ATRO vs NOVT: Correlation
How closely do Astronics Corporation (ATRO) and Novanta Inc. (NOVT) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ATRO and NOVT?
On 3 years of weekly data the ATRO/NOVT correlation comes out at 0.48, moderate. The relationship has been stable: the 1-year correlation (0.47) sits close to the 3-year figure. The 5-year figure is 0.35, and annualized covariance runs at 947.8 %².
Within ATRO's tracked universe of 11 assets, NOVT comes in at #4 by 3-year correlation. The last year tells two different stories: ATRO led by 144.5 percentage points, +167.5% for ATRO against +23.0% for NOVT.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
ATRO vs NOVT: side by side
| ATRO (Astronics Corporation) | NOVT (Novanta Inc.) | |
|---|---|---|
| 1-year return | +167.5% | +23.0% |
| 5-year return | +623.9% | -4.1% |
| Volatility (ann.) | 47.1% | 42.1% |
| Beta vs S&P 500 | 1.07 | 1.79 |
| Max drawdown (3Y) | -33.3% | -46.7% |
| Market cap | $3.4B | $5.5B |
| P/E (trailing) | 42.6 | 91.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ATRO | NOVT |
|---|---|---|
| 2022 | -14.2% | -22.9% |
| 2023 | +69.1% | +23.9% |
| 2024 | -8.4% | -9.3% |
| 2025 | +239.8% | -22.1% |
| 2026 | +80.2% | +21.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ATRO and NOVT good diversifiers for each other?
Reasonably. At 0.48, ATRO and NOVT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ATRO and NOVT?
As of 2026-08-27, the correlation of weekly returns between ATRO and NOVT is 0.48 over 3 years, 0.47 over 1 year and 0.35 over 5 years.
Is NOVT a good diversifier for ATRO?
Reasonably. At 0.48, ATRO and NOVT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.48 mean?
On the −1 to +1 scale, 0.48 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/atro-vs-novt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/atro-vs-novt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ATRO correlations · NOVT correlations
