TMO vs WTI: Correlation
How closely do Thermo Fisher Scientific (TMO) and W&T Offshore, Inc. (WTI) trade together? Their weekly returns over three years give a correlation of -0.17, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TMO and WTI?
On 3 years of weekly data the TMO/WTI correlation comes out at -0.17, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.43) runs below the 3-year figure (-0.17). The 5-year figure is -0.08, and annualized covariance runs at -327.6 %².
Within TMO's tracked universe of 38 assets, WTI comes in at #31 by 3-year correlation. Correlation aside, the last 12 months split them widely, with WTI ahead by 75.2 points (+29.7% versus +104.9%). One caveat on sizing: WTI 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 WTI: side by side
| TMO (Thermo Fisher Scientific) | WTI (W&T Offshore, Inc.) | |
|---|---|---|
| 1-year return | +29.7% | +104.9% |
| 5-year return | +14.5% | +18.8% |
| Volatility (ann.) | 29.4% | 64.6% |
| Beta vs S&P 500 | 0.74 | 0.24 |
| Max drawdown (3Y) | -37.3% | -74.3% |
| Market cap | $233.2B | $0.6B |
| P/E (trailing) | 34.1 | – |
| Dividend yield | 0.28% | 1.12% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | TMO | WTI |
|---|---|---|
| 2022 | -17.3% | +72.8% |
| 2023 | -3.4% | -41.4% |
| 2024 | -1.7% | -48.2% |
| 2025 | +11.8% | +0.6% |
| 2026 | +9.1% | +126.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TMO and WTI good diversifiers for each other?
Yes. With a correlation of -0.17, TMO and WTI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between TMO and WTI?
The TMO/WTI correlation stands at -0.17 on a 3-year window (1 year: -0.43, 5 years: -0.08), computed from weekly returns as of 2026-08-27.
Is WTI a good diversifier for TMO?
Yes. With a correlation of -0.17, TMO and WTI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.17 mean?
On the −1 to +1 scale, -0.17 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-wti.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/tmo-vs-wti/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: TMO correlations · WTI correlations
