TECH vs WAT: Correlation
Measured on weekly returns over the past three years, Bio-Techne (TECH) and Waters Corporation (WAT) carry a correlation of 0.58, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TECH and WAT?
On 3 years of weekly data the TECH/WAT correlation comes out at 0.58, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.47 versus 0.58 over 3 years. The 5-year figure is 0.61, and annualized covariance runs at 862.6 %².
Within TECH's tracked universe of 39 assets, WAT comes in at #9 by 3-year correlation. On 12-month performance WAT holds a 13.4-point edge, +29.6% against +43.0%. Across three years, the rolling one-year figure varied moderately, from 0.48 to 0.76.
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 WAT: side by side
| TECH (Bio-Techne) | WAT (Waters Corporation) | |
|---|---|---|
| 1-year return | +29.6% | +43.0% |
| 5-year return | -41.4% | +2.0% |
| Volatility (ann.) | 41.9% | 35.3% |
| Beta vs S&P 500 | 0.90 | 0.89 |
| Max drawdown (3Y) | -48.1% | -33.4% |
| Market cap | $11.4B | $41.4B |
| P/E (trailing) | 62.5 | 105.3 |
| Dividend yield | 0.44% | 0.00% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | TECH | WAT |
|---|---|---|
| 2022 | -35.7% | -8.1% |
| 2023 | -6.5% | -3.9% |
| 2024 | -6.2% | +12.7% |
| 2025 | -17.9% | +2.4% |
| 2026 | +23.8% | +10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TECH and WAT good diversifiers for each other?
Only partially. A correlation of 0.58 means TECH 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 TECH and WAT?
Using weekly returns as of 2026-08-27: 0.58 over 3 years, with 0.47 over the last year and 0.61 over 5 years.
Is WAT a good diversifier for TECH?
Only partially. A correlation of 0.58 means TECH 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 0.58 mean?
On the −1 to +1 scale, 0.58 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/tech-vs-wat.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/tech-vs-wat/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: TECH correlations · WAT correlations
