NOVT vs ZBRA: Correlation
Measured on weekly returns over the past three years, Novanta Inc. (NOVT) and Zebra Technologies (ZBRA) carry a correlation of 0.63, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NOVT and ZBRA?
Over the past 3 years, NOVT and ZBRA moved with a correlation of 0.63, which is strong. Recent behaviour matches the longer record: 0.59 over 1 year against 0.63 over 3. Over 5 years the correlation is 0.62, and the annualized covariance of weekly returns is 1078.4 %².
Among the 17 assets we track against NOVT, ZBRA ranks #6 by 3-year correlation. On 12-month performance NOVT holds a 10.7-point edge, +23.0% against +12.3%.
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 ZBRA: side by side
| NOVT (Novanta Inc.) | ZBRA (Zebra Technologies) | |
|---|---|---|
| 1-year return | +23.0% | +12.3% |
| 5-year return | -4.1% | -38.2% |
| Volatility (ann.) | 42.1% | 40.8% |
| Beta vs S&P 500 | 1.79 | 1.54 |
| Max drawdown (3Y) | -46.7% | -52.7% |
| Market cap | $5.5B | $17.1B |
| P/E (trailing) | 91.6 | 33.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | NOVT | ZBRA |
|---|---|---|
| 2022 | -22.9% | -56.9% |
| 2023 | +23.9% | +6.6% |
| 2024 | -9.3% | +41.3% |
| 2025 | -22.1% | -37.1% |
| 2026 | +21.6% | +48.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NOVT and ZBRA good diversifiers for each other?
To a limited degree. At 0.63 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 ZBRA?
As of 2026-08-27, the correlation of weekly returns between NOVT and ZBRA is 0.63 over 3 years, 0.59 over 1 year and 0.62 over 5 years.
Is ZBRA a good diversifier for NOVT?
To a limited degree. At 0.63 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 0.63 mean?
On the −1 to +1 scale, 0.63 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-zbra.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/novt-vs-zbra/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NOVT correlations · ZBRA correlations
