MEC vs NOVT: Correlation
How closely do Mayville Engineering Company, Inc. (MEC) and Novanta Inc. (NOVT) trade together? Their weekly returns over three years give a correlation of 0.45, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MEC and NOVT?
Across a 3-year window, the weekly returns of MEC and NOVT correlate at 0.45, moderate. Little has changed lately, as the 1-year reading of 0.44 lands near the 3-year figure. Stretching to 5 years gives 0.34, with an annualized covariance of 937.1 %².
NOVT is one of the assets that tracks MEC most closely: it ranks #3 out of the 12 assets we track against MEC. The last year tells two different stories: MEC led by 16.5 percentage points, +39.5% for MEC against +23.0% for NOVT.
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.
MEC vs NOVT: side by side
| MEC (Mayville Engineering Company, Inc.) | NOVT (Novanta Inc.) | |
|---|---|---|
| 1-year return | +39.5% | +23.0% |
| 5-year return | +34.1% | -4.1% |
| Volatility (ann.) | 49.2% | 42.1% |
| Beta vs S&P 500 | 0.79 | 1.79 |
| Max drawdown (3Y) | -45.8% | -46.7% |
| Market cap | $0.5B | $5.5B |
| P/E (trailing) | – | 91.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MEC | NOVT |
|---|---|---|
| 2022 | -15.1% | -22.9% |
| 2023 | +13.9% | +23.9% |
| 2024 | +9.0% | -9.3% |
| 2025 | +19.1% | -22.1% |
| 2026 | +8.7% | +21.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MEC and NOVT good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MEC and NOVT?
As of 2026-08-27, the correlation of weekly returns between MEC and NOVT is 0.45 over 3 years, 0.44 over 1 year and 0.34 over 5 years.
Is NOVT a good diversifier for MEC?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.45 mean?
On the −1 to +1 scale, 0.45 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/mec-vs-novt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mec-vs-novt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MEC correlations · NOVT correlations
