GTES vs NVST: Correlation
Measured on weekly returns over the past three years, Gates Industrial Corporation Ltd. (GTES) and Envista Holdings Corporation (NVST) carry a correlation of 0.52, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GTES and NVST?
Over the past 3 years, GTES and NVST moved with a correlation of 0.52, which is moderate. Recent behaviour matches the longer record: 0.53 over 1 year against 0.52 over 3. Over 5 years the correlation is 0.48, and the annualized covariance of weekly returns is 647.6 %².
Within GTES's tracked universe of 22 assets, NVST comes in at #13 by 3-year correlation. Correlation aside, the last 12 months split them widely, with NVST ahead by 27.7 points (+1.5% versus +29.2%).
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.
GTES vs NVST: side by side
| GTES (Gates Industrial Corporation Ltd.) | NVST (Envista Holdings Corporation) | |
|---|---|---|
| 1-year return | +1.5% | +29.2% |
| 5-year return | +56.6% | -35.8% |
| Volatility (ann.) | 35.0% | 35.4% |
| Beta vs S&P 500 | 1.27 | 0.80 |
| Max drawdown (3Y) | -33.8% | -55.4% |
| Market cap | $6.7B | $4.4B |
| P/E (trailing) | 18.8 | 48.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GTES | NVST |
|---|---|---|
| 2022 | -28.3% | -25.3% |
| 2023 | +17.6% | -28.5% |
| 2024 | +53.3% | -19.8% |
| 2025 | +4.4% | +12.5% |
| 2026 | +22.9% | +26.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GTES and NVST good diversifiers for each other?
To a limited degree. At 0.52 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between GTES and NVST?
As of 2026-08-27, the correlation of weekly returns between GTES and NVST is 0.52 over 3 years, 0.53 over 1 year and 0.48 over 5 years.
Is NVST a good diversifier for GTES?
To a limited degree. At 0.52 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.52 mean?
On the −1 to +1 scale, 0.52 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/gtes-vs-nvst.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gtes-vs-nvst/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GTES correlations · NVST correlations
