Novanta Correlations

NOVT Stock

USD 136.02 1.96 1.42%

The current 90-days correlation between Novanta and Itron Inc is 0.65 (i.e., Poor diversification). The correlation of Novanta is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Novanta Correlation With Market

Very weak diversification

The correlation between Novanta and DJI is 0.42 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Novanta and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Novanta. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in real.

For more information on how to buy Novanta Stock please use our How to Invest in Novanta guide.

Moving together with Novanta Stock

0.84	BMI	Badger Meter	Pair Corr
0.7	ITRI	Itron Inc	Pair Corr
0.67	ASTC	Astrotech Corp	Pair Corr
0.7	SOBR	Sobr Safe	Pair Corr
0.91	SOTK	Sono Tek Corp	Pair Corr
0.73	SVRE	SaverOne 2014	Pair Corr
0.79	COHR	Coherent	Pair Corr
0.79	DIOD	Diodes Incorporated	Pair Corr
0.87	AI	C3 Ai Inc	Pair Corr
0.71	BL	Blackline	Pair Corr
0.81	DM	Desktop Metal Tech Boost	Pair Corr

Moving against Novanta Stock

0.68	ITRN	Ituran Location	Pair Corr
0.63	WRAP	Wrap Technologies Tech Boost	Pair Corr
0.49	ESE	ESCO Technologies	Pair Corr
0.47	MIND	Mind Technology	Pair Corr
0.45	LGL	LGL Group	Pair Corr
0.44	MVIS	Microvision Tech Boost	Pair Corr
0.41	SVREW	SaverOne 2014	Pair Corr
0.38	TDY	Teledyne Technologies	Pair Corr
0.31	FCUV	Focus Universal Tech Boost	Pair Corr
0.69	BB	BlackBerry	Pair Corr
0.61	GB	Global Blue Group	Pair Corr
0.52	FI	Fiserv,	Pair Corr
0.5	JG	Aurora Mobile Tech Boost	Pair Corr

Related Correlations Analysis

	MLAB	ITRI	FTV	VPG	ESE	SOTK	BMI	VNT	ST
MLAB		-0.46	0.76	0.46	0.25	-0.27	0.06	0.53	0.01	MLAB
ITRI	-0.46		-0.39	-0.28	-0.53	0.65	0.42	0.04	0.05	ITRI
FTV	0.76	-0.39		0.53	0.23	-0.21	0.19	0.69	0.22	FTV
VPG	0.46	-0.28	0.53		0.22	0.24	0.5	0.74	0.55	VPG
ESE	0.25	-0.53	0.23	0.22		-0.48	-0.21	-0.18	0.2	ESE
SOTK	-0.27	0.65	-0.21	0.24	-0.48		0.77	0.45	0.35	SOTK
BMI	0.06	0.42	0.19	0.5	-0.21	0.77		0.68	0.45	BMI
VNT	0.53	0.04	0.69	0.74	-0.18	0.45	0.68		0.38	VNT
ST	0.01	0.05	0.22	0.55	0.2	0.35	0.45	0.38		ST
	MLAB	ITRI	FTV	VPG	ESE	SOTK	BMI	VNT	ST

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

BMI	+ 0.77	SOTK
FTV	+ 0.76	MLAB
VNT	+ 0.74	VPG
VNT	+ 0.69	FTV
VNT	+ 0.68	BMI
SOTK	+ 0.65	ITRI

High negative correlations

ESE	- 0.53	ITRI
SOTK	- 0.48	ESE
ITRI	- 0.46	MLAB
FTV	- 0.39	ITRI
VPG	- 0.28	ITRI
SOTK	- 0.27	MLAB

Risk-Adjusted Indicators

There is a big difference between Novanta Stock performing well and Novanta Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Novanta's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
MLAB	2.19	0.15	0.03	0.00	2.84	(2.35)	4.46	(5.23)	13.66
ITRI	1.32	(0.04)	0.00	(0.14)	0.00	0.00	1.87	(2.98)	12.12
FTV	0.95	0.01	0.00	(0.08)	0.00	0.00	1.87	(2.21)	5.10
VPG	1.68	0.01	0.00	(0.08)	0.00	0.00	3.57	(3.34)	14.71
ESE	1.56	0.26	0.17	0.32	1.52	(1.76)	2.58	(2.47)	24.14
SOTK	2.37	(0.25)	0.00	(0.41)	0.00	0.00	4.77	(4.78)	18.96
BMI	1.21	(0.12)	0.00	(0.24)	0.00	0.00	2.12	(3.40)	7.25
VNT	1.35	(0.11)	0.00	(0.18)	0.00	0.00	2.50	(3.17)	8.33
ST	1.52	(0.06)	0.00	(0.15)	0.00	0.00	2.73	(3.03)	14.38

Novanta Corporate Management

Ray Nash	Corporate IR	Profile
Michele Welsh	General Secretary	Profile
Nissia Sabri	Senior Development	Profile
Sarah Betadam	Chief Officer	Profile
Heinrich Dreyer	Group Solutions	Profile
Peter Chang	Corporate Officer	Profile
Brian Young	Chief Human Resource Officer	Profile

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