TMO vs VEEV: Correlation
Measured on weekly returns over the past three years, Thermo Fisher Scientific (TMO) and Veeva Systems (VEEV) carry a correlation of 0.41, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TMO and VEEV?
Over the past 3 years, TMO and VEEV moved with a correlation of 0.41, which is moderate. The relationship has been stable: the 1-year correlation (0.42) sits close to the 3-year figure. Over 5 years the correlation is 0.44, and the annualized covariance of weekly returns is 486.3 %².
Among the 38 assets we track against TMO, VEEV ranks #24 by 3-year correlation. The last year tells two different stories: TMO led by 33.6 percentage points, +29.7% for TMO against -3.9% for VEEV. On a rolling one-year basis the correlation drifted between 0.25 and 0.51, a moderate band.
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 VEEV: side by side
| TMO (Thermo Fisher Scientific) | VEEV (Veeva Systems) | |
|---|---|---|
| 1-year return | +29.7% | -3.9% |
| 5-year return | +14.5% | -15.2% |
| Volatility (ann.) | 29.4% | 40.0% |
| Beta vs S&P 500 | 0.74 | 0.99 |
| Max drawdown (3Y) | -37.3% | -50.5% |
| Market cap | $233.2B | $45.8B |
| P/E (trailing) | 34.1 | 46.3 |
| Dividend yield | 0.28% | 0.00% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | TMO | VEEV |
|---|---|---|
| 2022 | -17.3% | -36.8% |
| 2023 | -3.4% | +19.3% |
| 2024 | -1.7% | +9.2% |
| 2025 | +11.8% | +6.2% |
| 2026 | +9.1% | +26.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TMO and VEEV good diversifiers for each other?
Reasonably. At 0.41, TMO and VEEV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between TMO and VEEV?
As of 2026-08-27, the correlation of weekly returns between TMO and VEEV is 0.41 over 3 years, 0.42 over 1 year and 0.44 over 5 years.
Is VEEV a good diversifier for TMO?
Reasonably. At 0.41, TMO and VEEV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.41 mean?
On the −1 to +1 scale, 0.41 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-veev.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/tmo-vs-veev/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TMO correlations · VEEV correlations
