NOVT vs RSP: Correlation
How closely do Novanta Inc. (NOVT) and Invesco S&P 500 Equal Weight ETF (RSP) trade together? Their weekly returns over three years give a correlation of 0.67, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NOVT and RSP?
On 3 years of weekly data the NOVT/RSP correlation comes out at 0.67, strong. Lately the two have drifted apart, with the 1-year correlation at 0.53 versus 0.67 over 3 years. The 5-year figure is 0.66, and annualized covariance runs at 371.9 %².
Within NOVT's tracked universe of 17 assets, RSP comes in at #5 by 3-year correlation. Twelve-month performance is nearly a tie, at +23.0% for NOVT and +19.2% for RSP. Note the risk asymmetry: NOVT runs 3.2 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 RSP: side by side
| NOVT (Novanta Inc.) | RSP (Invesco S&P 500 Equal Weight ETF) | |
|---|---|---|
| 1-year return | +23.0% | +19.2% |
| 5-year return | -4.1% | +53.9% |
| Volatility (ann.) | 42.1% | 13.2% |
| Beta vs S&P 500 | 1.79 | 0.77 |
| Max drawdown (3Y) | -46.7% | -17.8% |
| Market cap | $5.5B | – |
| P/E (trailing) | 91.6 | – |
| Dividend yield | 0.00% | 1.49% |
| Expense ratio | – | 0.20% |
| Assets under management | – | $97.3B |
| Sector / category | US Listed | ETF · US Large Cap |
On the fund side, RSP sits in the Large Blend category at Invesco, with $97.3B under management, 505 holdings, a 0.20% expense ratio, a 1.49% trailing dividend yield.
Year-by-year returns
| Year | NOVT | RSP |
|---|---|---|
| 2022 | -22.9% | -11.6% |
| 2023 | +23.9% | +13.7% |
| 2024 | -9.3% | +12.8% |
| 2025 | -22.1% | +11.2% |
| 2026 | +21.6% | +16.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NOVT and RSP good diversifiers for each other?
To a limited degree. At 0.67 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 NOVT and RSP?
The NOVT/RSP correlation stands at 0.67 on a 3-year window (1 year: 0.53, 5 years: 0.66), computed from weekly returns as of 2026-08-27.
Is RSP a good diversifier for NOVT?
To a limited degree. At 0.67 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 0.67 mean?
On the −1 to +1 scale, 0.67 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/novt-vs-rsp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/novt-vs-rsp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NOVT correlations · RSP correlations
