Novanta Inc. Common Stock (NOVT) — Stock Correlations & Overview

Frequently asked questions about NOVT correlations

Which stocks are most correlated with NOVT?

Based on one year of daily returns, the stocks most correlated with Novanta Inc. Common Stock (NOVT) are ALIL (0.60), CSMD (0.59) and FSMD (0.57). A correlation near 1.00 means the two stocks' daily moves have tracked each other closely over the period.

Which stocks are inversely correlated with NOVT?

Over the past year, the stocks most inversely correlated with Novanta Inc. Common Stock (NOVT) are SMDD (-0.57), MZZ (-0.56) and MYY (-0.55). A negative correlation means the two stocks have tended to move in opposite directions.

What does a correlation of 0.8 mean for a stock?

Correlation measures how closely two stocks' daily returns move together, on a scale from -1 to 1. At 0.8, the two stocks have moved in the same direction on most days — though not by identical amounts. A value near 0 means their moves have been unrelated, and a negative value means they have tended to move in opposite directions. Correlation reflects past behavior and can change over time.

How are these NOVT correlations calculated?

We compute the correlation of daily returns between NOVT and roughly 9,000 other US-listed stocks and ETFs over the trailing one-year window, then rank the strongest positive and negative relationships. The data is refreshed monthly. It is informational and educational only — not investment advice.