TMO vs TXG: Correlation
How closely do Thermo Fisher Scientific (TMO) and 10x Genomics, Inc. (TXG) trade together? Their weekly returns over three years give a correlation of 0.60, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TMO and TXG?
Across a 3-year window, the weekly returns of TMO and TXG correlate at 0.60, strong. Recent behaviour matches the longer record: 0.64 over 1 year against 0.60 over 3. Stretching to 5 years gives 0.59, with an annualized covariance of 1130.4 %².
Among the 38 assets we track against TMO, TXG ranks #19 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months TXG outperformed by 332.9 percentage points (+29.7% for TMO against +362.6% for TXG). One caveat on sizing: TXG is 2.2 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
TMO vs TXG: side by side
| TMO (Thermo Fisher Scientific) | TXG (10x Genomics, Inc.) | |
|---|---|---|
| 1-year return | +29.7% | +362.6% |
| 5-year return | +14.5% | -62.7% |
| Volatility (ann.) | 29.4% | 64.3% |
| Beta vs S&P 500 | 0.74 | 1.55 |
| Max drawdown (3Y) | -37.3% | -87.6% |
| Market cap | $233.2B | $8.4B |
| P/E (trailing) | 34.1 | – |
| Dividend yield | 0.28% | 0.00% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | TMO | TXG |
|---|---|---|
| 2022 | -17.3% | -75.5% |
| 2023 | -3.4% | +53.6% |
| 2024 | -1.7% | -74.3% |
| 2025 | +11.8% | +13.6% |
| 2026 | +9.1% | +297.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TMO and TXG good diversifiers for each other?
To a limited degree. At 0.60 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 TMO and TXG?
As of 2026-08-27, the correlation of weekly returns between TMO and TXG is 0.60 over 3 years, 0.64 over 1 year and 0.59 over 5 years.
Is TXG a good diversifier for TMO?
To a limited degree. At 0.60 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 0.60 mean?
On the −1 to +1 scale, 0.60 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/tmo-vs-txg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/tmo-vs-txg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: TMO correlations · TXG correlations
