BetterThanSPY

Relative Intelligence · Life Sciences Tools

How Thermo Fisher Scientific (TMO) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on TMO alone. It places TMO (Thermo Fisher Scientific Inc.) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where TMO stands in the market, and of the alternatives worth a closer look.

Period covered: TMO's full trading record, from October 1986 through September 2026. All returns include reinvested dividends. Data as of October 22, 2026.

Data as of October 22, 2026. Full tables and charts read best on a larger screen.

Rank the market against TMO →Chart TMO vs. 22 alternatives →

This page answers the following questions about TMO

Key findings

Not AI-generated

These key findings are generated by our proprietary relative intelligence engine, directly from the data on this page.

How much would $10,000 in TMO have grown?

This chart tracks a hypothetical $10,000 investment in TMO over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of TMO over the same span and TMO's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Choose a period

From the end of September 1997 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 256 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of TMO; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000$1M199720022007201220172022$10,000$100,000$1M19972004201120182025
  • REGN$683,800+6,738% total · +15.7% a year
  • AMGN$526,909+5,169% total · +14.6% a year
  • WAT$397,649+3,876% total · +13.5% a year
  • LLY$396,376+3,864% total · +13.5% a year
  • VRTX$276,941+2,669% total · +12.1% a year
  • TMO$235,386+2,254% total · +11.5% a year
  • RVTY$198,041+1,880% total · +10.8% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • QGEN$84,471+745% total · +7.6% a year
  • MRK$82,561+726% total · +7.6% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 2,136 of the 3,630 stocks and funds worth at least $500 million that traded the whole period ended ahead of TMO; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000$50,000$60,000202120222023202420252026$0$20,000$40,000$60,000202120222023202420252026
  • LLY$52,411+424% total · +39.3% a year
  • MEDP$32,977+230% total · +27.0% a year
  • VRTX$28,822+188% total · +23.6% a year
  • AMGN$23,160+132% total · +18.3% a year
  • MRK$22,538+125% total · +17.6% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • WAT$12,298+23.0% total · +4.2% a year
  • TMO$11,986+19.9% total · +3.7% a year
  • A$11,334+13.3% total · +2.5% a year
  • MTD$10,970+9.7% total · +1.9% a year
Change the dates or add tickers to this chart in EasyCompare

TMO at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

The company

Market value
$250B
Industry
Medical - Diagnostics & Research
Price history from
October 1986

Returns

Past 1 year
+19.7%total return
Past 3 years
+47.9%+13.9% a year
Past 5 years
+12.1%+2.3% a year
Past 10 years
+355%+16.3% a year
Best calendar year
+98.2%2000
Worst calendar year
−61.5%1998
Losing years
10 of 29full calendar years

Risk

Volatility
27.8%typical yearly swing, 5 years
Sharpe ratio
0.22return per unit of risk, 5 years
Worst decline ever
−71.2%Dec 1997 to Apr 1999
From its all-time high
−2.9%below the peak

TMO against the whole market

Where TMO ranks among every stock and fund, and what across the market has done better.

How does TMO rank among all stocks?

This section ranks TMO on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how TMO stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureTMORankStanding
1-year return+19.7%1,280 of 3,282top 39%
3-year return+47.9%1,613 of 3,016bottom 48%
5-year return+12.1%1,576 of 2,897bottom 47%
10-year return+355%473 of 2,201top 21%
Volatility, 5 years27.8%539 of 2,897top 19%
Sharpe ratio, 5 years0.221,801 of 2,897bottom 39%
Worst decline, past 10 years−40.9%175 of 2,184top 8%

What has beaten TMO on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). TMO sits where the dashed lines cross. Anything in the green box above and to the left earned more than TMO with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to TMO; faint dots are 89 more of the 957 in the green region (the strongest, one per fund family). 3,641 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

