NOVT vs VXZ: Correlation
How closely do Novanta Inc. (NOVT) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.48, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NOVT and VXZ?
On 3 years of weekly data the NOVT/VXZ correlation comes out at -0.48, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.33) runs above the 3-year figure (-0.48). The 5-year figure is -0.48, and annualized covariance runs at -514.7 %².
VXZ is close to the least connected end of NOVT's tracked universe, ranking #16 of 17. Their recent paths diverged sharply: over the last 12 months NOVT outperformed by 39.1 percentage points (+23.0% for NOVT against -16.1% for VXZ). Risk is not evenly split, since NOVT carries 1.6 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 VXZ: side by side
| NOVT (Novanta Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +23.0% | -16.1% |
| 5-year return | -4.1% | -53.1% |
| Volatility (ann.) | 42.1% | 25.6% |
| Beta vs S&P 500 | 1.79 | -1.31 |
| Max drawdown (3Y) | -46.7% | -36.4% |
| Market cap | $5.5B | – |
| P/E (trailing) | 91.6 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NOVT | VXZ |
|---|---|---|
| 2022 | -22.9% | +0.5% |
| 2023 | +23.9% | -44.0% |
| 2024 | -9.3% | -12.7% |
| 2025 | -22.1% | +5.7% |
| 2026 | +21.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NOVT and VXZ good diversifiers for each other?
Yes: at -0.48, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NOVT and VXZ?
The NOVT/VXZ correlation stands at -0.48 on a 3-year window (1 year: -0.33, 5 years: -0.48), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for NOVT?
Yes: at -0.48, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.48 mean?
On the −1 to +1 scale, -0.48 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/novt-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NOVT correlations · VXZ correlations
