ENOV vs OFIX: Correlation
Enovis Corporation (ENOV) and Orthofix Medical Inc. (OFIX) show a moderate relationship: their 3-year correlation of weekly returns is 0.54.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ENOV and OFIX?
On 3 years of weekly data the ENOV/OFIX correlation comes out at 0.54, moderate. Little has changed lately, as the 1-year reading of 0.63 lands near the 3-year figure. The 5-year figure is 0.52, and annualized covariance runs at 1058.3 %².
In ENOV's tracked universe of 14 assets, OFIX sits right near the top at #2. The last year tells two different stories: ENOV led by 15.1 percentage points, -20.0% for ENOV against -35.1% for OFIX.
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.
ENOV vs OFIX: side by side
| ENOV (Enovis Corporation) | OFIX (Orthofix Medical Inc.) | |
|---|---|---|
| 1-year return | -20.0% | -35.1% |
| 5-year return | -70.1% | -76.9% |
| Volatility (ann.) | 41.2% | 47.8% |
| Beta vs S&P 500 | 1.30 | 1.15 |
| Max drawdown (3Y) | -68.6% | -58.1% |
| Market cap | $1.4B | $0.4B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ENOV | OFIX |
|---|---|---|
| 2022 | -32.4% | -34.0% |
| 2023 | +4.7% | -34.3% |
| 2024 | -21.7% | +29.5% |
| 2025 | -39.3% | -13.2% |
| 2026 | -6.8% | -36.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ENOV and OFIX good diversifiers for each other?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ENOV and OFIX?
The ENOV/OFIX correlation stands at 0.54 on a 3-year window (1 year: 0.63, 5 years: 0.52), computed from weekly returns as of 2026-08-27.
Is OFIX a good diversifier for ENOV?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.54 mean?
A reading of 0.54 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: ENOV correlations · OFIX correlations
