NOVT vs SPY: Correlation
Measured on weekly returns over the past three years, Novanta Inc. (NOVT) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.61, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NOVT and SPY?
On 3 years of weekly data the NOVT/SPY correlation comes out at 0.61, strong. The relationship has been stable: the 1-year correlation (0.53) sits close to the 3-year figure. The 5-year figure is 0.64, and annualized covariance runs at 374.4 %².
Within NOVT's tracked universe of 17 assets, SPY comes in at #7 by 3-year correlation. Their 12-month results are close: +23.0% for NOVT against +20.6% for SPY. Note the risk asymmetry: NOVT runs 2.9 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 SPY: side by side
| NOVT (Novanta Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +23.0% | +20.6% |
| 5-year return | -4.1% | +82.4% |
| Volatility (ann.) | 42.1% | 14.5% |
| Beta vs S&P 500 | 1.79 | 1.00 |
| Max drawdown (3Y) | -46.7% | -18.8% |
| Market cap | $5.5B | – |
| P/E (trailing) | 91.6 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | NOVT | SPY |
|---|---|---|
| 2022 | -22.9% | -18.2% |
| 2023 | +23.9% | +26.2% |
| 2024 | -9.3% | +24.9% |
| 2025 | -22.1% | +17.7% |
| 2026 | +21.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NOVT and SPY good diversifiers for each other?
Only partially. A correlation of 0.61 means NOVT and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between NOVT and SPY?
The NOVT/SPY correlation stands at 0.61 on a 3-year window (1 year: 0.53, 5 years: 0.64), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for NOVT?
Only partially. A correlation of 0.61 means NOVT and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.61 mean?
On the −1 to +1 scale, 0.61 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.
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Related comparisons
Hubs: NOVT correlations · SPY correlations