−5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than TMOVOO: +12.6% a year, volatility 16.9%WMT: +21.1% a year, volatility 22.6%BRK-A: +13.5% a year, volatility 17.2%TRV: +22.4% a year, volatility 22.3%VRIG: +4.7% a year, volatility 1.3%LVHI: +16.9% a year, volatility 11.1%COST: +17.4% a year, volatility 22.9%BALT: +6.2% a year, volatility 3.3%QQQ: +14.2% a year, volatility 23.0%FLRT: +6.0% a year, volatility 2.3%MET: +12.8% a year, volatility 25.4%VEA: +9.1% a year, volatility 16.9%PG: +5.8% a year, volatility 18.4%LIN: +11.7% a year, volatility 20.9%GLD: +17.1% a year, volatility 19.0%VGT: +18.1% a year, volatility 26.1%PGR: +21.8% a year, volatility 25.7%VIG: +10.4% a year, volatility 14.1%FLOT: +4.5% a year, volatility 1.8%VYM: +11.6% a year, volatility 13.8%SCHD: +10.2% a year, volatility 14.4%COR: +23.6% a year, volatility 22.8%MNST: +17.4% a year, volatility 24.9%VT: +10.1% a year, volatility 16.2%EP-PC: +5.2% a year, volatility 8.9%RSG: +14.1% a year, volatility 18.6%UL: +5.7% a year, volatility 21.6%MSI: +15.2% a year, volatility 23.6%WM: +9.5% a year, volatility 19.3%AEP: +12.8% a year, volatility 20.2%FJAN: +11.0% a year, volatility 10.5%POCT: +9.9% a year, volatility 8.0%FAST: +16.2% a year, volatility 24.6%NEAR: +3.9% a year, volatility 1.4%SCHG: +12.8% a year, volatility 22.5%CL: +7.8% a year, volatility 19.3%DYNF: +14.4% a year, volatility 17.5%ICE: +5.9% a year, volatility 21.8%MRSH: +4.8% a year, volatility 21.0%THG: +15.2% a year, volatility 22.9%JEPI: +7.3% a year, volatility 11.0%ED: +12.7% a year, volatility 18.9%VNLA: +4.1% a year, volatility 1.1%FLTR: +4.8% a year, volatility 2.1%ATO: +15.9% a year, volatility 18.5%DOCT: +8.2% a year, volatility 7.4%XLV: +8.4% a year, volatility 15.3%FLRN: +4.5% a year, volatility 1.7%CHT: +8.2% a year, volatility 13.3%DFIV: +14.8% a year, volatility 16.4%XEL: +7.2% a year, volatility 20.9%SPMO: +18.1% a year, volatility 20.9%WCN: +7.4% a year, volatility 20.4%AVLV: +13.9% a year, volatility 16.9%FLDR: +3.9% a year, volatility 1.2%FTS: +9.5% a year, volatility 16.5%HYGH: +6.6% a year, volatility 7.1%WEC: +7.7% a year, volatility 19.1%NI: +15.5% a year, volatility 20.3%TBUX: +4.2% a year, volatility 1.1%DFAT: +9.7% a year, volatility 21.0%DGRW: +11.7% a year, volatility 14.0%USMV: +7.7% a year, volatility 12.3%DFAS: +7.2% a year, volatility 20.5%AEE: +8.2% a year, volatility 19.4%DTM: +25.0% a year, volatility 25.2%MGV: +12.8% a year, volatility 13.4%SPHQ: +11.7% a year, volatility 16.7%WTW: +7.5% a year, volatility 24.0%RAVI: +3.8% a year, volatility 1.4%EWJ: +9.3% a year, volatility 18.7%RY: +17.5% a year, volatility 18.2%BUFR: +9.8% a year, volatility 10.5%CHD: +6.4% a year, volatility 21.1%USTB: +3.6% a year, volatility 2.1%DBEF: +12.9% a year, volatility 13.8%BKLN: +5.3% a year, volatility 4.5%ACWX: +8.1% a year, volatility 16.7%CMS: +6.1% a year, volatility 19.1%IOO: +15.6% a year, volatility 17.2%WELL: +27.0% a year, volatility 23.8%JQUA: +13.5% a year, volatility 15.7%LNT: +7.6% a year, volatility 19.8%XLP: +7.6% a year, volatility 13.8%DIVO: +10.9% a year, volatility 11.9%SRLN: +4.6% a year, volatility 3.9%VPL: +9.3% a year, volatility 18.6%MOAT: +9.5% a year, volatility 18.4%SPHY: +3.8% a year, volatility 7.2%TMO: +2.3% a year, volatility 27.8%SPY (S&P 500): +12.5% a year, volatility 17.2%AMGN: +20.1% a year, volatility 24.9%LLY: +41.2% a year, volatility 32.8%MRK: +16.1% a year, volatility 24.8%WAT: +4.6% a year, volatility 33.9%A: +2.7% a year, volatility 30.6%VRTX: +23.9% a year, volatility 29.1%ABBV: +25.5% a year, volatility 23.4%JNJ: +13.5% a year, volatility 18.0%NVS: +17.4% a year, volatility 20.7%GILD: +22.8% a year, volatility 24.9%EXEL: +25.0% a year, volatility 35.8%INCY: +12.2% a year, volatility 30.1%CIBR: +14.5% a year, volatility 26.2%SGOV: +3.8% a year, volatility 0.3%JAAA: +5.1% a year, volatility 1.7%V: +13.2% a year, volatility 22.9%IHAK: +9.0% a year, volatility 25.0%VTI: +11.4% a year, volatility 17.5%EXPD: +11.1% a year, volatility 27.1%VTIP: +2.7% a year, volatility 2.9%CAH: +41.7% a year, volatility 24.7%TMOSPY (S&P 500)AMGNLLYMRKWATAVRTXABBVJNJNVSGILDEXELINCYSGOVIHAKVTIEXPDVTIPCAH−10.0%0.0%10.0%20.0%30.0%40.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than TMOVOO: +12.6% a year, volatility 16.9%WMT: +21.1% a year, volatility 22.6%BRK-A: +13.5% a year, volatility 17.2%TRV: +22.4% a year, volatility 22.3%VRIG: +4.7% a year, volatility 1.3%LVHI: +16.9% a year, volatility 11.1%COST: +17.4% a year, volatility 22.9%BALT: +6.2% a year, volatility 3.3%QQQ: +14.2% a year, volatility 23.0%FLRT: +6.0% a year, volatility 2.3%MET: +12.8% a year, volatility 25.4%VEA: +9.1% a year, volatility 16.9%PG: +5.8% a year, volatility 18.4%LIN: +11.7% a year, volatility 20.9%GLD: +17.1% a year, volatility 19.0%VGT: +18.1% a year, volatility 26.1%PGR: +21.8% a year, volatility 25.7%VIG: +10.4% a year, volatility 14.1%FLOT: +4.5% a year, volatility 1.8%VYM: +11.6% a year, volatility 13.8%SCHD: +10.2% a year, volatility 14.4%COR: +23.6% a year, volatility 22.8%MNST: +17.4% a year, volatility 24.9%VT: +10.1% a year, volatility 16.2%EP-PC: +5.2% a year, volatility 8.9%RSG: +14.1% a year, volatility 18.6%UL: +5.7% a year, volatility 21.6%MSI: +15.2% a year, volatility 23.6%WM: +9.5% a year, volatility 19.3%AEP: +12.8% a year, volatility 20.2%FJAN: +11.0% a year, volatility 10.5%POCT: +9.9% a year, volatility 8.0%FAST: +16.2% a year, volatility 24.6%NEAR: +3.9% a year, volatility 1.4%SCHG: +12.8% a year, volatility 22.5%CL: +7.8% a year, volatility 19.3%DYNF: +14.4% a year, volatility 17.5%ICE: +5.9% a year, volatility 21.8%MRSH: +4.8% a year, volatility 21.0%THG: +15.2% a year, volatility 22.9%JEPI: +7.3% a year, volatility 11.0%ED: +12.7% a year, volatility 18.9%VNLA: +4.1% a year, volatility 1.1%FLTR: +4.8% a year, volatility 2.1%ATO: +15.9% a year, volatility 18.5%DOCT: +8.2% a year, volatility 7.4%XLV: +8.4% a year, volatility 15.3%FLRN: +4.5% a year, volatility 1.7%CHT: +8.2% a year, volatility 13.3%DFIV: +14.8% a year, volatility 16.4%XEL: +7.2% a year, volatility 20.9%SPMO: +18.1% a year, volatility 20.9%WCN: +7.4% a year, volatility 20.4%AVLV: +13.9% a year, volatility 16.9%FLDR: +3.9% a year, volatility 1.2%FTS: +9.5% a year, volatility 16.5%HYGH: +6.6% a year, volatility 7.1%WEC: +7.7% a year, volatility 19.1%NI: +15.5% a year, volatility 20.3%TBUX: +4.2% a year, volatility 1.1%DFAT: +9.7% a year, volatility 21.0%DGRW: +11.7% a year, volatility 14.0%USMV: +7.7% a year, volatility 12.3%DFAS: +7.2% a year, volatility 20.5%AEE: +8.2% a year, volatility 19.4%DTM: +25.0% a year, volatility 25.2%MGV: +12.8% a year, volatility 13.4%SPHQ: +11.7% a year, volatility 16.7%WTW: +7.5% a year, volatility 24.0%RAVI: +3.8% a year, volatility 1.4%EWJ: +9.3% a year, volatility 18.7%RY: +17.5% a year, volatility 18.2%BUFR: +9.8% a year, volatility 10.5%CHD: +6.4% a year, volatility 21.1%USTB: +3.6% a year, volatility 2.1%DBEF: +12.9% a year, volatility 13.8%BKLN: +5.3% a year, volatility 4.5%ACWX: +8.1% a year, volatility 16.7%CMS: +6.1% a year, volatility 19.1%IOO: +15.6% a year, volatility 17.2%WELL: +27.0% a year, volatility 23.8%JQUA: +13.5% a year, volatility 15.7%LNT: +7.6% a year, volatility 19.8%XLP: +7.6% a year, volatility 13.8%DIVO: +10.9% a year, volatility 11.9%SRLN: +4.6% a year, volatility 3.9%VPL: +9.3% a year, volatility 18.6%MOAT: +9.5% a year, volatility 18.4%SPHY: +3.8% a year, volatility 7.2%TMO: +2.3% a year, volatility 27.8%SPY (S&P 500): +12.5% a year, volatility 17.2%AMGN: +20.1% a year, volatility 24.9%LLY: +41.2% a year, volatility 32.8%MRK: +16.1% a year, volatility 24.8%WAT: +4.6% a year, volatility 33.9%A: +2.7% a year, volatility 30.6%VRTX: +23.9% a year, volatility 29.1%ABBV: +25.5% a year, volatility 23.4%JNJ: +13.5% a year, volatility 18.0%NVS: +17.4% a year, volatility 20.7%GILD: +22.8% a year, volatility 24.9%EXEL: +25.0% a year, volatility 35.8%INCY: +12.2% a year, volatility 30.1%CIBR: +14.5% a year, volatility 26.2%SGOV: +3.8% a year, volatility 0.3%JAAA: +5.1% a year, volatility 1.7%V: +13.2% a year, volatility 22.9%IHAK: +9.0% a year, volatility 25.0%VTI: +11.4% a year, volatility 17.5%EXPD: +11.1% a year, volatility 27.1%VTIP: +2.7% a year, volatility 2.9%CAH: +41.7% a year, volatility 24.7%TMOSPY (S&P 500)AMGNLLYMRKWATVRTXABBVJNJNVSGILDSGOVJAAAIHAKCAH
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than TMO?

Investments that beat TMO over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat TMO over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks TMO's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than TMO follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than TMO's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× TMO's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than TMO's.

