CLOV vs NOVT: Correlation
Clover Health Investments, Corp. (CLOV) and Novanta Inc. (NOVT) show a moderate relationship: their 3-year correlation of weekly returns is 0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLOV and NOVT?
Over the past 3 years, CLOV and NOVT moved with a correlation of 0.42, which is moderate. The past 12 months show a tighter link (0.58) than the 3-year average (0.42). Over 5 years the correlation is 0.39, and the annualized covariance of weekly returns is 1384.9 %².
In CLOV's tracked universe of 10 assets, NOVT sits right near the top at #1. Their recent paths diverged sharply: over the last 12 months CLOV outperformed by 34.2 percentage points (+57.2% for CLOV against +23.0% for NOVT). One caveat on sizing: CLOV is 1.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
CLOV vs NOVT: side by side
| CLOV (Clover Health Investments, Corp.) | NOVT (Novanta Inc.) | |
|---|---|---|
| 1-year return | +57.2% | +23.0% |
| 5-year return | -50.1% | -4.1% |
| Volatility (ann.) | 77.7% | 42.1% |
| Beta vs S&P 500 | 1.73 | 1.79 |
| Max drawdown (3Y) | -64.7% | -46.7% |
| Market cap | $2.2B | $5.5B |
| P/E (trailing) | – | 91.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CLOV | NOVT |
|---|---|---|
| 2022 | -75.0% | -22.9% |
| 2023 | +2.4% | +23.9% |
| 2024 | +230.9% | -9.3% |
| 2025 | -25.4% | -22.1% |
| 2026 | +80.0% | +21.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLOV and NOVT good diversifiers for each other?
Reasonably. At 0.42, CLOV and NOVT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CLOV and NOVT?
The CLOV/NOVT correlation stands at 0.42 on a 3-year window (1 year: 0.58, 5 years: 0.39), computed from weekly returns as of 2026-08-27.
Is NOVT a good diversifier for CLOV?
Reasonably. At 0.42, CLOV and NOVT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/clov-vs-novt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/clov-vs-novt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CLOV correlations · NOVT correlations
