NVST vs SHAK: Correlation
Measured on weekly returns over the past three years, Envista Holdings Corporation (NVST) and Shake Shack, Inc. (SHAK) carry a correlation of 0.47, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NVST and SHAK?
Across a 3-year window, the weekly returns of NVST and SHAK correlate at 0.47, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.63 versus 0.47 over 3 years. Stretching to 5 years gives 0.46, with an annualized covariance of 854.4 %².
Among the 18 assets we track against NVST, SHAK ranks #9 by 3-year correlation. Correlation aside, the last 12 months split them widely, with NVST ahead by 63.1 points (+29.2% versus -33.9%).
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.
NVST vs SHAK: side by side
| NVST (Envista Holdings Corporation) | SHAK (Shake Shack, Inc.) | |
|---|---|---|
| 1-year return | +29.2% | -33.9% |
| 5-year return | -35.8% | -18.1% |
| Volatility (ann.) | 35.4% | 51.5% |
| Beta vs S&P 500 | 0.80 | 1.42 |
| Max drawdown (3Y) | -55.4% | -63.1% |
| Market cap | $4.4B | $3.0B |
| P/E (trailing) | 48.1 | 76.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NVST | SHAK |
|---|---|---|
| 2022 | -25.3% | -42.4% |
| 2023 | -28.5% | +78.5% |
| 2024 | -19.8% | +75.1% |
| 2025 | +12.5% | -37.5% |
| 2026 | +26.4% | -13.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NVST and SHAK good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NVST and SHAK?
As of 2026-08-27, the correlation of weekly returns between NVST and SHAK is 0.47 over 3 years, 0.63 over 1 year and 0.46 over 5 years.
Is SHAK a good diversifier for NVST?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.47 mean?
A reading of 0.47 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: NVST correlations · SHAK correlations