Screen the whole market against TMO for any period in BetterThanSPYOpen these 21 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with TMO?lower diversifies moreExpenseper year
TMOThermo Fisher Scientific Inc. · this page
+2.3%27.8%0.22−40.9%+355%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.5%17.2%0.78−33.7%+316%0.520.09%
Popular alternativesbest 6 shownThe investments people most often weigh against TMO. 7 of 22 passed at least one test.
AMGNAmgen Inc. · Biotechnology
Higher return, lower volatilityHigher Sharpe, smaller worst decline+20.1%24.9%0.86−24.9%+280%0.35—
LLYEli Lilly and Company · Pharmaceuticals
Higher Sharpe, smaller worst declineHigher return in most periods+41.2%32.8%1.22−34.5%+1,870%0.19—
MRKMerck & Co., Inc. · Pharmaceuticals
Higher return, lower volatility+16.1%24.8%0.73−43.4%+245%0.26—
WATWaters Corporation · Life Sciences Tools
Higher return in most periods+4.6%33.9%0.30−44.3%+189%0.60—
AAgilent Technologies, Inc. · Life Sciences Tools
Higher return in most periods+2.7%30.6%0.24−43.2%+310%0.75—
VRTXVertex Pharmaceuticals Incorporated · Rare Disease Therapeutics
Higher return, similar volatility+23.9%29.1%0.89−41.6%+580%0.19—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Life Sciences Tools and the categories next to it (Biotechnology, Contract Research, Medical Diagnostics, Pharmaceuticals), plus TMO's specific themes. 26 of 302 passed at least one test.
ABBVAbbVie Inc. · Specialty Pharmaceuticals
Higher return, lower volatilityHigher return in most periods+25.5%23.4%1.09−45.1%+600%0.26—
JNJJohnson & Johnson · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst decline+13.5%18.0%0.80−27.4%+209%0.34—
NVSNovartis AG · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst decline+17.4%20.7%0.89−26.8%+234%0.17—
GILDGilead Sciences, Inc. · Biotechnology
Higher return, lower volatilityHigher Sharpe, smaller worst decline+22.8%24.9%0.95−30.5%+202%0.15—
EXELExelixis, Inc. · Oncology
Higher return in most periods+25.0%35.8%0.81−57.2%+478%-0.08—
INCYIncyte Corporation · Biotechnology
Higher return, similar volatility+12.2%30.1%0.53−66.5%+32.6%0.46—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 1,301 of 3,389 passed at least one test.
CIBRFirst Trust Nasdaq Cybersecurity ETF · Cybersecurity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+14.5%26.2%0.65−33.9%+461%0.280.58%
SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bills
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+3.8%0.3%13.25−0.3%—-0.010.09%
JAAAJanus Henderson AAA CLO ETF · AAA CLO Debt
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+5.1%1.7%2.98−2.6%—0.180.20%
VVisa Inc. · Payment Processing
Higher return, lower volatilityHigher return in most periods+13.2%22.9%0.66−36.4%+435%0.26—
IHAKiShares Cybersecurity and Tech ETF · Cybersecurity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+9.0%25.0%0.47−34.4%—0.310.47%
VTIVanguard Morningstar Total Stock Market ETF · US Total Market
Higher return, lower volatilityHigher Sharpe, smaller worst decline+11.4%17.5%0.71−35.0%+298%0.520.03%
EXPDExpeditors International of Washington, Inc. · Freight & Logistics
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+11.1%27.1%0.53−35.6%+338%0.51—
VTIPVanguard Short-Term Inflation-Protected Securities ETF · Inflation-Protected Bonds
Similar return, lower volatilityHigher Sharpe, smaller worst decline+2.7%2.9%0.95−6.3%+33.2%0.240.03%
What these numbers mean for TMO
Annual return
TMO returned 2.3% a year over the past 5 years with dividends reinvested, against 12.5% a year for the S&P 500. At that pace, $10,000 became about $11,200. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
TMO's volatility over the past 5 years was 27.8%, 1.6 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, TMO's return lands within 27.8% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
TMO's Sharpe ratio over the past 5 years was 0.22, against 0.78 for the S&P 500, so TMO earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
TMO's worst fall from a peak to a low over the past 10 years was 40.9%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 40.9% fall takes a 69.3% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, TMO's monthly returns had a correlation of 0.52 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against TMO instead: the lower it is, the more that option would diversify a TMO holding. Guide: Correlation and diversification →
Show all 957 stocks and funds worth at least $500 million that earned more than TMO with less volatility

