GSIT vs NOVT: Correlation
How closely do GSI Technology, Inc. (GSIT) and Novanta Inc. (NOVT) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GSIT and NOVT?
Over the past 3 years, GSIT and NOVT moved with a correlation of 0.43, which is moderate. Little has changed lately, as the 1-year reading of 0.52 lands near the 3-year figure. Over 5 years the correlation is 0.25, and the annualized covariance of weekly returns is 1964.2 %².
Among the 11 assets we track against GSIT, NOVT ranks #5 by 3-year correlation. The last year tells two different stories: GSIT led by 74.3 percentage points, +97.3% for GSIT against +23.0% for NOVT. Risk is not evenly split, since GSIT carries 2.6 times the volatility of the other side.
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.
GSIT vs NOVT: side by side
| GSIT (GSI Technology, Inc.) | NOVT (Novanta Inc.) | |
|---|---|---|
| 1-year return | +97.3% | +23.0% |
| 5-year return | +5.1% | -4.1% |
| Volatility (ann.) | 109.2% | 42.1% |
| Beta vs S&P 500 | 3.12 | 1.79 |
| Max drawdown (3Y) | -66.7% | -46.7% |
| Market cap | $0.2B | $5.5B |
| P/E (trailing) | – | 91.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GSIT | NOVT |
|---|---|---|
| 2022 | -62.6% | -22.9% |
| 2023 | +52.6% | +23.9% |
| 2024 | +14.8% | -9.3% |
| 2025 | +105.0% | -22.1% |
| 2026 | -4.3% | +21.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GSIT and NOVT good diversifiers for each other?
Reasonably. At 0.43, GSIT and NOVT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between GSIT and NOVT?
As of 2026-08-27, the correlation of weekly returns between GSIT and NOVT is 0.43 over 3 years, 0.52 over 1 year and 0.25 over 5 years.
Is NOVT a good diversifier for GSIT?
Reasonably. At 0.43, GSIT and NOVT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.43 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/gsit-vs-novt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gsit-vs-novt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GSIT correlations · NOVT correlations
