT a good diversifier for LH?
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?
On the −1 to +1 scale, 0.41 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/lh-vs-mdt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/lh-vs-mdt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: LH correlations · MDT correlations