Out of 3,641 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with TMOExpense
1
CIBRFirst Trust Nasdaq Cybersecurity ETF · Cybersecurity
Whole market+14.5%26.2%0.65−33.9%+461%0.280.58%
2
SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bills
Whole market+3.8%0.3%13.25−0.3%—-0.010.09%
3
JAAAJanus Henderson AAA CLO ETF · AAA CLO Debt
Whole market+5.1%1.7%2.98−2.6%—0.180.20%
4
VVisa Inc. · Payment Processing
Whole market+13.2%22.9%0.66−36.4%+435%0.26—
5
IHAKiShares Cybersecurity and Tech ETF · Cybersecurity
Whole market+9.0%25.0%0.47−34.4%—0.310.47%
6
VTIVanguard Morningstar Total Stock Market ETF · US Total Market
Whole market+11.4%17.5%0.71−35.0%+298%0.520.03%
7
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Whole market+12.6%16.9%0.79−34.0%+319%0.520.03%
8
WMTWalmart Inc. · Discount Retail
Whole market+21.1%22.6%0.97−25.7%+521%0.08—
9
BRK-ABerkshire Hathaway Inc. · Insurance
Whole market+13.5%17.2%0.83−30.4%+281%0.29—
10
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+360%0.09—
11
VRIGInvesco Variable Rate Investment Grade ETF · Investment Grade Bonds
Whole market+4.7%1.3%3.52−13.1%+40.7%0.060.30%
12
LVHIFranklin International Low Volatility High Dividend Index ETF · International Dividend Equity
Whole market+16.9%11.1%1.48−32.4%+194%0.370.40%
13
COSTCostco Wholesale Corporation · Discount Retail
Whole market+17.4%22.9%0.82−31.4%+692%0.23—
14
BALTInnovator Defined Wealth Shield ETF · US Equity Buffer
Whole market+6.2%3.3%1.84−4.9%—0.450.69%
15
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Whole market+14.2%23.0%0.69−35.1%+531%0.410.18%
16
FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Bank Loans
Whole market+6.0%2.3%2.55−20.9%+58.7%0.230.60%
17
METMetLife, Inc. · Life Insurance
Whole market+12.8%25.4%0.60−55.2%+248%0.28—
18
VEAVanguard FTSE Developed Markets ETF · Developed International Equity
Whole market+9.1%16.9%0.60−35.8%+152%0.420.03%
19
PGThe Procter & Gamble Company · Household & Personal Products
Whole market+5.8%18.4%0.40−23.8%+156%0.10—
20
ABBVAbbVie Inc. · Specialty Pharmaceuticals
Same or nearby category+25.5%23.4%1.09−45.1%+600%0.26—
21
LINLinde plc · Chemicals
Whole market+11.7%20.9%0.64−32.6%+404%0.24—
22
GLDSPDR Gold Shares · Gold
Whole market+17.1%19.0%0.93−26.4%+206%0.100.40%
23
VGTVanguard Information Technology ETF · Technology Equity
Whole market+18.1%26.1%0.77−35.1%+753%0.390.09%
24
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+21.8%25.7%0.90−30.3%+849%-0.11—
25
VIGVanguard Dividend Appreciation ETF · Dividend Growth
Whole market+10.4%14.1%0.77−31.7%+258%0.530.04%
26
FLOTiShares Floating Rate Bond ETF · Floating Rate Bonds
Whole market+4.5%1.8%2.49−13.5%+35.9%0.040.15%
27
VYMVanguard High Dividend Yield ETF · High Dividend Yield
Whole market+11.6%13.8%0.87−35.2%+209%0.460.04%
28
SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity
Whole market+10.2%14.4%0.75−33.4%+256%0.450.06%
29
CORCencora, Inc. · Health Care Distribution
Whole market+23.6%22.8%1.05−32.4%+403%0.26—
30
MNSTMonster Beverage Corporation · Nonalcoholic Beverages
Whole market+17.4%24.9%0.77−30.4%+278%0.06—
31
VTVanguard Total World Stock ETF · Global Equity
Whole market+10.1%16.2%0.68−34.2%+220%0.500.06%
32
EP-PCEl Paso Energy Capital Trust I PFD CV TR SECS · Preferred Stocks
Whole market+5.2%8.9%0.62−25.4%+38.1%0.17—
33
RSGRepublic Services, Inc. · Waste Management
Whole market+14.1%18.6%0.80−34.0%+461%0.11—
34
ULUnilever PLC · Household & Personal Products
Whole market+5.7%21.6%0.37−30.1%+96.5%0.27—
35
MSIMotorola Solutions, Inc. · Communications Equipment
Whole market+15.2%23.6%0.72−32.8%+639%0.30—
36
WMWaste Management, Inc. · Waste Management
Whole market+9.5%19.3%0.57−30.1%+357%0.11—
37
AEPAmerican Electric Power Company, Inc. · Electric Utilities
Whole market+12.8%20.2%0.70−32.9%+192%0.34—
38
FJANFT Vest U.S. Equity Buffer ETF - January · US Equity Buffer
Whole market+11.0%10.5%1.04−13.6%—0.460.85%
39
POCTInnovator U.S. Equity Power Buffer ETF · Moderate Buffer
Whole market+9.9%8.0%1.22−18.8%—0.500.79%
40
FASTFastenal Company · Industrial Distribution
Whole market+16.2%24.6%0.74−30.7%+582%0.25—
41
NEARiShares Short Duration Bond Active ETF · Short-Term Bonds
Whole market+3.9%1.4%2.74−9.6%+32.1%0.150.25%
42
SCHGSchwab U.S. Large-Cap Growth ETF · US Large-Cap Growth
Whole market+12.8%22.5%0.65−34.5%+438%0.480.04%
43
CLColgate-Palmolive Company · Household & Personal Products
Whole market+7.8%19.3%0.48−29.0%+73.7%0.05—
44
DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity
Whole market+14.4%17.5%0.86−34.7%—0.500.26%
45
ICEIntercontinental Exchange, Inc. · Capital Markets
Whole market+5.9%21.8%0.37−34.3%+249%0.42—
46
MRSHMarsh & McLennan Companies, Inc. · Insurance Brokers
Whole market+4.8%21.0%0.33−35.8%+261%0.27—
47
THGThe Hanover Insurance Group, Inc. · Property & Casualty Insurance
Whole market+15.2%22.9%0.73−40.1%+309%-0.02—
48
JEPIJPMorgan Equity Premium Income ETF · Covered Call Income
Whole market+7.3%11.0%0.70−13.7%—0.520.35%
49
EDConsolidated Edison, Inc. · Electric Utilities
Whole market+12.7%18.9%0.73−30.9%+123%0.22—
50
VNLAJanus Henderson Short Duration Income ETF · Ultrashort Bonds
Whole market+4.1%1.1%3.80−4.5%—0.220.25%
