NBIX vs WAT: Correlation
Measured on weekly returns over the past three years, Neurocrine Biosciences, Inc. (NBIX) and Waters Corporation (WAT) carry a correlation of 0.40, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NBIX and WAT?
Across a 3-year window, the weekly returns of NBIX and WAT correlate at 0.40, moderate. Recent behaviour matches the longer record: 0.44 over 1 year against 0.40 over 3. Stretching to 5 years gives 0.31, with an annualized covariance of 452.0 %².
In NBIX's tracked universe of 10 assets, WAT sits right near the top at #3. Their recent paths diverged sharply: over the last 12 months WAT outperformed by 30.1 percentage points (+12.9% for NBIX against +43.0% for WAT).
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.
NBIX vs WAT: side by side
| NBIX (Neurocrine Biosciences, Inc.) | WAT (Waters Corporation) | |
|---|---|---|
| 1-year return | +12.9% | +43.0% |
| 5-year return | +62.5% | +2.0% |
| Volatility (ann.) | 31.8% | 35.3% |
| Beta vs S&P 500 | 0.60 | 0.89 |
| Max drawdown (3Y) | -42.9% | -33.4% |
| Market cap | $15.8B | $41.4B |
| P/E (trailing) | 22.9 | 105.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | NBIX | WAT |
|---|---|---|
| 2022 | +40.2% | -8.1% |
| 2023 | +10.3% | -3.9% |
| 2024 | +3.6% | +12.7% |
| 2025 | +3.9% | +2.4% |
| 2026 | +9.9% | +10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NBIX and WAT good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NBIX and WAT?
As of 2026-08-27, the correlation of weekly returns between NBIX and WAT is 0.40 over 3 years, 0.44 over 1 year and 0.31 over 5 years.
Is WAT a good diversifier for NBIX?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.40 mean?
A reading of 0.40 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/nbix-vs-wat.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nbix-vs-wat/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NBIX correlations · WAT correlations
