NOVT vs RMT: Correlation
How closely do Novanta Inc. (NOVT) and Royce Micro-Cap Trust, Inc. (RMT) trade together? Their weekly returns over three years give a correlation of 0.69, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NOVT and RMT?
On 3 years of weekly data the NOVT/RMT correlation comes out at 0.69, strong. Recent behaviour matches the longer record: 0.62 over 1 year against 0.69 over 3. The 5-year figure is 0.65, and annualized covariance runs at 599.3 %².
Few assets follow NOVT as closely as RMT, which ranks #3 of 17 tracked partners. The last year tells two different stories: RMT led by 25.4 percentage points, +23.0% for NOVT against +48.4% for RMT. Risk is not evenly split, since NOVT carries 2.1 times the volatility of the other side.
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 RMT: side by side
| NOVT (Novanta Inc.) | RMT (Royce Micro-Cap Trust, Inc.) | |
|---|---|---|
| 1-year return | +23.0% | +48.4% |
| 5-year return | -4.1% | +80.1% |
| Volatility (ann.) | 42.1% | 20.5% |
| Beta vs S&P 500 | 1.79 | 1.09 |
| Max drawdown (3Y) | -46.7% | -26.4% |
| Market cap | $5.5B | $0.8B |
| P/E (trailing) | 91.6 | 8.5 |
| Dividend yield | 0.00% | 5.57% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NOVT | RMT |
|---|---|---|
| 2022 | -22.9% | -16.8% |
| 2023 | +23.9% | +15.8% |
| 2024 | -9.3% | +14.0% |
| 2025 | -22.1% | +16.1% |
| 2026 | +21.6% | +39.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NOVT and RMT good diversifiers for each other?
Somewhat, no more. With 0.69 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between NOVT and RMT?
As of 2026-08-27, the correlation of weekly returns between NOVT and RMT is 0.69 over 3 years, 0.62 over 1 year and 0.65 over 5 years.
Is RMT a good diversifier for NOVT?
Somewhat, no more. With 0.69 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.69 mean?
A reading of 0.69 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/novt-vs-rmt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/novt-vs-rmt/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NOVT correlations · RMT correlations