51
FLTRVanEck IG Floating Rate ETF · Floating Rate Bonds
Whole market+4.8%2.1%2.21−17.8%+42.1%-0.020.14%
52
ATOAtmos Energy Corporation · Gas Utilities
Whole market+15.9%18.5%0.90−32.9%+207%0.22—
53
DOCTFT Vest U.S. Equity Deep Buffer ETF - October · Deep Buffer
Whole market+8.2%7.4%1.10−9.9%—0.510.85%
54
XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity
Whole market+8.4%15.3%0.60−28.4%+208%0.600.08%
55
FLRNState Street SPDR Bloomberg Investment Grade Floating Rate ETF · Floating Rate Bonds
Whole market+4.5%1.7%2.58−14.7%+35.7%0.060.15%
56
CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications
Whole market+8.2%13.3%0.66−23.8%+104%0.11—
57
DFIVDimensional - International Value ETF · International Large-Cap Value
Whole market+14.8%16.4%0.93−25.4%—0.380.27%
58
XELXcel Energy Inc. · Electric Utilities
Whole market+7.2%20.9%0.44−34.4%+164%0.10—
59
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Whole market+18.1%20.9%0.91−30.9%+485%0.290.13%
60
WCNWaste Connections, Inc. · Waste Management
Whole market+7.4%20.4%0.45−31.6%+299%0.27—
61
JNJJohnson & Johnson · Pharmaceuticals
Same or nearby category+13.5%18.0%0.80−27.4%+209%0.34—
62
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value
Whole market+13.9%16.9%0.86−19.5%—0.470.15%
63
FLDRFidelity Low Duration Bond Factor ETF · Short-Term Bonds
Whole market+3.9%1.2%3.13−12.2%—0.260.15%
64
FTSFortis Inc. · Electric Utilities
Whole market+9.5%16.5%0.63−34.3%+162%0.19—
65
HYGHiShares Interest Rate Hedged High Yield Bond ETF · High Yield Bonds
Whole market+6.6%7.1%0.95−23.9%+73.7%0.401.12%
66
WECWEC Energy Group, Inc. · Electric Utilities
Whole market+7.7%19.1%0.49−32.3%+168%0.23—
67
NINiSource Inc · Gas Utilities
Whole market+15.5%20.3%0.81−30.9%+166%0.16—
68
TBUXT. Rowe Price Ultra Short-Term Bond ETF · Ultrashort Bonds
Whole market+4.2%1.1%3.88−1.8%—0.180.17%
69
DFATDimensional - US Targeted Value ETF · US Small-Cap Value
Whole market+9.7%21.0%0.55−26.1%—0.420.33%
70
NVSNovartis AG · Pharmaceuticals
Same or nearby category+17.4%20.7%0.89−26.8%+234%0.17—
71
DGRWWisdomTree U.S. Quality Dividend Growth Fund · US Dividend Equity
Whole market+11.7%14.0%0.87−32.0%+271%0.510.28%
72
USMViShares MSCI USA Min Vol Factor ETF · US Low-Volatility Equity
Whole market+7.7%12.3%0.66−33.1%+179%0.480.15%
73
DFASDimensional - US Small Cap ETF · Systematic Core Equity
Whole market+7.2%20.5%0.44−26.1%—0.450.31%
74
AEEAmeren Corporation · Electric Utilities
Whole market+8.2%19.4%0.50−29.1%+199%0.25—
75
DTMDT Midstream, Inc. · Oil & Gas Midstream
Whole market+25.0%25.2%1.02−23.6%—-0.05—
76
GILDGilead Sciences, Inc. · Biotechnology
Same or nearby category+22.8%24.9%0.95−30.5%+202%0.15—
77
MGVVanguard Morningstar Mega Cap Value ETF · US Large-Cap Value
Whole market+12.8%13.4%0.96−35.4%+247%0.460.05%
78
SPHQInvesco S&P 500 Quality ETF · US Quality Equity
Whole market+11.7%16.7%0.75−31.6%+295%0.410.20%
79
WTWWillis Towers Watson Public Limited Company · Insurance Brokers
Whole market+7.5%24.0%0.42−32.9%+200%0.29—
80
RAVINorthern Trust Ultra-Short Fixed Income ETF · Ultrashort Bonds
Whole market+3.8%1.4%2.62−3.7%+31.1%0.150.26%
81
EWJiShares MSCI Japan ETF · Japan Equity
Whole market+9.3%18.7%0.57−33.1%+129%0.400.49%
82
RYRoyal Bank of Canada · Banks
Whole market+17.5%18.2%0.98−40.0%+361%0.28—
83
BUFRFT Vest Laddered Buffer ETF · Buffered Equity
Whole market+9.8%10.5%0.95−13.7%—0.520.10%
84
CHDChurch & Dwight Co., Inc. · Household & Personal Products
Whole market+6.4%21.1%0.40−31.7%+162%0.18—
85
USTBVictoryShares Short-Term Bond ETF · Short-Term Bonds
Whole market+3.6%2.1%1.77−5.3%—0.350.34%
86
DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity
Whole market+12.9%13.8%0.95−32.5%+204%0.490.35%
87
BKLNInvesco Senior Loan ETF · Bank Loans
Whole market+5.3%4.5%1.19−24.1%+50.5%0.320.67%
88
ACWXiShares MSCI ACWI ex U.S. ETF · International Equity
Whole market+8.1%16.7%0.55−35.3%+134%0.420.32%
89
CMSCMS Energy Corporation · Electric Utilities
Whole market+6.1%19.1%0.41−29.6%+129%0.20—
90
IOOiShares Global 100 ETF · Global Equity
Whole market+15.6%17.2%0.94−31.4%+357%0.520.40%
91
WELLWelltower Inc. · Healthcare REITs
Whole market+27.0%23.8%1.13−63.3%+378%0.28—
92
JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity
Whole market+13.5%15.7%0.89−32.9%—0.520.12%
93
LNTAlliant Energy Corporation · Electric Utilities
Whole market+7.6%19.8%0.47−33.5%+158%0.23—
94
XLPState Street Consumer Staples Select Sector SPDR ETF · Consumer Staples
Whole market+7.6%13.8%0.60−24.5%+124%0.240.08%
95
DIVOAmplify CWP Enhanced Dividend Income ETF · Covered Call Income
Whole market+10.9%11.9%0.94−30.0%—0.510.56%
96
SRLNState Street Blackstone Senior Loan ETF · Bank Loans
Whole market+4.6%3.9%1.17−22.3%+53.9%0.300.70%
97
VPLVanguard FTSE Pacific ETF · International Equity
Whole market+9.3%18.6%0.57−33.9%+138%0.350.07%
98
MOATVanEck Morningstar Wide Moat ETF · US Large-Cap Equity
Whole market+9.5%18.4%0.59−33.3%+278%0.580.46%
99
SPHYState Street SPDR Portfolio High Yield Bond ETF · High Yield Bonds
Whole market+3.8%7.2%0.56−22.0%+55.1%0.450.05%
100
AMGNAmgen Inc. · Biotechnology
Popular alternative+20.1%24.9%0.86−24.9%+280%0.35—

