Thermo Fisher Correlations

TMO Stock

USD 559.65 2.06 0.37%

The current 90-days correlation between Thermo Fisher Scientific and Danaher is 0.79 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Thermo Fisher moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Thermo Fisher Scientific moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Thermo Fisher Correlation With Market

Average diversification

The correlation between Thermo Fisher Scientific and DJI is 0.17 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Thermo Fisher Scientific and DJI in the same portfolio, assuming nothing else is changed.

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Thermo Fisher Scientific. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in population.

Moving together with Thermo Stock

0.85	ME	23Andme Holding	Pair Corr
0.71	VALN	Valneva SE ADR	Pair Corr
0.63	DRMA	Dermata Therapeutics	Pair Corr
0.63	DRRX	Durect	Pair Corr
0.63	VTGN	VistaGen Therapeutics	Pair Corr

Moving against Thermo Stock

0.74	VCEL	Vericel Corp Ord	Pair Corr
0.6	VCYT	Veracyte Potential Growth	Pair Corr
0.41	VERA	Vera Therapeutics	Pair Corr
0.34	DSGN	Design Therapeutics	Pair Corr
0.32	DMAC	DiaMedica Therapeutics	Pair Corr
0.73	VTRS	Viatris	Pair Corr
0.69	DVAX	Dynavax Technologies	Pair Corr
0.59	DYAI	Dyadic International	Pair Corr
0.49	VTVT	vTv Therapeutics	Pair Corr
0.44	KTTAW	Pasithea Therapeutics	Pair Corr
0.37	VSTM	Verastem	Pair Corr
0.35	VYNE	Vyne Therapeutics	Pair Corr

Related Correlations Analysis

	A	IDXX	ILMN	WAT	DHR	GH	MTD	CRL	RVTY
A		0.23	0.34	0.64	0.25	0.34	0.5	-0.01	0.55	A
IDXX	0.23		0.47	-0.41	0.76	-0.5	0.66	0.22	0.48	IDXX
ILMN	0.34	0.47		0.08	0.53	-0.34	0.7	0.55	0.84	ILMN
WAT	0.64	-0.41	0.08		-0.34	0.75	-0.11	0.18	0.17	WAT
DHR	0.25	0.76	0.53	-0.34		-0.69	0.84	0.18	0.65	DHR
GH	0.34	-0.5	-0.34	0.75	-0.69		-0.59	-0.01	-0.33	GH
MTD	0.5	0.66	0.7	-0.11	0.84	-0.59		0.15	0.84	MTD
CRL	-0.01	0.22	0.55	0.18	0.18	-0.01	0.15		0.28	CRL
RVTY	0.55	0.48	0.84	0.17	0.65	-0.33	0.84	0.28		RVTY
	A	IDXX	ILMN	WAT	DHR	GH	MTD	CRL	RVTY

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

RVTY	+ 0.84	ILMN
MTD	+ 0.84	DHR
RVTY	+ 0.84	MTD
DHR	+ 0.76	IDXX
GH	+ 0.75	WAT
MTD	+ 0.7	ILMN

High negative correlations

GH	- 0.69	DHR
MTD	- 0.59	GH
GH	- 0.5	IDXX
WAT	- 0.41	IDXX
DHR	- 0.34	WAT
GH	- 0.34	ILMN

Risk-Adjusted Indicators

There is a big difference between Thermo Stock performing well and Thermo Fisher Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Thermo Fisher's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
A	1.21	0.03	0.01	0.09	1.45	(1.33)	2.72	(2.42)	8.06
IDXX	1.26	(0.19)	0.00	(2.79)	0.00	0.00	2.55	(2.63)	11.58
ILMN	1.70	(0.12)	0.00	(0.36)	0.00	0.00	3.90	(3.19)	10.92
WAT	1.54	0.22	0.13	10.49	1.41	(2.02)	3.00	(2.56)	24.69
DHR	0.99	(0.20)	0.00	(0.49)	0.00	0.00	1.65	(3.12)	5.44
GH	2.81	0.88	0.30	4.86	2.17	(3.25)	7.53	(4.35)	20.17
MTD	1.29	(0.18)	0.00	(0.30)	0.00	0.00	2.05	(3.37)	11.09
CRL	1.85	(0.24)	0.00	(0.36)	0.00	0.00	3.35	(4.66)	19.87
RVTY	1.23	(0.06)	0.00	(0.12)	0.00	0.00	2.35	(3.08)	9.36

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