Nova Correlations

NVMI Stock

USD 176.10 3.66 2.04%

The current 90-days correlation between Nova and Onto Innovation is 0.7 (i.e., Poor diversification). The correlation of Nova 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.

Nova Correlation With Market

Very weak diversification

The correlation between Nova and DJI is 0.41 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nova 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 Nova. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in population.

For more detail on how to invest in Nova Stock please use our How to Invest in Nova guide.

Moving together with Nova Stock

0.87	VECO	Veeco Instruments	Pair Corr
0.85	FORM	FormFactor	Pair Corr
0.73	TER	Teradyne	Pair Corr
0.89	KLAC	KLA Tencor	Pair Corr
0.84	LRCX	Lam Research Corp Aggressive Push	Pair Corr
0.83	ACLS	Axcelis Technologies	Pair Corr
0.62	ASYS	Amtech Systems Fiscal Year End 12th of December 2024	Pair Corr
0.78	SIMO	Silicon Motion Technology	Pair Corr
0.75	CAMT	Camtek	Pair Corr
0.66	CDW	CDW Corp	Pair Corr
0.7	EC	Ecopetrol SA ADR	Pair Corr

Moving against Nova Stock

0.59	CSCO	Cisco Systems Aggressive Push	Pair Corr
0.55	EHGO	Eshallgo Class A	Pair Corr
0.52	CWAN	Clearwater Analytics	Pair Corr
0.35	INTC	Intel Fiscal Year End 23rd of January 2025	Pair Corr
0.8	T	ATT Inc Aggressive Push	Pair Corr
0.72	WMT	Walmart Aggressive Push	Pair Corr
0.57	BAC	Bank of America Fiscal Year End 10th of January 2025	Pair Corr
0.52	AXP	American Express Fiscal Year End 24th of January 2025	Pair Corr
0.51	SSNLF	Samsung Electronics	Pair Corr
0.48	CVX	Chevron Corp Fiscal Year End 7th of February 2025	Pair Corr
0.46	JPM	JPMorgan Chase Fiscal Year End 10th of January 2025	Pair Corr
0.41	HD	Home Depot	Pair Corr
0.32	HPQ	HP Inc	Pair Corr

Related Correlations Analysis

	INTT	ONTO	KLIC	ICHR	ENTG	ACLS	VECO	AXTI	IPGP
INTT		-0.3	0.85	0.63	-0.33	-0.51	-0.35	-0.21	0.77	INTT
ONTO	-0.3		-0.23	-0.24	0.63	0.79	0.79	0.82	-0.09	ONTO
KLIC	0.85	-0.23		0.63	-0.33	-0.57	-0.34	-0.23	0.87	KLIC
ICHR	0.63	-0.24	0.63		0.13	-0.17	0.03	-0.25	0.34	ICHR
ENTG	-0.33	0.63	-0.33	0.13		0.85	0.82	0.41	-0.34	ENTG
ACLS	-0.51	0.79	-0.57	-0.17	0.85		0.93	0.63	-0.48	ACLS
VECO	-0.35	0.79	-0.34	0.03	0.82	0.93		0.67	-0.32	VECO
AXTI	-0.21	0.82	-0.23	-0.25	0.41	0.63	0.67		-0.06	AXTI
IPGP	0.77	-0.09	0.87	0.34	-0.34	-0.48	-0.32	-0.06		IPGP
	INTT	ONTO	KLIC	ICHR	ENTG	ACLS	VECO	AXTI	IPGP

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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

VECO	+ 0.93	ACLS
IPGP	+ 0.87	KLIC
KLIC	+ 0.85	INTT
ACLS	+ 0.85	ENTG
AXTI	+ 0.82	ONTO
VECO	+ 0.82	ENTG

High negative correlations

ACLS	- 0.57	KLIC
ACLS	- 0.51	INTT
IPGP	- 0.48	ACLS
VECO	- 0.35	INTT
IPGP	- 0.34	ENTG
VECO	- 0.34	KLIC

Risk-Adjusted Indicators

There is a big difference between Nova Stock performing well and Nova 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 Nova'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
INTT	2.51	(0.11)	0.02	0.07	2.95	(2.36)	6.04	(5.15)	13.69
ONTO	2.55	(0.53)	0.00	(0.14)	0.00	0.00	5.66	(5.73)	20.62
KLIC	1.91	0.02	0.05	0.13	2.26	(1.96)	4.74	(3.03)	11.34
ICHR	2.50	(0.08)	0.02	0.08	2.87	(2.77)	4.28	(5.22)	21.12
ENTG	2.08	(0.23)	0.00	(0.03)	0.00	0.00	3.84	(4.09)	12.71
ACLS	2.00	(0.80)	0.00	(0.26)	0.00	0.00	3.99	(5.37)	14.28
VECO	1.77	(0.68)	0.00	(0.23)	0.00	0.00	3.96	(4.58)	12.77
AXTI	3.56	(0.62)	0.00	(0.24)	0.00	0.00	6.36	(5.98)	38.81
IPGP	1.70	(0.03)	0.03	0.10	1.82	(1.83)	4.46	(3.32)	11.69

Nova Corporate Management

Gabi Sharon	Corporate VP of Operations	Profile
Thomas Larson	Vice Development	Profile
Guy Kizner	Chief Officer	Profile
Eitan Oppenhaim	Executive Board	Profile
Adrian Wilson	General Manager Material Metrology division	Profile
Gabriel Waisman	Chief Business Officer	Profile

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