NOVT vs QQQ: Correlation
Novanta Inc. (NOVT) and Invesco QQQ Trust (QQQ) show a moderate relationship: their 3-year correlation of weekly returns is 0.55.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NOVT and QQQ?
Over the past 3 years, NOVT and QQQ moved with a correlation of 0.55, which is moderate. Little has changed lately, as the 1-year reading of 0.49 lands near the 3-year figure. Over 5 years the correlation is 0.62, and the annualized covariance of weekly returns is 456.7 %².
Within NOVT's tracked universe of 17 assets, QQQ comes in at #8 by 3-year correlation. Neither side won the trailing year by much: +23.0% against +26.3%. Note the risk asymmetry: NOVT runs 2.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
NOVT vs QQQ: side by side
| NOVT (Novanta Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +23.0% | +26.3% |
| 5-year return | -4.1% | +95.4% |
| Volatility (ann.) | 42.1% | 19.6% |
| Beta vs S&P 500 | 1.79 | 1.28 |
| Max drawdown (3Y) | -46.7% | -22.8% |
| Market cap | $5.5B | – |
| P/E (trailing) | 91.6 | – |
| Dividend yield | 0.00% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | US Listed | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | NOVT | QQQ |
|---|---|---|
| 2022 | -22.9% | -32.6% |
| 2023 | +23.9% | +54.9% |
| 2024 | -9.3% | +25.6% |
| 2025 | -22.1% | +20.8% |
| 2026 | +21.6% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NOVT and QQQ good diversifiers for each other?
Somewhat, no more. With 0.55 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between NOVT and QQQ?
The NOVT/QQQ correlation stands at 0.55 on a 3-year window (1 year: 0.49, 5 years: 0.62), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for NOVT?
Somewhat, no more. With 0.55 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.55 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/novt-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/novt-vs-qqq/)
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Related comparisons
Hubs: NOVT correlations · QQQ correlations