TMO against its popular alternatives

The investments people most often weigh against TMO, compared period by period and year by year.

How do TMO's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at TMO, which divides the map into what did better or worse on each measure.

Green points earned more than TMO with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%100.0%−40.0%−20.0%0.0%20.0%40.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityTMO: 2.3% a year, volatility 27.8%SPY (S&P 500): 12.5% a year, volatility 17.2%AMGN: 20.1% a year, volatility 24.9%MRK: 16.2% a year, volatility 24.8%CRL: −4.2% a year, volatility 44.1%RVTY: −2.0% a year, volatility 35.1%ILMN: −7.5% a year, volatility 47.0%IQV: 1.6% a year, volatility 34.8%TXG: −15.7% a year, volatility 70.9%SOPH: −14.5% a year, volatility 81.5%AVTR: −14.9% a year, volatility 41.0%BRKR: −5.7% a year, volatility 44.4%PACB: −39.5% a year, volatility 97.1%DHR: −3.2% a year, volatility 29.2%TECH: −10.1% a year, volatility 39.4%BIO: −13.6% a year, volatility 37.9%LLY: 41.2% a year, volatility 32.8%A: 2.7% a year, volatility 30.6%MTD: 2.8% a year, volatility 32.5%WAT: 4.6% a year, volatility 33.9%VRTX: 23.9% a year, volatility 29.1%MEDP: 28.4% a year, volatility 52.1%REGN: 7.6% a year, volatility 31.2%QGEN: 0.8% a year, volatility 26.9%TMOSPY (S&P 500)AMGNMRKCRLRVTYIQVTXGSOPHAVTRBRKRPACBDHRTECHBIOLLYVRTXMEDPREGNQGEN0.0%20.0%40.0%60.0%80.0%100%−40.0%−20.0%0.0%20.0%40.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityTMO: 2.3% a year, volatility 27.8%SPY (S&P 500): 12.5% a year, volatility 17.2%AMGN: 20.1% a year, volatility 24.9%MRK: 16.2% a year, volatility 24.8%CRL: −4.2% a year, volatility 44.1%RVTY: −2.0% a year, volatility 35.1%ILMN: −7.5% a year, volatility 47.0%IQV: 1.6% a year, volatility 34.8%TXG: −15.7% a year, volatility 70.9%SOPH: −14.5% a year, volatility 81.5%AVTR: −14.9% a year, volatility 41.0%BRKR: −5.7% a year, volatility 44.4%PACB: −39.5% a year, volatility 97.1%DHR: −3.2% a year, volatility 29.2%TECH: −10.1% a year, volatility 39.4%BIO: −13.6% a year, volatility 37.9%LLY: 41.2% a year, volatility 32.8%A: 2.7% a year, volatility 30.6%MTD: 2.8% a year, volatility 32.5%WAT: 4.6% a year, volatility 33.9%VRTX: 23.9% a year, volatility 29.1%MEDP: 28.4% a year, volatility 52.1%REGN: 7.6% a year, volatility 31.2%QGEN: 0.8% a year, volatility 26.9%TMOSPY (S&P 500)AMGNCRLRVTYILMNTXGSOPHAVTRPACBBIOLLYAVRTXMEDPREGN
All figures
InvestmentAnnual returnVolatility
LLY Eli Lilly and Company+41.2%32.8%
MEDP Medpace Holdings, Inc.+28.4%52.1%
VRTX Vertex Pharmaceuticals Incorporated+23.9%29.1%
AMGN Amgen Inc.+20.1%24.9%
MRK Merck & Co., Inc.+16.2%24.8%
SPY S&P 500State Street SPDR S&P 500 ETF+12.5%17.2%
REGN Regeneron Pharmaceuticals, Inc.+7.6%31.2%
WAT Waters Corporation+4.6%33.9%
MTD Mettler-Toledo International Inc.+2.8%32.5%
A Agilent Technologies, Inc.+2.7%30.6%
TMO This pageThermo Fisher Scientific Inc.+2.3%27.8%
IQV IQVIA Holdings Inc.+1.6%34.8%
QGEN Qiagen N.V.+0.8%26.9%
RVTY Revvity, Inc.−2.0%35.1%
DHR Danaher Corporation−3.2%29.2%
CRL Charles River Laboratories International, Inc.−4.2%44.1%
BRKR Bruker Corporation−5.7%44.4%
ILMN Illumina, Inc.−7.5%47.0%
TECH Bio-Techne Corporation−10.1%39.4%
BIO Bio-Rad Laboratories, Inc.−13.6%37.9%
SOPH SOPHiA GENETICS S.A.−14.5%81.5%
AVTR Avantor, Inc.−14.9%41.0%
TXG 10x Genomics, Inc.−15.7%70.9%
PACB Pacific Biosciences of California, Inc.−39.5%97.1%
Open these 24 in EasyCompare

Has TMO consistently beaten its popular alternatives?

