TMO vs. A

Last updated Jun 4, 2026

TMO (Thermo Fisher Scientific Inc.) and A (Agilent Technologies, Inc.) are both stocks. Both operate in the Diagnostics & Research industry within the Healthcare sector. Over the past 10 years, TMO returned 12.30%/yr vs 12.52%/yr for A. A 0.58 correlation means they provide meaningful diversification when combined.

Performance

TMO vs. A - Performance Comparison

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

Returns By Period

In the year-to-date period, TMO achieves a -18.13% return, which is significantly lower than A's 1.39% return. Both investments have delivered pretty close results over the past 10 years, with TMO having a 12.30% annualized return and A not far ahead at 12.52%.

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%

A

• 1D: 1.74%
• 1M: 22.48%
• YTD: 1.39%
• 6M: -7.57%
• 1Y: 22.85%
• 3Y*: 5.94%
• 5Y*: 0.63%
• 10Y*: 12.52%

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

TMO vs. A - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
A Agilent Technologies, Inc.	1.39%	1.92%	-2.70%	-6.42%	-5.52%	35.51%	39.79%	27.54%	1.67%	48.32%

Correlation

The correlation between TMO and A is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Nov 19, 1999	0.58

The correlation between TMO and A shifts across timeframes, from 0.58 (all time) to 0.74 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap TMO : $176.78B A : $39.02B
EPS TMO : $18.22 A : $4.97
PE Ratio TMO : 26.02 A : 27.62
PS Ratio TMO : 3.95 A : 5.40
PB Ratio TMO : 3.40 A : 5.48
Total Revenue (TTM) TMO : $45.20B A : $7.23B
Gross Profit (TTM) TMO : $17.81B A : $1.88B
EBITDA (TTM) TMO : $11.16B A : $1.73B

Return for Risk

TMO vs. A — Risk / Return Rank

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

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

A

A Risk / Return Rank: 59
A Sharpe Ratio Rank: 63
A Sortino Ratio Rank: 62
A Omega Ratio Rank: 58
A Calmar Ratio Rank: 57
A Martin Ratio Rank: 56

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.

TMO vs. A - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thermo Fisher Scientific Inc. (TMO) and Agilent Technologies, Inc. (A). 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.

	TMO	A	Difference
Sharpe ratio: Return per unit of total volatility	0.62	0.70	-0.08
Sortino ratio: Return per unit of downside risk	1.11	1.37	-0.26
Omega ratio: Gain probability vs. loss probability	1.13	1.16	-0.02
Calmar ratio: Return relative to maximum drawdown	0.61	0.77	-0.17
Martin ratio: Return relative to average drawdown	1.38	1.52	-0.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TMO vs. A - Sharpe Ratio Comparison

The current TMO Sharpe Ratio is 0.62, which is comparable to the A Sharpe Ratio of 0.70. The chart below compares the historical Sharpe Ratios of TMO and A, 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

	TMO	A	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.62	0.70	-0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.05	0.02	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.45	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.15	+0.25

Drawdowns

TMO vs. A - Drawdown Comparison

The maximum TMO drawdown since its inception was -71.16%, smaller than the maximum A drawdown of -93.18%. Use the drawdown chart below to compare losses from any high point for TMO and A.

Drawdown Indicators

	TMO	A	Difference
Max Drawdown Largest peak-to-trough decline	-71.16%	-93.18%	+22.02%
Max Drawdown (1Y) Largest decline over 1 year	-31.38%	-29.75%	-1.63%
Max Drawdown (3Y) Largest decline over 3 years	-37.28%	-35.32%	-1.96%
Max Drawdown (5Y) Largest decline over 5 years	-40.95%	-43.19%	+2.24%
Max Drawdown (10Y) Largest decline over 10 years	-40.95%	-43.19%	+2.24%
Current Drawdown Current decline from peak	-28.10%	-20.74%	-7.36%
Average Drawdown Average peak-to-trough decline	-18.01%	-57.29%	+39.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.80%	15.12%	-1.32%

Volatility

TMO vs. A - Volatility Comparison

The current volatility for Thermo Fisher Scientific Inc. (TMO) is 9.71%, while Agilent Technologies, Inc. (A) has a volatility of 17.29%. This indicates that TMO experiences smaller price fluctuations and is considered to be less risky than A based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMO	A	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.71%	17.29%	-7.58%
Volatility (6M) Calculated over the trailing 6-month period	21.44%	24.78%	-3.34%
Volatility (1Y) Calculated over the trailing 1-year period	30.91%	32.86%	-1.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.11%	29.91%	-2.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.31%	28.13%	-1.82%

Dividends

TMO vs. A - Dividend Comparison

TMO's dividend yield for the trailing twelve months is around 0.37%, less than A's 0.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
A Agilent Technologies, Inc.	0.73%	0.55%	0.71%	0.66%	0.71%	0.49%	0.46%	0.79%	0.91%	0.81%	1.05%	1.23%
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

TMO vs. A - Profitability Comparison

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

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%.

A - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Agilent Technologies, Inc. reported a gross profit of -946.00M and revenue of 1.84B. Therefore, the gross margin over that period was -51.6%.

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%.

A - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Agilent Technologies, Inc. reported an operating income of 399.00M and revenue of 1.84B, resulting in an operating margin of 21.7%.

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%.

A - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Agilent Technologies, Inc. reported a net income of 339.00M and revenue of 1.84B, resulting in a net margin of 18.5%.

Frequently Asked Questions

Can I hold both TMO and A in my portfolio?

TMO and A have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TMO or A?

A has higher volatility (17.29%) compared to TMO (9.71%). In terms of maximum drawdown, TMO dropped -71.16% vs A's -93.18%.

Which has better risk-adjusted returns?

A currently has the higher Sharpe Ratio (0.70 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.