HLIO vs NGVT: Correlation
Helios Technologies, Inc. (HLIO) and Ingevity Corporation (NGVT) show a moderate relationship: their 3-year correlation of weekly returns is 0.59.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HLIO and NGVT?
On 3 years of weekly data the HLIO/NGVT correlation comes out at 0.59, moderate. Recent behaviour matches the longer record: 0.55 over 1 year against 0.59 over 3. The 5-year figure is 0.54, and annualized covariance runs at 1224.3 %².
Few assets follow HLIO as closely as NGVT, which ranks #2 of 18 tracked partners. The last year tells two different stories: HLIO led by 16.3 percentage points, +37.8% for HLIO 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.
HLIO vs NGVT: side by side
| HLIO (Helios Technologies, Inc.) | NGVT (Ingevity Corporation) | |
|---|---|---|
| 1-year return | +37.8% | +21.5% |
| 5-year return | -5.7% | -14.1% |
| Volatility (ann.) | 42.8% | 48.8% |
| Beta vs S&P 500 | 1.18 | 1.39 |
| Max drawdown (3Y) | -55.9% | -45.8% |
| Market cap | $2.5B | $2.4B |
| P/E (trailing) | 34.9 | 98.2 |
| Dividend yield | 0.56% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HLIO | NGVT |
|---|---|---|
| 2022 | -48.0% | -1.8% |
| 2023 | -16.2% | -33.0% |
| 2024 | -0.8% | -13.7% |
| 2025 | +21.0% | +45.2% |
| 2026 | +39.8% | +17.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HLIO and NGVT good diversifiers for each other?
To a limited degree. At 0.59 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 HLIO and NGVT?
Using weekly returns as of 2026-08-27: 0.59 over 3 years, with 0.55 over the last year and 0.54 over 5 years.
Is NGVT a good diversifier for HLIO?
To a limited degree. At 0.59 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 0.59 mean?
On the −1 to +1 scale, 0.59 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/hlio-vs-ngvt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hlio-vs-ngvt/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HLIO correlations · NGVT correlations
