NL vs NOVT: Correlation
How closely do NLI Holdings, Inc. (NL) and Novanta Inc. (NOVT) trade together? Their weekly returns over three years give a correlation of 0.36, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NL and NOVT?
Across a 3-year window, the weekly returns of NL and NOVT correlate at 0.36, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.47 versus 0.36 over 3 years. Stretching to 5 years gives 0.30, with an annualized covariance of 631.4 %².
By 3-year correlation, NOVT places #6 of the 12 assets tracked against NL. The last year tells two different stories: NOVT led by 19.4 percentage points, +3.6% for NL 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.
NL vs NOVT: side by side
| NL (NLI Holdings, Inc.) | NOVT (Novanta Inc.) | |
|---|---|---|
| 1-year return | +3.6% | +23.0% |
| 5-year return | +41.5% | -4.1% |
| Volatility (ann.) | 41.2% | 42.1% |
| Beta vs S&P 500 | 0.73 | 1.79 |
| Max drawdown (3Y) | -38.9% | -46.7% |
| Market cap | – | $5.5B |
| P/E (trailing) | – | 91.6 |
| Dividend yield | 5.77% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NL | NOVT |
|---|---|---|
| 2022 | -1.3% | -22.9% |
| 2023 | -13.5% | +23.9% |
| 2024 | +54.9% | -9.3% |
| 2025 | -23.0% | -22.1% |
| 2026 | +23.4% | +21.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NL and NOVT good diversifiers for each other?
Reasonably. At 0.36, NL and NOVT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NL and NOVT?
The NL/NOVT correlation stands at 0.36 on a 3-year window (1 year: 0.47, 5 years: 0.30), computed from weekly returns as of 2026-08-27.
Is NOVT a good diversifier for NL?
Reasonably. At 0.36, NL and NOVT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.36 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/nl-vs-novt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nl-vs-novt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NL correlations · NOVT correlations
