MTD vs TMO: Correlation
Mettler Toledo (MTD) and Thermo Fisher Scientific (TMO) show a strong relationship: their 3-year correlation of weekly returns is 0.69.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTD and TMO?
On 3 years of weekly data the MTD/TMO correlation comes out at 0.69, strong. Little has changed lately, as the 1-year reading of 0.67 lands near the 3-year figure. The 5-year figure is 0.73, and annualized covariance runs at 636.5 %².
Few assets follow MTD as closely as TMO, which ranks #2 of 38 tracked partners. Correlation aside, the last 12 months split them widely, with TMO ahead by 20.2 points (+9.5% versus +29.7%). The link looks structural: the rolling one-year correlation barely moved, holding between 0.65 and 0.85.
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 TMO: side by side
| MTD (Mettler Toledo) | TMO (Thermo Fisher Scientific) | |
|---|---|---|
| 1-year return | +9.5% | +29.7% |
| 5-year return | -11.4% | +14.5% |
| Volatility (ann.) | 31.4% | 29.4% |
| Beta vs S&P 500 | 1.00 | 0.74 |
| Max drawdown (3Y) | -36.6% | -37.3% |
| Market cap | $28.2B | $233.2B |
| P/E (trailing) | 31.7 | 34.1 |
| Dividend yield | 0.00% | 0.28% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | MTD | TMO |
|---|---|---|
| 2022 | -14.8% | -17.3% |
| 2023 | -16.1% | -3.4% |
| 2024 | +0.9% | -1.7% |
| 2025 | +13.9% | +11.8% |
| 2026 | +0.9% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTD and TMO good diversifiers for each other?
To a limited degree. At 0.69 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 MTD and TMO?
Using weekly returns as of 2026-08-27: 0.69 over 3 years, with 0.67 over the last year and 0.73 over 5 years.
Is TMO a good diversifier for MTD?
To a limited degree. At 0.69 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 0.69 mean?
On the −1 to +1 scale, 0.69 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/mtd-vs-tmo.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mtd-vs-tmo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MTD correlations · TMO correlations
