Nova Ltd. Ordinary Shares (NVMI) — Stock Correlations & Overview
Over the past year, NVMI has moved most closely with SOXL, SOXX, SOXQ. Explore the stocks most correlated and inversely correlated with NVMI below, along with its price, financials, and company profile.
Stocks correlated with NVMI
Correlation of daily returns. Higher positive values move with NVMI; negative values move opposite it. Informational only, not investment advice.
Most correlated with NVMI
| Symbol | Company | Correlation |
|---|---|---|
| SOXL | Direxion Daily Semiconductor Bull 3X ETF | 0.86 |
| SOXX | iShares Semiconductor ETF | 0.86 |
| SOXQ | Invesco PHLX Semiconductor ETFINVESTMENT ADVICE | 0.86 |
| SMH | VanEck Semiconductor ETF | 0.86 |
| PSI | Invesco Semiconductors ETF | 0.86 |
Most inversely correlated with NVMI
| Symbol | Company | Correlation |
|---|---|---|
| SOXS | Direxion Daily Semiconductor Bear 3X ETF | -0.85 |
| TSXD | Direxion Daily Semiconductors Top 5 Bear 2X ETF | -0.79 |
| HIBS | Direxion Daily S&P 500 High Beta Bear 3X ETF | -0.79 |
| SSG | ProShares UltraShort Semiconductors | -0.79 |
| BTAL | AGF U.S. Market Neutral Anti-Beta Fund | -0.77 |
Frequently asked questions about NVMI correlations
- Which stocks are most correlated with NVMI?
- Based on one year of daily returns, the stocks most correlated with Nova Ltd. Ordinary Shares (NVMI) are SOXL (0.86), SOXX (0.86) and SOXQ (0.86). 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 NVMI?
- Over the past year, the stocks most inversely correlated with Nova Ltd. Ordinary Shares (NVMI) are SOXS (-0.85), TSXD (-0.79) and HIBS (-0.79). 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 NVMI correlations calculated?
- We compute the correlation of daily returns between NVMI 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.
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