PM vs TMO: Correlation
Measured on weekly returns over the past three years, Philip Morris International (PM) and Thermo Fisher Scientific (TMO) carry a correlation of -0.19, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PM and TMO?
Across a 3-year window, the weekly returns of PM and TMO correlate at -0.19, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.36 versus -0.19 over 3 years. Stretching to 5 years gives -0.01, with an annualized covariance of -129.9 %².
Within PM's tracked universe of 47 assets, TMO comes in at #27 by 3-year correlation. On 12-month performance TMO holds a 9.5-point edge, +20.2% against +29.7%. This link changes with the market regime, having swung between -0.50 and 0.55 on a rolling one-year basis.
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.
PM vs TMO: side by side
| PM (Philip Morris International) | TMO (Thermo Fisher Scientific) | |
|---|---|---|
| 1-year return | +20.2% | +29.7% |
| 5-year return | +133.5% | +14.5% |
| Volatility (ann.) | 23.1% | 29.4% |
| Beta vs S&P 500 | -0.01 | 0.74 |
| Max drawdown (3Y) | -20.6% | -37.3% |
| Market cap | $296.9B | $233.2B |
| P/E (trailing) | 26.7 | 34.1 |
| Dividend yield | 3.03% | 0.28% |
| Sector / category | Consumer Staples | Health Care |
Year-by-year returns
| Year | PM | TMO |
|---|---|---|
| 2022 | +12.3% | -17.3% |
| 2023 | -1.9% | -3.4% |
| 2024 | +34.3% | -1.7% |
| 2025 | +38.0% | +11.8% |
| 2026 | +20.8% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PM and TMO good diversifiers for each other?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between PM and TMO?
Using weekly returns as of 2026-08-27: -0.19 over 3 years, with -0.36 over the last year and -0.01 over 5 years.
Is TMO a good diversifier for PM?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
What does a correlation of -0.19 mean?
A reading of -0.19 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/pm-vs-tmo.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/pm-vs-tmo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PM correlations · TMO correlations
