Novanta Correlations

NOVT Stock

USD 140.42 1.43 1.03%

The current 90-days correlation between Novanta and Itron Inc is 0.44 (i.e., Very weak 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

Poor diversification

The correlation between Novanta and DJI is 0.61 (i.e., Poor 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.

Build AI portfolio with Novanta Stock

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 manufacturing.

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

Moving together with Novanta Stock

0.69	DOX	Amdocs Earnings Call This Week	Pair Corr
0.67	HD	Home Depot	Pair Corr

Moving against Novanta Stock

0.55	TRV	The Travelers Companies	Pair Corr
0.32	MMM	3M Company	Pair Corr

Related Correlations Analysis

	ITRI	OSIS	ST	VICR	BMI	ESE	VNT	BDC	BULL	PLXS
ITRI		0.64	-0.16	-0.02	0.16	0.61	0.27	0.19	0.51	-0.01	ITRI
OSIS	0.64		0.34	0.46	0.07	0.39	0.61	0.31	0.11	0.45	OSIS
ST	-0.16	0.34		0.72	-0.21	-0.15	0.6	0.61	-0.26	0.81	ST
VICR	-0.02	0.46	0.72		-0.65	0.39	0.47	0.16	-0.63	0.89	VICR
BMI	0.16	0.07	-0.21	-0.65		-0.43	0.16	0.23	0.59	-0.52	BMI
ESE	0.61	0.39	-0.15	0.39	-0.43		-0.02	-0.23	-0.2	0.31	ESE
VNT	0.27	0.61	0.6	0.47	0.16	-0.02		0.52	-0.05	0.44	VNT
BDC	0.19	0.31	0.61	0.16	0.23	-0.23	0.52		0.36	0.43	BDC
BULL	0.51	0.11	-0.26	-0.63	0.59	-0.2	-0.05	0.36		-0.48	BULL
PLXS	-0.01	0.45	0.81	0.89	-0.52	0.31	0.44	0.43	-0.48		PLXS
	ITRI	OSIS	ST	VICR	BMI	ESE	VNT	BDC	BULL	PLXS

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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

PLXS	+ 0.89	VICR
PLXS	+ 0.81	ST
VICR	+ 0.72	ST
OSIS	+ 0.64	ITRI
ESE	+ 0.61	ITRI
VNT	+ 0.61	OSIS

High negative correlations

BMI	- 0.65	VICR
BULL	- 0.63	VICR
PLXS	- 0.52	BMI
PLXS	- 0.48	BULL
ESE	- 0.43	BMI
BULL	- 0.26	ST

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
ITRI	1.31	(0.06)	(0.03)	0.00	1.72	(1.35)	2.39	(2.13)	11.62
OSIS	1.84	(0.13)	0.00	(0.02)	0.00	0.00	4.36	(3.74)	11.66
ST	1.66	0.07	0.05	0.09	2.10	(1.71)	3.90	(3.39)	10.52
VICR	2.67	1.00	0.28	0.53	2.72	(2.89)	6.34	(5.35)	22.45
BMI	1.71	(0.43)	0.00	(0.19)	0.00	0.00	2.71	(4.32)	16.79
ESE	1.38	0.02	0.01	0.08	1.68	(1.46)	2.93	(3.16)	7.84
VNT	1.05	(0.11)	0.00	(0.03)	0.00	0.00	1.67	(2.55)	6.72
BDC	1.33	(0.10)	0.00	(0.03)	0.00	0.00	3.11	(3.32)	10.85
BULL	2.42	(0.68)	0.00	(0.37)	0.00	0.00	4.58	(5.86)	12.33
PLXS	1.85	0.35	0.16	0.24	2.01	(2.03)	4.29	(3.99)	11.46

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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