MDT vs STE: Correlation
Measured on weekly returns over the past three years, Medtronic (MDT) and Steris (STE) carry a correlation of 0.46, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDT and STE?
On 3 years of weekly data the MDT/STE correlation comes out at 0.46, moderate. The relationship has been stable: the 1-year correlation (0.41) sits close to the 3-year figure. The 5-year figure is 0.48, and annualized covariance runs at 214.2 %².
By 3-year correlation, STE places #16 of the 34 assets tracked against MDT. Over the last 12 months MDT came out ahead by 6.6 percentage points (+0.9% against -5.7%). Stability stands out here, with the rolling one-year correlation confined to 0.35 through 0.53.
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.
MDT vs STE: side by side
| MDT (Medtronic) | STE (Steris) | |
|---|---|---|
| 1-year return | +0.9% | -5.7% |
| 5-year return | -21.4% | +13.6% |
| Volatility (ann.) | 21.0% | 22.3% |
| Beta vs S&P 500 | 0.37 | 0.43 |
| Max drawdown (3Y) | -28.9% | -25.4% |
| Market cap | $115.2B | $22.7B |
| P/E (trailing) | 24.1 | 28.5 |
| Dividend yield | 3.09% | 1.06% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | MDT | STE |
|---|---|---|
| 2022 | -22.6% | -23.4% |
| 2023 | +9.6% | +20.2% |
| 2024 | +0.3% | -5.6% |
| 2025 | +24.0% | +24.3% |
| 2026 | -4.7% | -7.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDT and STE good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MDT and STE?
As of 2026-08-27, the correlation of weekly returns between MDT and STE is 0.46 over 3 years, 0.41 over 1 year and 0.48 over 5 years.
Is STE a good diversifier for MDT?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 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/mdt-vs-ste.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mdt-vs-ste/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MDT correlations · STE correlations
