MTD vs WAT: Correlation
How closely do Mettler Toledo (MTD) and Waters Corporation (WAT) trade together? Their weekly returns over three years give a correlation of 0.63, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTD and WAT?
Across a 3-year window, the weekly returns of MTD and WAT correlate at 0.63, strong. The past 12 months show a weaker link (0.44) than the 3-year average (0.63). Stretching to 5 years gives 0.68, with an annualized covariance of 696.3 %².
Within MTD's tracked universe of 38 assets, WAT comes in at #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with WAT ahead by 33.5 points (+9.5% versus +43.0%). Across three years, the rolling one-year figure varied moderately, from 0.38 to 0.83.
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 WAT: side by side
| MTD (Mettler Toledo) | WAT (Waters Corporation) | |
|---|---|---|
| 1-year return | +9.5% | +43.0% |
| 5-year return | -11.4% | +2.0% |
| Volatility (ann.) | 31.4% | 35.3% |
| Beta vs S&P 500 | 1.00 | 0.89 |
| Max drawdown (3Y) | -36.6% | -33.4% |
| Market cap | $28.2B | $41.4B |
| P/E (trailing) | 31.7 | 105.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | MTD | WAT |
|---|---|---|
| 2022 | -14.8% | -8.1% |
| 2023 | -16.1% | -3.9% |
| 2024 | +0.9% | +12.7% |
| 2025 | +13.9% | +2.4% |
| 2026 | +0.9% | +10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTD and WAT good diversifiers for each other?
Only partially. A correlation of 0.63 means MTD and WAT 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 WAT?
The MTD/WAT correlation stands at 0.63 on a 3-year window (1 year: 0.44, 5 years: 0.68), computed from weekly returns as of 2026-08-27.
Is WAT a good diversifier for MTD?
Only partially. A correlation of 0.63 means MTD and WAT share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.63 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mtd-vs-wat.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mtd-vs-wat/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MTD correlations · WAT correlations
