TMO vs WAT: Correlation
Measured on weekly returns over the past three years, Thermo Fisher Scientific (TMO) and Waters Corporation (WAT) carry a correlation of 0.65, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TMO and WAT?
Across a 3-year window, the weekly returns of TMO and WAT correlate at 0.65, strong. Little has changed lately, as the 1-year reading of 0.68 lands near the 3-year figure. Stretching to 5 years gives 0.67, with an annualized covariance of 680.3 %².
Among the 38 assets we track against TMO, WAT ranks #11 by 3-year correlation. Over the last 12 months WAT came out ahead by 13.3 percentage points (+29.7% against +43.0%). Across three years, the rolling one-year figure varied moderately, from 0.55 to 0.81.
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 WAT: side by side
| TMO (Thermo Fisher Scientific) | WAT (Waters Corporation) | |
|---|---|---|
| 1-year return | +29.7% | +43.0% |
| 5-year return | +14.5% | +2.0% |
| Volatility (ann.) | 29.4% | 35.3% |
| Beta vs S&P 500 | 0.74 | 0.89 |
| Max drawdown (3Y) | -37.3% | -33.4% |
| Market cap | $233.2B | $41.4B |
| P/E (trailing) | 34.1 | 105.3 |
| Dividend yield | 0.28% | 0.00% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | TMO | WAT |
|---|---|---|
| 2022 | -17.3% | -8.1% |
| 2023 | -3.4% | -3.9% |
| 2024 | -1.7% | +12.7% |
| 2025 | +11.8% | +2.4% |
| 2026 | +9.1% | +10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TMO and WAT good diversifiers for each other?
To a limited degree. At 0.65 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 WAT?
The TMO/WAT correlation stands at 0.65 on a 3-year window (1 year: 0.68, 5 years: 0.67), computed from weekly returns as of 2026-08-27.
Is WAT a good diversifier for TMO?
To a limited degree. At 0.65 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 0.65 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/tmo-vs-wat.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/tmo-vs-wat/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: TMO correlations · WAT correlations
