MEDP vs TMO: Correlation
How closely do Medpace Holdings, Inc. (MEDP) and Thermo Fisher Scientific (TMO) trade together? Their weekly returns over three years give a correlation of 0.55, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MEDP and TMO?
Across a 3-year window, the weekly returns of MEDP and TMO correlate at 0.55, moderate. The link has tightened recently: the 1-year correlation (0.72) runs above the 3-year figure (0.55). Stretching to 5 years gives 0.55, with an annualized covariance of 751.6 %².
By 3-year correlation, TMO places #4 of the 15 assets tracked against MEDP. Their 12-month results are close: +29.2% for MEDP against +29.7% for TMO. Risk is not evenly split, since MEDP carries 1.6 times the volatility of the other side.
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.
MEDP vs TMO: side by side
| MEDP (Medpace Holdings, Inc.) | TMO (Thermo Fisher Scientific) | |
|---|---|---|
| 1-year return | +29.2% | +29.7% |
| 5-year return | +231.5% | +14.5% |
| Volatility (ann.) | 46.4% | 29.4% |
| Beta vs S&P 500 | 1.04 | 0.74 |
| Max drawdown (3Y) | -39.4% | -37.3% |
| Market cap | $17.1B | $233.2B |
| P/E (trailing) | 36.4 | 34.1 |
| Dividend yield | 0.00% | 0.28% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | MEDP | TMO |
|---|---|---|
| 2022 | -2.4% | -17.3% |
| 2023 | +44.3% | -3.4% |
| 2024 | +8.4% | -1.7% |
| 2025 | +69.1% | +11.8% |
| 2026 | +8.9% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MEDP and TMO good diversifiers for each other?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between MEDP and TMO?
The MEDP/TMO correlation stands at 0.55 on a 3-year window (1 year: 0.72, 5 years: 0.55), computed from weekly returns as of 2026-08-27.
Is TMO a good diversifier for MEDP?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.55 mean?
On the −1 to +1 scale, 0.55 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/medp-vs-tmo.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/medp-vs-tmo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MEDP correlations · TMO correlations