This section compares TMO with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than TMO helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than TMO over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
TMO Thermo Fisher Scientific Inc. (this page)—+2.7%+28.6%+31.9%+14.5%+19.7%+47.9%+12.1%+355%27.8%0.22−40.9%—$250B—
LLY QualifiedEli Lilly and Company4/5 short3/3 longAll-weather+11.7%+12.5%+42.3%+21.5%+61.9%+131%+461%+1,870%32.8%1.22−34.5%—$1.2T—
A QualifiedAgilent Technologies, Inc.4/5 short2/3 long+4.1%+30.5%+44.8%+27.0%+20.1%+62.6%+14.1%+310%30.6%0.24−43.2%—$49B—
MTD QualifiedMettler-Toledo International Inc.4/5 short2/3 long+13.0%+31.0%+28.6%+19.4%+21.9%+67.0%+14.6%+307%32.5%0.25−43.5%—$34B—
WAT QualifiedWaters Corporation4/5 short2/3 long+7.0%+22.9%+36.2%+19.3%+30.7%+78.2%+25.0%+189%33.9%0.30−44.3%—$45B—
VRTX QualifiedVertex Pharmaceuticals Incorporated3/5 short2/3 long+3.9%+13.2%+22.3%+18.4%+25.5%+45.6%+192%+580%29.1%0.89−41.6%—$136B—
AMGN QualifiedAmgen Inc.3/5 short2/3 long+9.0%+22.9%+31.0%+39.3%+55.3%+79.2%+150%+280%24.9%0.86−24.9%—$242B—
MEDP Medical - Diagnostics & ResearchMedpace Holdings, Inc.1/5 short3/3 long+3.8%+23.8%+28.6%+14.5%+19.6%+187%+250%+2,003%52.1%0.73−42.9%—$18B—
MRK Drug Manufacturers - GeneralMerck & Co., Inc.2/5 short2/3 long−2.4%+16.2%+32.1%+41.2%+73.0%+56.1%+111%+245%24.8%0.73−43.4%—$363B—
CRL Medical - Diagnostics & ResearchCharles River Laboratories International, Inc.5/5 short1/3 long+19.1%+55.3%+83.8%+67.8%+81.6%+87.4%−19.2%+310%44.1%0.13−78.2%—$16B—
RVTY Medical - Diagnostics & ResearchRevvity, Inc.5/5 short1/3 long+9.8%+42.4%+67.0%+60.7%+64.8%+55.0%−9.8%+205%35.1%0.12−59.0%—$18B—
ILMN Medical - Diagnostics & ResearchIllumina, Inc.5/5 short1/3 long+8.9%+41.1%+106%+101%+177%+132%−32.2%+94.8%47.0%0.07−86.2%—$41B—
IQV Medical - Diagnostics & ResearchIQVIA Holdings Inc.4/5 short1/3 long+3.0%+40.2%+58.8%+23.5%+27.8%+51.5%+8.3%+273%34.8%0.22−51.5%—$46B—
TXG Biotechnology10x Genomics, Inc.4/5 short1/3 long−13.6%+48.2%+206%+320%+469%+75.0%−57.5%—70.9%0.11−96.5%—$9.1B—
SOPH Medical - Healthcare Information ServicesSOPHiA GENETICS S.A.3/5 short1/3 long−12.6%+10.2%+37.4%+51.0%+76.3%+132%−54.3%—81.5%0.21−91.3%—$600M—
REGN BiotechnologyRegeneron Pharmaceuticals, Inc.1/5 short1/3 long+1.9%+25.9%+10.0%+5.9%+40.8%+3.9%+44.5%+128%31.2%0.39−59.7%—$84B—
QGEN Medical - Diagnostics & ResearchQiagen N.V.1/5 short1/3 long+14.9%+23.8%+26.8%+11.7%+9.3%+50.5%+4.2%+118%26.9%0.16−41.4%—$10B—
AVTR Medical - Instruments & SuppliesAvantor, Inc.4/5 short0/3 long+14.8%+56.6%+107%+49.7%+13.1%−16.6%−55.4%—41.0%-0.19−83.2%—$12B—
BRKR Medical - DevicesBruker Corporation3/5 short0/3 long−6.4%−4.0%+44.7%+19.5%+47.8%−2.8%−25.5%+171%44.4%0.09−68.7%—$8.7B—
PACB Medical - DevicesPacific Biosciences of California, Inc.2/5 short0/3 long+40.1%+49.3%+20.5%+12.0%+12.0%−71.6%−91.9%−77.1%97.1%-0.03−98.2%—$640M—
DHR Medical - Diagnostics & ResearchDanaher Corporation1/5 short0/3 long+4.1%+28.5%+25.3%+0.3%+6.1%+14.6%−15.2%+240%29.2%0.03−43.8%—$161B—
TECH BiotechnologyBio-Techne Corporation1/5 short0/3 long+0.1%+1.3%+24.3%+22.3%+14.5%+16.3%−41.2%+192%39.4%-0.07−67.2%—$11B—
BIO Medical - DevicesBio-Rad Laboratories, Inc.1/5 short0/3 long−4.2%+18.8%+20.9%+19.1%+8.8%+20.4%−51.8%+123%37.9%-0.20−73.8%—$9.7B—
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How did TMO do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where TMO ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with TMO and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Newest year first. Green marks a year in which the fund came out ahead of TMO; gray means the two finished within a fraction of a point. The rank row places TMO among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of TMO20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
TMO This pageThermo Fisher Scientific Inc.—+11.8%−1.7%−3.4%−17.3%+43.5%+43.7%+45.6%+18.2%+35.0%−0.1%+13.8%+13.1%+75.8%+43.2%−18.8%+16.1%+40.0%−40.9%+27.4%+50.3%−0.2%+19.8%+25.3%−15.7%+5.6%+98.2%−11.4%−61.5%+6.7%
Rank among alternativesTop quarter in 4 of 2910 of 2311 of 2315 of 2311 of 2311 of 2211 of 226 of 207 of 209 of 209 of 1911 of 1911 of 194 of 184 of 1812 of 189 of 177 of 1711 of 178 of 173 of 1714 of 177 of 1711 of 176 of 173 of 175 of 1412 of 1313 of 137 of 12
SPY S&P 500State Street SPDR S&P 500 ETF11 of 29+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%−11.7%−9.8%+20.4%+28.7%+33.5%
LLY Eli Lilly and Company13 of 29+40.3%+33.3%+60.9%+34.3%+66.1%+31.0%+16.2%+40.5%+17.8%−10.4%+25.4%+39.8%+7.3%+24.2%+25.2%+3.6%−6.2%−21.3%+5.7%−5.2%+2.6%−17.6%+13.1%−17.6%−14.4%+41.9%−24.3%+29.1%+93.6%
A Agilent Technologies, Inc.8 of 26+1.9%−2.7%−6.4%−5.5%+35.5%+39.8%+27.5%+1.7%+48.3%+10.2%+3.5%+0.8%+41.1%+18.4%−15.7%+33.4%+98.7%−57.4%+5.4%+11.1%+38.1%−17.6%+62.8%−37.0%−47.9%−29.2%———
MTD Mettler-Toledo International Inc.16 of 28+13.9%+0.9%−16.1%−14.8%+48.9%+43.7%+40.3%−8.7%+48.0%+23.4%+12.1%+24.7%+25.5%+30.9%−2.3%+44.0%+55.8%−40.8%+44.3%+42.8%+7.6%+21.6%+31.7%−38.2%−4.7%+42.4%+36.1%+62.7%—
WAT Waters Corporation15 of 29+2.4%+12.7%−3.9%−8.1%+50.6%+5.9%+23.9%−2.4%+43.8%−0.1%+19.4%+12.7%+14.8%+17.6%−4.7%+25.4%+69.1%−53.6%+61.5%+29.5%−19.2%+41.1%+52.3%−43.8%−53.6%+215%+21.5%+129%+25.6%
VRTX Vertex Pharmaceuticals Incorporated12 of 29+12.6%−1.0%+40.9%+31.5%−7.1%+7.9%+32.1%+10.6%+103%−41.4%+5.9%+59.9%+77.3%+26.2%−5.2%−18.3%+41.0%+30.8%−37.9%+35.2%+162%+2.1%−34.7%−35.5%−65.6%+309%+17.6%−9.8%−18.0%
AMGN Amgen Inc.11 of 29+29.7%−6.8%+13.5%+20.4%+0.9%−2.0%+27.6%+15.2%+22.3%−7.6%+4.0%+42.3%+34.8%+36.8%+18.2%−3.0%−2.0%+24.3%−32.0%−13.4%+22.9%+3.8%+27.8%−14.4%−11.7%+6.5%+130%+93.3%−0.4%
MEDP Medpace Holdings, Inc.8 of 9+69.1%+8.4%+44.3%−2.4%+56.4%+65.6%+58.8%+46.0%+0.5%————————————————————
MRK Merck & Co., Inc.12 of 29+9.8%−6.3%+1.0%+49.4%+1.8%−7.2%+22.3%+40.0%−1.5%+15.0%−3.9%+16.9%+26.9%+13.1%+9.6%+2.9%+26.7%−45.3%+37.3%+42.8%+4.0%−27.7%−11.2%−1.2%−36.0%+41.8%−7.7%+41.6%+35.7%
CRL Charles River Laboratories International, Inc.10 of 25+8.1%−21.9%+8.5%−42.2%+50.8%+63.6%+35.0%+3.4%+43.6%−5.2%+26.3%+20.0%+41.5%+37.1%−23.1%+5.5%+28.6%−60.2%+52.1%+2.1%−7.9%+34.0%−10.8%+14.9%+22.3%————
RVTY Revvity, Inc.13 of 29−13.1%+2.4%−21.9%−30.1%+40.4%+48.2%+24.0%+7.8%+40.8%−2.1%+23.2%+6.8%+31.0%+60.4%−21.6%+27.1%+50.6%−45.9%+18.4%−4.5%+6.2%+33.9%+112%−75.7%−32.7%+154%+52.5%+36.6%+6.4%
ILMN Illumina, Inc.12 of 25−1.8%−1.3%−31.1%−46.9%+2.8%+11.5%+10.6%+37.3%+70.7%−33.3%+4.0%+66.9%+99.0%+82.4%−51.9%+106%+17.8%−12.1%+50.8%+179%+48.6%+34.4%+109%−71.3%−26.9%————
IQV IQVIA Holdings Inc.6 of 12+14.7%−15.1%+12.9%−27.4%+57.5%+16.0%+33.0%+18.7%+28.7%+10.8%+16.6%+27.0%—————————————————
TXG 10x Genomics, Inc.3 of 6+13.6%−74.3%+53.6%−75.5%+5.2%+85.7%———————————————————————
SOPH SOPHiA GENETICS S.A.2 of 4+52.1%−34.8%+129%−85.4%—————————————————————————
REGN Regeneron Pharmaceuticals, Inc.12 of 29+9.0%−18.9%+21.7%+14.2%+30.7%+28.7%+0.5%−0.7%+2.4%−32.4%+32.3%+49.0%+60.9%+209%+68.8%+35.8%+31.7%−24.0%+20.3%+26.2%+72.7%−37.4%−20.6%−34.3%−20.2%+177%+72.8%−13.8%−46.9%
QGEN Qiagen N.V.13 of 29+12.5%+2.6%−12.9%−10.3%+5.2%+56.4%−1.9%+11.4%+10.7%+1.3%+17.8%−1.5%+31.2%+31.4%−29.3%−12.4%+27.1%−16.5%+39.1%+28.8%+7.3%−8.5%+131%−72.1%−46.3%+83.3%+150%+35.3%+73.4%
AVTR Avantor, Inc.3 of 6−45.6%−7.7%+8.3%−50.0%+49.7%+55.1%———————————————————————
BRKR Bruker Corporation10 of 25−19.3%−20.0%+7.8%−18.3%+55.3%+6.6%+71.8%−12.8%+62.7%−12.2%+23.7%−0.8%+29.8%+22.7%−25.2%+37.7%+199%−69.7%+77.1%+54.5%+20.7%−11.5%−6.4%−70.3%−30.6%————
PACB Pacific Biosciences of California, Inc.6 of 15+2.2%−81.3%+19.9%−60.0%−21.1%+405%−30.5%+180%−30.5%−71.1%+67.5%+49.9%+208%−39.3%−82.4%——————————————
DHR Danaher Corporation14 of 29+0.4%−0.4%−1.2%−19.0%+48.6%+45.4%+49.5%+11.8%+20.0%+73.2%+9.3%+11.6%+38.3%+19.1%−0.1%+25.7%+33.0%−35.4%+21.3%+30.1%−2.7%+25.3%+39.7%+9.1%−11.7%+41.5%−11.0%+72.4%+35.2%
TECH Bio-Techne Corporation11 of 29−17.9%−6.3%−6.5%−35.7%+63.4%+45.4%+52.7%+12.6%+27.5%+15.8%−1.3%−1.1%+40.9%+1.9%+5.5%−2.5%+8.0%−1.9%+19.2%−1.2%+44.3%+2.8%+32.5%−22.4%+2.0%+31.1%+160%+20.9%+33.8%
BIO Bio-Rad Laboratories, Inc.13 of 29−7.8%+1.7%−23.2%−44.4%+29.6%+57.5%+59.4%−2.7%+30.9%+31.5%+15.0%−2.5%+17.7%+9.4%−7.5%+7.7%+28.1%−27.3%+25.6%+26.1%+14.1%−0.5%+49.0%+22.3%+99.1%+36.0%+11.3%−19.6%−12.9%
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Risk and diversification

