Novanta Inc. Common Stock (NOVT) Correlation Distribution
Across 6,809 rolling correlation observations between Novanta Inc. Common Stock (NOVT) and other NASDAQ-listed stocks, 50.1% are positive and 49.9% are negative. The most common correlation range is -0.3 to -0.2, and the average pairwise correlation is 0.035, indicating a near-neutral relationship. Strong positive correlations (≥0.7) account for 1.9% and strong negative correlations (≤−0.7) for 0.1%.
- Total observations
- 6,809
- Mean correlation
- 0.035
- Most common range
- -0.3 to -0.2
- Positive pairs
- 50.1%
- Strong positive (≥0.7)
- 1.9%
- Sector
- Miscellaneous Electrical Machinery, Equipment & Supplies
Correlation distribution
| Correlation range | Pairs | Share | Chart |
|---|---|---|---|
| -1.0 to -0.9 | 0 | 0.0% | |
| -0.9 to -0.8 | 2 | 0.0% | |
| -0.8 to -0.7 | 2 | 0.0% | |
| -0.7 to -0.6 | 182 | 2.7% | |
| -0.6 to -0.5 | 181 | 2.7% | |
| -0.5 to -0.4 | 552 | 8.1% | |
| -0.4 to -0.3 | 552 | 8.1% | |
| -0.3 to -0.2 | 688 | 10.1% | |
| -0.2 to -0.1 | 687 | 10.1% | |
| -0.1 to 0.0 | 555 | 8.2% | |
| 0.0 to 0.1 | 555 | 8.2% | |
| 0.1 to 0.2 | 457 | 6.7% | |
| 0.2 to 0.3 | 457 | 6.7% | |
| 0.3 to 0.4 | 488 | 7.2% | |
| 0.4 to 0.5 | 488 | 7.2% | |
| 0.5 to 0.6 | 417 | 6.1% | |
| 0.6 to 0.7 | 417 | 6.1% | |
| 0.7 to 0.8 | 65 | 1.0% | |
| 0.8 to 0.9 | 64 | 0.9% | |
| 0.9 to 1.0 | 0 | 0.0% |
Frequently asked questions
What is the average correlation of NOVT?
Novanta Inc. Common Stock (NOVT) has an average correlation of about 0.035 with other NASDAQ stocks, based on 6,809 pairwise observations.
Is NOVT positively correlated with other stocks?
Mostly yes — 50.1% of pairs are positive and 49.9% are negative. Strong positive correlations (≥0.7) make up 1.9%.
What is the most common correlation range for NOVT?
The most common range is -0.3 to -0.2. Weak correlations (−0.3 to 0.3) account for 49.9% of all pairs.
Explore the full interactive correlation distribution for NOVT.
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