MTD vs STE: Correlation
Mettler Toledo (MTD) and Steris (STE) show a moderate relationship: their 3-year correlation of weekly returns is 0.56.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTD and STE?
Across a 3-year window, the weekly returns of MTD and STE correlate at 0.56, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.46 versus 0.56 over 3 years. Stretching to 5 years gives 0.57, with an annualized covariance of 392.7 %².
Among the 38 assets we track against MTD, STE ranks #10 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MTD ahead by 15.2 points (+9.5% versus -5.7%). Across three years, the rolling one-year figure varied moderately, from 0.37 to 0.71.
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.
MTD vs STE: side by side
| MTD (Mettler Toledo) | STE (Steris) | |
|---|---|---|
| 1-year return | +9.5% | -5.7% |
| 5-year return | -11.4% | +13.6% |
| Volatility (ann.) | 31.4% | 22.3% |
| Beta vs S&P 500 | 1.00 | 0.43 |
| Max drawdown (3Y) | -36.6% | -25.4% |
| Market cap | $28.2B | $22.7B |
| P/E (trailing) | 31.7 | 28.5 |
| Dividend yield | 0.00% | 1.06% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | MTD | STE |
|---|---|---|
| 2022 | -14.8% | -23.4% |
| 2023 | -16.1% | +20.2% |
| 2024 | +0.9% | -5.6% |
| 2025 | +13.9% | +24.3% |
| 2026 | +0.9% | -7.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTD and STE good diversifiers for each other?
Only partially. A correlation of 0.56 means MTD and STE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between MTD and STE?
As of 2026-08-27, the correlation of weekly returns between MTD and STE is 0.56 over 3 years, 0.46 over 1 year and 0.57 over 5 years.
Is STE a good diversifier for MTD?
Only partially. A correlation of 0.56 means MTD and STE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.56 mean?
A reading of 0.56 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mtd-vs-ste.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mtd-vs-ste/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MTD correlations · STE correlations
