BIO vs. TMO

Last updated Jun 4, 2026

BIO (Bio-Rad Laboratories, Inc.) and TMO (Thermo Fisher Scientific Inc.) are both stocks. Both are in the Healthcare sector — BIO in Medical Devices, TMO in Diagnostics & Research. Over the past 10 years, BIO returned 7.47%/yr vs 12.30%/yr for TMO. At a 0.37 correlation, their price movements are largely independent.

Performance

BIO vs. TMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bio-Rad Laboratories, Inc. (BIO) and Thermo Fisher Scientific Inc. (TMO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BIO achieves a 0.61% return, which is significantly higher than TMO's -18.13% return. Over the past 10 years, BIO has underperformed TMO with an annualized return of 7.47%, while TMO has yielded a comparatively higher 12.30% annualized return.

BIO

• 1D: -0.42%
• 1M: 18.22%
• YTD: 0.61%
• 6M: -4.84%
• 1Y: 38.20%
• 3Y*: -6.45%
• 5Y*: -12.11%
• 10Y*: 7.47%

TMO

• 1D: -1.69%
• 1M: 2.45%
• YTD: -18.13%
• 6M: -18.21%
• 1Y: 18.94%
• 3Y*: -2.75%
• 5Y*: 1.37%
• 10Y*: 12.30%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BIO vs. TMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIO Bio-Rad Laboratories, Inc.	0.61%	-7.77%	1.74%	-23.21%	-44.35%	29.61%	57.54%	59.34%	-2.70%	30.94%
TMO Thermo Fisher Scientific Inc.	-18.13%	11.78%	-1.72%	-3.36%	-17.29%	43.54%	43.72%	45.55%	18.21%	35.03%

Correlation

The correlation between BIO and TMO is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.62
Correlation (All Time) Calculated using the full available price history since Sep 2, 1987	0.37

Over the past year, BIO and TMO have become more correlated (0.62) than their long-term average of 0.37, meaning their price movements have been converging.

Fundamentals

Market Cap BIO : $8.22B TMO : $176.78B
EPS BIO : $6.24 TMO : $18.22
PE Ratio BIO : 48.81 TMO : 26.02
PS Ratio BIO : 3.18 TMO : 3.95
PB Ratio BIO : 1.20 TMO : 3.40
Total Revenue (TTM) BIO : $2.59B TMO : $45.20B
Gross Profit (TTM) BIO : $1.34B TMO : $17.81B
EBITDA (TTM) BIO : $746.20M TMO : $11.16B

Return for Risk

BIO vs. TMO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BIO

BIO Risk / Return Rank: 68
BIO Sharpe Ratio Rank: 70
BIO Sortino Ratio Rank: 68
BIO Omega Ratio Rank: 68
BIO Calmar Ratio Rank: 66
BIO Martin Ratio Rank: 67

TMO

TMO Risk / Return Rank: 56
TMO Sharpe Ratio Rank: 61
TMO Sortino Ratio Rank: 56
TMO Omega Ratio Rank: 54
TMO Calmar Ratio Rank: 54
TMO Martin Ratio Rank: 54

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BIO vs. TMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bio-Rad Laboratories, Inc. (BIO) and Thermo Fisher Scientific Inc. (TMO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	BIO	TMO	Difference
Sharpe ratio Return per unit of total volatility	0.94	0.62	+0.32
Sortino ratio Return per unit of downside risk	1.64	1.11	+0.52
Omega ratio Gain probability vs. loss probability	1.21	1.13	+0.08
Calmar ratio Return relative to maximum drawdown	1.33	0.61	+0.72
Martin ratio Return relative to average drawdown	3.19	1.38	+1.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BIO vs. TMO - Sharpe Ratio Comparison

The current BIO Sharpe Ratio is 0.94, which is higher than the TMO Sharpe Ratio of 0.62. The chart below compares the historical Sharpe Ratios of BIO and TMO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BIO	TMO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.94	0.62	+0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.33	0.05	-0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.22	0.47	-0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.40	-0.13

Drawdowns

BIO vs. TMO - Drawdown Comparison

The maximum BIO drawdown since its inception was -83.64%, which is greater than TMO's maximum drawdown of -71.16%. Use the drawdown chart below to compare losses from any high point for BIO and TMO.

Drawdown Indicators

	BIO	TMO	Difference
Max Drawdown Largest peak-to-trough decline	-83.64%	-71.16%	-12.48%
Max Drawdown (1Y) Largest decline over 1 year	-28.86%	-31.38%	+2.52%
Max Drawdown (3Y) Largest decline over 3 years	-48.76%	-37.28%	-11.48%
Max Drawdown (5Y) Largest decline over 5 years	-73.77%	-40.95%	-32.82%
Max Drawdown (10Y) Largest decline over 10 years	-73.77%	-40.95%	-32.82%
Current Drawdown Current decline from peak	-63.09%	-28.10%	-34.99%
Average Drawdown Average peak-to-trough decline	-27.73%	-18.01%	-9.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.00%	13.80%	-1.80%

Volatility

BIO vs. TMO - Volatility Comparison

Bio-Rad Laboratories, Inc. (BIO) has a higher volatility of 15.46% compared to Thermo Fisher Scientific Inc. (TMO) at 9.71%. This indicates that BIO's price experiences larger fluctuations and is considered to be riskier than TMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIO	TMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.46%	9.71%	+5.75%
Volatility (6M) Calculated over the trailing 6-month period	28.42%	21.44%	+6.98%
Volatility (1Y) Calculated over the trailing 1-year period	41.02%	30.91%	+10.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.26%	27.11%	+10.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.02%	26.31%	+7.71%

Dividends

BIO vs. TMO - Dividend Comparison

BIO has not paid dividends to shareholders, while TMO's dividend yield for the trailing twelve months is around 0.37%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIO Bio-Rad Laboratories, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TMO Thermo Fisher Scientific Inc.	0.37%	0.30%	0.30%	0.26%	0.22%	0.16%	0.19%	0.23%	0.30%	0.32%	0.43%	0.42%

Financials

BIO vs. TMO - Profitability Comparison

The chart below illustrates the profitability comparison between Bio-Rad Laboratories, Inc. and Thermo Fisher Scientific Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

BIO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Bio-Rad Laboratories, Inc. reported a gross profit of 309.40M and revenue of 592.10M. Therefore, the gross margin over that period was 52.3%.

TMO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Thermo Fisher Scientific Inc. reported a gross profit of 4.48B and revenue of 11.01B. Therefore, the gross margin over that period was 40.7%.

BIO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Bio-Rad Laboratories, Inc. reported an operating income of 34.10M and revenue of 592.10M, resulting in an operating margin of 5.8%.

TMO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Thermo Fisher Scientific Inc. reported an operating income of 1.86B and revenue of 11.01B, resulting in an operating margin of 16.9%.

BIO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Bio-Rad Laboratories, Inc. reported a net income of -527.10M and revenue of 592.10M, resulting in a net margin of -89.0%.

TMO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Thermo Fisher Scientific Inc. reported a net income of 1.65B and revenue of 11.01B, resulting in a net margin of 15.0%.

Frequently Asked Questions

Can I hold both BIO and TMO in my portfolio?

BIO and TMO have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BIO or TMO?

BIO has higher volatility (15.46%) compared to TMO (9.71%). In terms of maximum drawdown, BIO dropped -83.64% vs TMO's -71.16%.

Which has better risk-adjusted returns?

BIO currently has the higher Sharpe Ratio (0.94 vs 0.62), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.