Novanta Correlations

NOVT Stock

USD 132.76 3.88 2.84%

The current 90-days correlation between Novanta and Itron Inc is 0.24 (i.e., Modest 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 poor diversification

The correlation between Novanta and DJI is 0.87 (i.e., Very 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 persons.

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

Moving together with Novanta Stock

0.88	Q	Qnity Electronics Tech Boost	Pair Corr
0.83	KN	Knowles Cor	Pair Corr
0.86	LFS	Littelfuse	Pair Corr
0.9	PX4	Plexus Corp	Pair Corr
0.73	P4O	Plan Optik AG	Pair Corr
0.77	PJJ1	CHINA DISPLAY OTHHD	Pair Corr
0.76	VRME	VerifyMe	Pair Corr
0.74	PRHA	Prosegur Compaa de Earnings Call Today	Pair Corr
0.82	SATLW	Satellogic Warrant	Pair Corr
0.92	MKT	MKS Instruments	Pair Corr
0.8	VNI	Avnet Inc	Pair Corr
0.84	BRV	Brady	Pair Corr
0.79	H7B	COHERENT CORP	Pair Corr
0.9	BAERW	Bridger Aerospace	Pair Corr
0.68	MLI	MESA LABS INC	Pair Corr

Moving against Novanta Stock

0.76	EHGO	Eshallgo Class A	Pair Corr
0.7	AMPGW	AmpliTech Group	Pair Corr
0.69	EBON	Ebang International	Pair Corr
0.63	OBD	Obducat AB	Pair Corr
0.53	EVLV	Evolv Technologies	Pair Corr
0.48	ELSE	Electro Sensors	Pair Corr
0.41	75S	SDM SE INH	Pair Corr
0.36	OTK	Otsuka	Pair Corr
0.33	KE	Kimball Electronics	Pair Corr
0.77	FCUV	Focus Universal	Pair Corr
0.75	IDN	Intellicheck Mobilisa	Pair Corr
0.73	BMI	Badger Meter	Pair Corr
0.67	CDW	CDW Corp	Pair Corr
0.45	SC3	ScanSource	Pair Corr
0.41	DLB	Dolby Laboratories	Pair Corr
0.4	TDKA	TDK Corporation	Pair Corr
0.32	WRAP	Wrap Technologies	Pair Corr

Related Correlations Analysis

	ITRI	OSIS	ST	VICR	BMI	ESE	VNT	BDC	BULL	PLXS
ITRI		0.23	0.24	0.39	-0.47	0.32	0.31	0.16	-0.21	0.49	ITRI
OSIS	0.23		0.54	0.55	-0.08	0.38	0.39	0.34	-0.29	0.34	OSIS
ST	0.24	0.54		0.79	-0.53	0.65	0.79	0.74	-0.59	0.79	ST
VICR	0.39	0.55	0.79		-0.78	0.76	0.71	0.62	-0.79	0.88	VICR
BMI	-0.47	-0.08	-0.53	-0.78		-0.75	-0.59	-0.58	0.78	-0.86	BMI
ESE	0.32	0.38	0.65	0.76	-0.75		0.79	0.88	-0.88	0.85	ESE
VNT	0.31	0.39	0.79	0.71	-0.59	0.79		0.85	-0.8	0.8	VNT
BDC	0.16	0.34	0.74	0.62	-0.58	0.88	0.85		-0.77	0.78	BDC
BULL	-0.21	-0.29	-0.59	-0.79	0.78	-0.88	-0.8	-0.77		-0.81	BULL
PLXS	0.49	0.34	0.79	0.88	-0.86	0.85	0.8	0.78	-0.81		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	+ 0.88	VICR
BDC	+ 0.88	ESE
PLXS	+ 0.85	ESE
BDC	+ 0.85	VNT
PLXS	+ 0.8	VNT
VICR	+ 0.79	ST

High negative correlations

BULL	- 0.88	ESE
PLXS	- 0.86	BMI
PLXS	- 0.81	BULL
BULL	- 0.8	VNT
BULL	- 0.79	VICR
BMI	- 0.78	VICR

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	1.54	(0.14)	(0.03)	0.03	2.31	(1.46)	2.76	(4.08)	12.26
OSIS	1.93	0.18	0.10	0.23	2.03	(2.14)	4.86	(3.47)	14.59
ST	1.70	0.46	0.17	(1.84)	1.64	(1.99)	4.79	(2.98)	10.49
VICR	2.85	1.25	0.33	0.82	2.86	(3.30)	7.88	(5.07)	23.16
BMI	1.84	(0.28)	0.00	(0.05)	0.00	0.00	3.58	(3.45)	16.79
ESE	1.61	0.35	0.18	0.49	1.51	(1.82)	3.47	(3.31)	9.94
VNT	1.14	0.16	0.11	0.25	1.29	(1.19)	3.41	(2.57)	8.92
BDC	1.48	0.39	0.23	0.48	1.22	(1.70)	4.37	(2.50)	10.85
BULL	2.66	(0.42)	0.00	(8.68)	0.00	0.00	5.41	(5.90)	19.31
PLXS	1.84	0.48	0.24	0.46	1.73	(2.10)	4.31	(3.51)	12.94

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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