WAT vs. CMI
WAT (Waters Corporation) and CMI (Cummins Inc.) are both stocks. WAT operates in Diagnostics & Research (Healthcare), while CMI operates in Specialty Industrial Machinery (Industrials). Over the past 10 years, WAT returned 10.21%/yr vs 23.85%/yr for CMI. At a 0.36 correlation, their price movements are largely independent.
Performance
WAT vs. CMI - Performance Comparison
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Returns By Period
In the year-to-date period, WAT achieves a -5.68% return, which is significantly lower than CMI's 42.94% return. Over the past 10 years, WAT has underperformed CMI with an annualized return of 10.21%, while CMI has yielded a comparatively higher 23.85% annualized return.
WAT
- 1D
- 0.79%
- 1M
- 4.64%
- YTD
- -5.68%
- 6M
- -6.74%
- 1Y
- 4.56%
- 3Y*
- 11.30%
- 5Y*
- 0.64%
- 10Y*
- 10.21%
CMI
- 1D
- 1.13%
- 1M
- 13.35%
- YTD
- 42.94%
- 6M
- 40.51%
- 1Y
- 134.37%
- 3Y*
- 49.36%
- 5Y*
- 27.91%
- 10Y*
- 23.85%
WAT vs. CMI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
WAT Waters Corporation | -5.68% | 2.39% | 12.68% | -3.90% | -8.06% | 50.59% | 5.89% | 23.85% | -2.35% | 43.75% |
CMI Cummins Inc. | 42.94% | 49.36% | 48.92% | 1.72% | 14.09% | -1.68% | 30.50% | 38.04% | -22.06% | 32.74% |
Correlation
The correlation between WAT and CMI is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Nov 17, 1995 | 0.36 |
Fundamentals
WAT:
$29.43B
CMI:
$100.62B
WAT:
$6.88
CMI:
$19.27
WAT:
52.07
CMI:
37.62
WAT:
6.20
CMI:
2.97
WAT:
1.92
CMI:
8.15
WAT:
$3.77B
CMI:
$33.89B
WAT:
$2.07B
CMI:
$8.60B
WAT:
$924.47M
CMI:
$4.87B
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Return for Risk
WAT vs. CMI — Risk / Return Rank
WAT
CMI
WAT vs. CMI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Waters Corporation (WAT) and Cummins Inc. (CMI). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| WAT | CMI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.88 | ||
| Sortino ratioReturn per unit of downside risk | -3.83 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.59 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | 0.15 | 8.88 | -8.73 |
| Martin ratioReturn relative to average drawdown | 0.29 | 31.43 | -31.14 |
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Drawdowns
WAT vs. CMI - Drawdown Comparison
The maximum WAT drawdown since its inception was -80.12%, which is greater than CMI's maximum drawdown of -75.66%. Use the drawdown chart below to compare losses from any high point for WAT and CMI.
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Drawdown Indicators
| WAT | CMI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.12% | -75.66% | -4.46% |
Max Drawdown (1Y)Largest decline over 1 year | -31.32% | -15.23% | -16.09% |
Max Drawdown (3Y)Largest decline over 3 years | -33.45% | -30.48% | -2.97% |
Max Drawdown (5Y)Largest decline over 5 years | -44.27% | -30.48% | -13.79% |
Max Drawdown (10Y)Largest decline over 10 years | -44.27% | -44.05% | -0.22% |
Current DrawdownCurrent decline from peak | -15.65% | 0.00% | -15.65% |
Average DrawdownAverage peak-to-trough decline | -23.96% | -22.21% | -1.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.83% | 4.29% | +11.54% |
Volatility
WAT vs. CMI - Volatility Comparison
The current volatility for Waters Corporation (WAT) is 10.39%, while Cummins Inc. (CMI) has a volatility of 13.62%. This indicates that WAT experiences smaller price fluctuations and is considered to be less risky than CMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| WAT | CMI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.39% | 13.62% | -3.23% |
Volatility (6M)Calculated over the trailing 6-month period | 29.70% | 28.32% | +1.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.89% | 33.89% | +5.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.59% | 28.22% | +5.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.82% | 28.37% | +2.45% |
Dividends
WAT vs. CMI - Dividend Comparison
WAT has not paid dividends to shareholders, while CMI's dividend yield for the trailing twelve months is around 1.10%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMI Cummins Inc. | 1.10% | 1.50% | 2.01% | 2.71% | 2.49% | 2.57% | 2.33% | 2.74% | 3.32% | 2.38% | 2.93% | 3.99% |
WAT Waters Corporation | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Financials
WAT vs. CMI - Financials Comparison
This section allows you to compare key financial metrics between Waters Corporation and Cummins Inc.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
WAT vs. CMI - Profitability Comparison
WAT - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Waters Corporation reported a gross profit of 595.00M and revenue of 1.27B. Therefore, the gross margin over that period was 47.0%.
CMI - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Cummins Inc. reported a gross profit of 2.24B and revenue of 8.40B. Therefore, the gross margin over that period was 26.7%.
WAT - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Waters Corporation reported an operating income of -47.00M and revenue of 1.27B, resulting in an operating margin of -3.7%.
CMI - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Cummins Inc. reported an operating income of 949.00M and revenue of 8.40B, resulting in an operating margin of 11.3%.
WAT - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Waters Corporation reported a net income of -72.00M and revenue of 1.27B, resulting in a net margin of -5.7%.
CMI - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Cummins Inc. reported a net income of 654.00M and revenue of 8.40B, resulting in a net margin of 7.8%.
Frequently Asked Questions
WAT and CMI have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CMI has higher volatility (13.62%) compared to WAT (10.39%). In terms of maximum drawdown, WAT dropped -80.12% vs CMI's -75.66%.
CMI currently has the higher Sharpe Ratio (4.00 vs 0.12), 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.
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