TMO vs. DHR

Last updated Jun 3, 2026

TMO (Thermo Fisher Scientific Inc.) and DHR (Danaher Corporation) are both stocks. Both operate in the Diagnostics & Research industry within the Healthcare sector. Over the past 10 years, TMO returned 12.49%/yr vs 10.85%/yr for DHR. At a 0.45 correlation, their price movements are largely independent.

Performance

TMO vs. DHR - Performance Comparison

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

Returns By Period

In the year-to-date period, TMO achieves a -16.72% return, which is significantly higher than DHR's -22.91% return. Over the past 10 years, TMO has outperformed DHR with an annualized return of 12.49%, while DHR has yielded a comparatively lower 10.85% annualized return.

TMO

• 1D: -2.42%
• 1M: 2.74%
• YTD: -16.72%
• 6M: -16.79%
• 1Y: 22.04%
• 3Y*: -2.20%
• 5Y*: 1.87%
• 10Y*: 12.49%

DHR

• 1D: -2.09%
• 1M: 0.55%
• YTD: -22.91%
• 6M: -22.00%
• 1Y: -6.29%
• 3Y*: -4.88%
• 5Y*: -3.34%
• 10Y*: 10.85%

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

TMO vs. DHR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TMO Thermo Fisher Scientific Inc.	-16.72%	11.78%	-1.72%	-3.36%	-17.29%	43.54%	43.72%	45.55%	18.21%	35.03%
DHR Danaher Corporation	-22.91%	0.35%	-0.35%	-1.22%	-19.02%	48.57%	45.34%	49.55%	11.80%	20.01%

Correlation

The correlation between TMO and DHR is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Nov 6, 1987	0.45

Over the past year, TMO and DHR have become more correlated (0.75) than their long-term average of 0.45, meaning their price movements have been converging.

Fundamentals

Market Cap TMO : $179.82B DHR : $125.25B
EPS TMO : $18.22 DHR : $5.17
PE Ratio TMO : 26.46 DHR : 34.07
PS Ratio TMO : 4.02 DHR : 5.07
PB Ratio TMO : 3.46 DHR : 2.37
Total Revenue (TTM) TMO : $45.20B DHR : $24.78B
Gross Profit (TTM) TMO : $17.81B DHR : $15.04B
EBITDA (TTM) TMO : $11.16B DHR : $6.69B

Return for Risk

TMO vs. DHR — Risk / Return Rank

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

TMO

TMO Risk / Return Rank: 58
TMO Sharpe Ratio Rank: 64
TMO Sortino Ratio Rank: 59
TMO Omega Ratio Rank: 57
TMO Calmar Ratio Rank: 55
TMO Martin Ratio Rank: 55

DHR

DHR Risk / Return Rank: 30
DHR Sharpe Ratio Rank: 31
DHR Sortino Ratio Rank: 27
DHR Omega Ratio Rank: 27
DHR Calmar Ratio Rank: 33
DHR Martin Ratio Rank: 31

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. DHR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thermo Fisher Scientific Inc. (TMO) and Danaher Corporation (DHR). 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	DHR	Difference
Sharpe ratio Return per unit of total volatility	0.72	-0.23	+0.95
Sortino ratio Return per unit of downside risk	1.25	-0.14	+1.39
Omega ratio Gain probability vs. loss probability	1.15	0.98	+0.17
Calmar ratio Return relative to maximum drawdown	0.64	-0.20	+0.84
Martin ratio Return relative to average drawdown	1.47	-0.50	+1.97
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. DHR - Sharpe Ratio Comparison

The current TMO Sharpe Ratio is 0.72, which is higher than the DHR Sharpe Ratio of -0.23. The chart below compares the historical Sharpe Ratios of TMO and DHR, 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	DHR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.72	-0.23	+0.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.07	-0.12	+0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.43	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.64	-0.24

Drawdowns

TMO vs. DHR - Drawdown Comparison

The maximum TMO drawdown since its inception was -71.16%, which is greater than DHR's maximum drawdown of -45.80%. Use the drawdown chart below to compare losses from any high point for TMO and DHR.

Drawdown Indicators

	TMO	DHR	Difference
Max Drawdown Largest peak-to-trough decline	-71.16%	-45.80%	-25.36%
Max Drawdown (1Y) Largest decline over 1 year	-31.38%	-32.97%	+1.59%
Max Drawdown (3Y) Largest decline over 3 years	-37.28%	-41.72%	+4.44%
Max Drawdown (5Y) Largest decline over 5 years	-40.95%	-43.81%	+2.86%
Max Drawdown (10Y) Largest decline over 10 years	-40.95%	-43.81%	+2.86%
Current Drawdown Current decline from peak	-26.87%	-38.88%	+12.01%
Average Drawdown Average peak-to-trough decline	-18.01%	-10.20%	-7.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.71%	13.16%	+0.55%

Volatility

TMO vs. DHR - Volatility Comparison

Thermo Fisher Scientific Inc. (TMO) has a higher volatility of 9.66% compared to Danaher Corporation (DHR) at 7.80%. This indicates that TMO's price experiences larger fluctuations and is considered to be riskier than DHR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMO	DHR	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.66%	7.80%	+1.86%
Volatility (6M) Calculated over the trailing 6-month period	21.40%	18.82%	+2.58%
Volatility (1Y) Calculated over the trailing 1-year period	30.90%	27.67%	+3.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.11%	27.92%	-0.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.31%	25.48%	+0.83%

Dividends

TMO vs. DHR - Dividend Comparison

TMO's dividend yield for the trailing twelve months is around 0.37%, less than DHR's 0.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DHR Danaher Corporation	0.77%	0.56%	0.47%	12.64%	0.38%	0.26%	0.32%	0.44%	0.62%	0.60%	32.55%	0.58%
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. DHR - Profitability Comparison

The chart below illustrates the profitability comparison between Thermo Fisher Scientific Inc. and Danaher Corporation 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%.

DHR - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Danaher Corporation reported a gross profit of 3.59B and revenue of 5.95B. Therefore, the gross margin over that period was 60.3%.

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%.

DHR - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Danaher Corporation reported an operating income of 1.34B and revenue of 5.95B, resulting in an operating margin of 22.6%.

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%.

DHR - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Danaher Corporation reported a net income of 1.03B and revenue of 5.95B, resulting in a net margin of 17.3%.

Frequently Asked Questions

Can I hold both TMO and DHR in my portfolio?

TMO and DHR have a correlation of 0.75, 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 DHR?

TMO has higher volatility (9.66%) compared to DHR (7.80%). In terms of maximum drawdown, TMO dropped -71.16% vs DHR's -45.80%.

Which has better risk-adjusted returns?

TMO currently has the higher Sharpe Ratio (0.72 vs -0.23), 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.