NVST vs XRAY: Correlation
Measured on weekly returns over the past three years, Envista Holdings Corporation (NVST) and DENTSPLY SIRONA Inc. (XRAY) carry a correlation of 0.56, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NVST and XRAY?
Over the past 3 years, NVST and XRAY moved with a correlation of 0.56, which is moderate. Recent behaviour matches the longer record: 0.57 over 1 year against 0.56 over 3. Over 5 years the correlation is 0.55, and the annualized covariance of weekly returns is 786.8 %².
XRAY is one of the assets that tracks NVST most closely: it ranks #2 out of the 18 assets we track against NVST. The last year tells two different stories: NVST led by 50.0 percentage points, +29.2% for NVST against -20.8% for XRAY.
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 XRAY: side by side
| NVST (Envista Holdings Corporation) | XRAY (DENTSPLY SIRONA Inc.) | |
|---|---|---|
| 1-year return | +29.2% | -20.8% |
| 5-year return | -35.8% | -80.0% |
| Volatility (ann.) | 35.4% | 39.4% |
| Beta vs S&P 500 | 0.80 | 0.54 |
| Max drawdown (3Y) | -55.4% | -72.3% |
| Market cap | $4.4B | $2.2B |
| P/E (trailing) | 48.1 | – |
| Dividend yield | 0.00% | 2.93% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NVST | XRAY |
|---|---|---|
| 2022 | -25.3% | -42.1% |
| 2023 | -28.5% | +13.5% |
| 2024 | -19.8% | -45.3% |
| 2025 | +12.5% | -36.8% |
| 2026 | +26.4% | -3.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NVST and XRAY good diversifiers for each other?
Only partially. A correlation of 0.56 means NVST and XRAY 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 NVST and XRAY?
As of 2026-08-27, the correlation of weekly returns between NVST and XRAY is 0.56 over 3 years, 0.57 over 1 year and 0.55 over 5 years.
Is XRAY a good diversifier for NVST?
Only partially. A correlation of 0.56 means NVST and XRAY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.56 mean?
A reading of 0.56 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/nvst-vs-xray.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nvst-vs-xray/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NVST correlations · XRAY correlations
