TECH vs TMO: Correlation
How closely do Bio-Techne (TECH) and Thermo Fisher Scientific (TMO) trade together? Their weekly returns over three years give a correlation of 0.68, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TECH and TMO?
Across a 3-year window, the weekly returns of TECH and TMO correlate at 0.68, strong. The relationship has been stable: the 1-year correlation (0.74) sits close to the 3-year figure. Stretching to 5 years gives 0.69, with an annualized covariance of 845.1 %².
Few assets follow TECH as closely as TMO, which ranks #1 of 39 tracked partners. Twelve-month performance is nearly a tie, at +29.6% for TECH and +29.7% for TMO. Across three years, the rolling one-year figure varied moderately, from 0.48 to 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.
TECH vs TMO: side by side
| TECH (Bio-Techne) | TMO (Thermo Fisher Scientific) | |
|---|---|---|
| 1-year return | +29.6% | +29.7% |
| 5-year return | -41.4% | +14.5% |
| Volatility (ann.) | 41.9% | 29.4% |
| Beta vs S&P 500 | 0.90 | 0.74 |
| Max drawdown (3Y) | -48.1% | -37.3% |
| Market cap | $11.4B | $233.2B |
| P/E (trailing) | 62.5 | 34.1 |
| Dividend yield | 0.44% | 0.28% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | TECH | TMO |
|---|---|---|
| 2022 | -35.7% | -17.3% |
| 2023 | -6.5% | -3.4% |
| 2024 | -6.2% | -1.7% |
| 2025 | -17.9% | +11.8% |
| 2026 | +23.8% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TECH and TMO good diversifiers for each other?
To a limited degree. At 0.68 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 TECH and TMO?
Using weekly returns as of 2026-08-27: 0.68 over 3 years, with 0.74 over the last year and 0.69 over 5 years.
Is TMO a good diversifier for TECH?
To a limited degree. At 0.68 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 0.68 mean?
A reading of 0.68 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/tech-vs-tmo.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/tech-vs-tmo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TECH correlations · TMO correlations