How TMO has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were TMO's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents TMO's five deepest drawdowns since it began trading in 1986, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Green means TMO fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringTMO fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
No named crash−71.2%+38.7%Dec 1997Apr 199916 monthsJan 20066.8 years
No named crash−60.4%—Mar 1987Oct 19877 monthsJun 198920 months
2008 financial crisis−53.9%−41.7%Aug 2008Nov 20083 monthsMay 20112.5 years
No named crash−42.1%—Oct 1989Oct 199012 monthsMay 19917 months
2022 bear market−40.9%+31.9%Dec 2021Jun 20253.5 yearsSep 202615 months

How did TMO do in stock market crashes?

This section measures how far TMO, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than TMO.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
TMO This pageThermo Fisher Scientific Inc.—−2.4%−19.8%−24.8%−17.2%−8.7%−14.7%−24.4%−3.6%−53.9%−41.8%
SPY S&P 500State Street SPDR S&P 500 ETF4 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
LLY Eli Lilly and Company7 of 10−0.6%−11.7%−16.9%−10.2%−8.6%−19.6%−10.9%0.0%−50.0%−54.3%
A Agilent Technologies, Inc.1 of 10−3.7%−25.3%−25.8%−16.1%−8.7%−17.6%−37.3%−4.2%−67.6%−92.4%
MTD Mettler-Toledo International Inc.2 of 10−3.8%−33.9%−23.8%−17.7%−10.0%−16.9%−21.5%−4.3%−60.6%−53.7%
WAT Waters Corporation2 of 10−1.6%−26.3%−25.3%−14.7%−9.7%−16.6%−26.4%−3.4%−60.7%−80.1%
VRTX Vertex Pharmaceuticals Incorporated5 of 100.0%−19.2%−19.4%−21.2%−8.8%−43.7%−23.9%−2.7%−59.9%−86.7%
AMGN Amgen Inc.8 of 10−1.2%−11.9%−18.3%−14.3%−7.4%−22.1%−12.6%−0.5%−31.3%−60.2%
MEDP Medpace Holdings, Inc.1 of 5−11.9%−36.4%−39.5%−26.1%−2.1%—————
MRK Merck & Co., Inc.6 of 10−2.4%−10.8%−19.3%−9.7%−6.6%−18.2%−17.4%−2.3%−63.3%−57.5%
CRL Charles River Laboratories International, Inc.2 of 9−7.7%−49.3%−44.5%−23.4%−4.6%−19.1%−33.3%−1.8%−69.8%—
RVTY Revvity, Inc.1 of 10−3.2%−38.1%−29.3%−26.1%−7.7%−23.6%−31.2%−3.4%−62.6%−91.6%
ILMN Illumina, Inc.2 of 9−6.7%−58.2%−31.0%−25.8%−5.3%−36.1%−48.7%−1.9%−57.9%—
IQV IQVIA Holdings Inc.1 of 6−6.8%−35.9%−48.9%−19.2%−5.3%−28.7%————
TXG 10x Genomics, Inc.0 of 3−8.1%−81.1%−43.1%———————
SOPH SOPHiA GENETICS S.A.1 of 20.0%−84.4%————————
REGN Regeneron Pharmaceuticals, Inc.5 of 10−0.2%−25.8%−12.7%−17.3%−7.3%−37.7%−23.2%−7.2%−49.9%−71.6%
QGEN Qiagen N.V.6 of 10−0.4%−21.3%−12.4%−14.0%−7.0%−27.8%−25.9%−2.6%−45.1%−92.1%
AVTR Avantor, Inc.0 of 3−6.2%−50.5%−53.9%———————
BRKR Bruker Corporation0 of 9−2.5%−38.0%−36.2%−24.1%−13.4%−19.9%−39.0%−5.5%−80.2%—
PACB Pacific Biosciences of California, Inc.0 of 7−6.7%−79.3%−47.4%−28.1%−10.0%−34.7%−75.2%———
DHR Danaher Corporation6 of 10−3.2%−22.8%−25.9%−13.4%−9.8%−14.0%−21.8%−0.6%−45.7%−33.7%
TECH Bio-Techne Corporation5 of 10−3.6%−39.6%−23.5%−34.8%−4.5%−24.9%−18.8%−0.4%−43.8%−69.6%
BIO Bio-Rad Laboratories, Inc.5 of 10−1.9%−45.3%−21.8%−29.7%−8.0%−18.1%−25.4%−0.5%−50.9%−29.1%
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How closely does TMO move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares TMO with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than TMO's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
TMO This pageThermo Fisher Scientific Inc.104%104%1.000.81
LLY Eli Lilly and Company101%6%15.730.37
VRTX Vertex Pharmaceuticals Incorporated87%50%1.750.46
MEDP Medpace Holdings, Inc.168%118%1.421.24
MRK Merck & Co., Inc.64%46%1.390.30
AMGN Amgen Inc.74%64%1.160.54
DHR Danaher Corporation84%84%1.010.75
A Agilent Technologies, Inc.120%141%0.851.13
REGN Regeneron Pharmaceuticals, Inc.55%66%0.840.19
MTD Mettler-Toledo International Inc.118%143%0.831.13
WAT Waters Corporation107%139%0.771.01
CRL Charles River Laboratories International, Inc.135%175%0.771.30
IQV IQVIA Holdings Inc.128%167%0.771.31
RVTY Revvity, Inc.111%146%0.761.10
QGEN Qiagen N.V.62%83%0.750.45
BRKR Bruker Corporation121%160%0.751.27
TECH Bio-Techne Corporation120%162%0.741.23
BIO Bio-Rad Laboratories, Inc.104%146%0.710.99
ILMN Illumina, Inc.120%200%0.601.19
PACB Pacific Biosciences of California, Inc.76%234%0.331.70
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What diversifies TMO?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with TMO's. Because such investments tend not to fall at the same time, pairing TMO with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which TMO lost money. The last two columns show a portfolio that is 80% TMO and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe202420232022201620112008200520021999199880/20 mix volatility80/20 mix annual return
TMO Thermo Fisher Scientific Inc. (this page)1.00+12.1%0.22−1.7%−3.4%−17.3%−0.1%−18.8%−40.9%−0.2%−15.7%−11.4%−61.5%26.4%+3.7%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.37+119%1.48+15.9%+17.4%+3.8%———————21.9%+6.7%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.23+225%1.34+29.8%+42.0%+6.0%+1.1%−16.1%−20.8%————21.8%+8.6%
PJUL Broad MarketInnovator U.S. Equity Power Buffer ETF0.48+64.2%1.20+13.8%+19.9%−2.1%———————21.9%+5.5%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.25+103%1.06+33.4%+8.0%+10.4%+29.8%——————22.0%+6.5%
HDV Dividend & IncomeiShares Core High Dividend ETF0.38+86.8%1.03+14.2%+1.7%+7.0%+15.8%——————22.3%+5.8%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.49+83.6%0.95+13.4%+20.1%−5.1%+6.3%——————22.3%+6.1%
SMH TechnologyVanEck Semiconductor ETF0.32+304%0.94+39.1%+73.4%−33.5%+35.6%+6.8%−44.7%+10.8%−47.0%——24.2%+10.8%
XLE EnergyState Street Energy Select Sector SPDR ETF0.20+178%0.94+5.6%−0.6%+64.4%+28.0%+2.8%−39.0%+40.1%−14.8%+18.1%—22.7%+8.2%

Stocks

InvestmentCorrelation5Y returnSharpe202420232022201620112008200520021999199880/20 mix volatility80/20 mix annual return
TMO Thermo Fisher Scientific Inc. (this page)1.00+12.1%0.22−1.7%−3.4%−17.3%−0.1%−18.8%−40.9%−0.2%−15.7%−11.4%−61.5%26.4%+3.7%
CAH Medical - DistributionCardinal Health, Inc.0.10+471%1.54+19.0%+34.1%+54.1%−17.5%+8.1%−39.6%+18.7%−8.3%−36.8%+51.7%22.3%+10.9%
CLS Hardware, Equipment & PartsCelestica Inc.0.23+2,780%1.43+215%+160%+1.3%+7.4%−24.4%−20.5%−25.2%−65.1%+350%—26.4%+22.7%
MCK Medical - DistributionMcKesson Corporation-0.02+397%1.41+23.7%+24.1%+51.8%−28.3%+11.8%−40.4%+64.9%−27.2%−71.3%+46.9%21.6%+10.4%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.23+1,452%1.41+107%+79.6%+17.0%+18.3%−17.0%−15.2%+20.1%−9.4%−58.7%−9.5%24.7%+18.9%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.24+660%1.39−4.0%+30.4%+86.6%+0.7%——————23.5%+12.6%
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Common questions

What was TMO's worst drawdown?

TMO's deepest decline since it began trading in 1986 was 71.2%, from December 1997 to April 1999. It took about seven years from the low to climb back to its old high.

What were TMO's best and worst years?

Over 29 full calendar years, TMO's best year was 2000, when it returned 98.2%. Its worst was 1998, with a return of -61.5%.

Is there a better investment than TMO?

Among TMO's popular alternatives, AMGN and MRK earned more than TMO with less volatility over the past 5 years. AMGN returned 20.1% a year at 24.9% volatility, against 2.3% a year at 27.8%. Looking beyond its popular alternatives, ABBV (specialty pharmaceuticals) and JNJ (pharmaceuticals) earned more than TMO with less volatility over the past 5 years. ABBV returned 25.5% a year at 23.4% volatility, against 2.3% a year at 27.8%.

Is TMO more volatile than the S&P 500?

Yes. TMO's volatility over the past 5 years was 27.8%, 1.6 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, TMO's return lands within 27.8% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is TMO's Sharpe ratio?

TMO's Sharpe ratio over the past 5 years was 0.22, against 0.78 for the S&P 500, so TMO earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is TMO with the S&P 500?

Over the past 5 years, TMO's monthly returns had a correlation of 0.52 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against TMO instead: the lower it is, the more that option would diversify a TMO holding.

What are the best alternatives to TMO?

Of the 22 popular alternatives we compared, six outperformed TMO in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: LLY, A and MTD.

Did TMO outperform the S&P 500?

TMO finished ahead of the S&P 500 (SPY) in 17 of 29 full calendar years. In 2025, it returned +11.8%, against +17.7% for the index.

How did TMO do in stock market crashes?

TMO fell less than the S&P 500 (SPY) in six of the ten major crashes it has traded through, and further in four. The clearest case was the Covid crash, when TMO fell 24.8% and the S&P 500 fell 33.7%.

What diversifies TMO?

These had a low correlation with TMO over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.37), DXJ (correlation 0.23) and PJUL (correlation 0.48); among large stocks, CAH (correlation 0.10), CLS (correlation 0.23) and MCK (correlation -0.02). A correlation near zero means the two have moved largely independently.

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