GRMN vs NGVT: Correlation
Garmin (GRMN) and Ingevity Corporation (NGVT) show a moderate relationship: their 3-year correlation of weekly returns is 0.49.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GRMN and NGVT?
Across a 3-year window, the weekly returns of GRMN and NGVT correlate at 0.49, moderate. The link has loosened recently: the 1-year correlation (0.26) runs below the 3-year figure (0.49). Stretching to 5 years gives 0.42, with an annualized covariance of 831.7 %².
By 3-year correlation, NGVT places #14 of the 36 assets tracked against GRMN. Their 12-month results are close: +25.1% for GRMN against +21.5% for NGVT.
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.
GRMN vs NGVT: side by side
| GRMN (Garmin) | NGVT (Ingevity Corporation) | |
|---|---|---|
| 1-year return | +25.1% | +21.5% |
| 5-year return | +80.9% | -14.1% |
| Volatility (ann.) | 34.7% | 48.8% |
| Beta vs S&P 500 | 1.06 | 1.39 |
| Max drawdown (3Y) | -28.0% | -45.8% |
| Market cap | $55.9B | $2.4B |
| P/E (trailing) | 29.9 | 98.2 |
| Dividend yield | 1.45% | 0.00% |
| Sector / category | Consumer Discretionary | US Listed |
Year-by-year returns
| Year | GRMN | NGVT |
|---|---|---|
| 2022 | -30.2% | -1.8% |
| 2023 | +43.1% | -33.0% |
| 2024 | +63.3% | -13.7% |
| 2025 | -0.1% | +45.2% |
| 2026 | +44.1% | +17.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GRMN and NGVT good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GRMN and NGVT?
The GRMN/NGVT correlation stands at 0.49 on a 3-year window (1 year: 0.26, 5 years: 0.42), computed from weekly returns as of 2026-08-27.
Is NGVT a good diversifier for GRMN?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.49 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.
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Related comparisons
Hubs: GRMN correlations · NGVT correlations
