NVMI vs THG: Correlation
Nova Ltd. (NVMI) and Hanover Insurance Group Inc (THG) show a negative relationship: their 3-year correlation of weekly returns is -0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NVMI and THG?
Across a 3-year window, the weekly returns of NVMI and THG correlate at -0.23, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.36 versus -0.23 over 3 years. Stretching to 5 years gives -0.13, with an annualized covariance of -261.4 %².
Out of 12 assets tracked against NVMI, THG lands near the bottom at #9. The trailing year gives NVMI the advantage: +40.7% versus +33.1%, a 7.6-point spread. Risk is not evenly split, since NVMI carries 2.4 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.
NVMI vs THG: side by side
| NVMI (Nova Ltd.) | THG (Hanover Insurance Group Inc) | |
|---|---|---|
| 1-year return | +40.7% | +33.1% |
| 5-year return | +266.1% | +81.9% |
| Volatility (ann.) | 51.8% | 21.9% |
| Beta vs S&P 500 | 1.93 | 0.24 |
| Max drawdown (3Y) | -40.8% | -14.0% |
| Market cap | $11.8B | $7.9B |
| P/E (trailing) | 45.7 | 10.9 |
| Dividend yield | 0.00% | 1.64% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NVMI | THG |
|---|---|---|
| 2022 | -44.2% | +5.4% |
| 2023 | +68.2% | -7.6% |
| 2024 | +43.4% | +30.6% |
| 2025 | +66.7% | +20.7% |
| 2026 | +12.9% | +25.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NVMI and THG good diversifiers for each other?
Yes. With a correlation of -0.23, NVMI and THG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NVMI and THG?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.36 over the last year and -0.13 over 5 years.
Is THG a good diversifier for NVMI?
Yes. With a correlation of -0.23, NVMI and THG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 mean?
A reading of -0.23 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/nvmi-vs-thg.json
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Related comparisons
Hubs: NVMI correlations · THG correlations
