NOVT vs. GTLB
NOVT (Novanta Inc.) and GTLB (GitLab Inc.) are both stocks. Both are in the Technology sector — NOVT in Scientific & Technical Instruments, GTLB in Software - Application. Over the past 3 years, NOVT returned -2.65%/yr vs -19.03%/yr for GTLB. At a 0.41 correlation, their price movements are largely independent.
Performance
NOVT vs. GTLB - Performance Comparison
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Returns By Period
In the year-to-date period, NOVT achieves a 30.82% return, which is significantly higher than GTLB's -31.18% return.
NOVT
- 1D
- 0.23%
- 1M
- -2.53%
- YTD
- 30.82%
- 6M
- 29.46%
- 1Y
- 29.11%
- 3Y*
- -2.65%
- 5Y*
- 3.95%
- 10Y*
- 25.89%
GTLB
- 1D
- -2.75%
- 1M
- -3.37%
- YTD
- -31.18%
- 6M
- -32.70%
- 1Y
- -36.63%
- 3Y*
- -19.03%
- 5Y*
- —
- 10Y*
- —
NOVT vs. GTLB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
NOVT Novanta Inc. | 30.82% | -22.11% | -9.29% | 23.95% | -22.95% | 10.43% |
GTLB GitLab Inc. | -31.18% | -33.40% | -10.50% | 38.56% | -47.77% | -7.69% |
Correlation
The correlation between NOVT and GTLB is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Oct 14, 2021 | 0.41 |
Over the past year, the correlation between NOVT and GTLB has dropped to 0.16 - well below their long-term average of 0.41, suggesting their price drivers have been diverging.
Fundamentals
NOVT:
$6.41B
GTLB:
$4.39B
NOVT:
$1.41
GTLB:
-$0.15
NOVT:
5.88
GTLB:
4.29
NOVT:
4.89
GTLB:
4.46
NOVT:
$1.00B
GTLB:
$1.00B
NOVT:
$444.51M
GTLB:
$871.68M
NOVT:
$150.84M
GTLB:
-$42.85M
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Return for Risk
NOVT vs. GTLB — Risk / Return Rank
NOVT
GTLB
NOVT vs. GTLB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Novanta Inc. (NOVT) and GitLab Inc. (GTLB). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| NOVT | GTLB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.22 | ||
| Sortino ratioReturn per unit of downside risk | +1.83 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 0.92 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 1.08 | -0.59 | +1.68 |
| Martin ratioReturn relative to average drawdown | 2.26 | -1.08 | +3.34 |
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Drawdowns
NOVT vs. GTLB - Drawdown Comparison
The maximum NOVT drawdown since its inception was -46.71%, smaller than the maximum GTLB drawdown of -85.16%. Use the drawdown chart below to compare losses from any high point for NOVT and GTLB.
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Drawdown Indicators
| NOVT | GTLB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.71% | -85.16% | +38.45% |
Max Drawdown (1Y)Largest decline over 1 year | -26.97% | -61.95% | +34.98% |
Max Drawdown (3Y)Largest decline over 3 years | -46.71% | -74.97% | +28.26% |
Max Drawdown (5Y)Largest decline over 5 years | -46.71% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -46.71% | — | — |
Current DrawdownCurrent decline from peak | -16.40% | -80.26% | +63.86% |
Average DrawdownAverage peak-to-trough decline | -12.30% | -61.11% | +48.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.90% | 33.90% | -21.00% |
Volatility
NOVT vs. GTLB - Volatility Comparison
The current volatility for Novanta Inc. (NOVT) is 12.82%, while GitLab Inc. (GTLB) has a volatility of 19.93%. This indicates that NOVT experiences smaller price fluctuations and is considered to be less risky than GTLB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NOVT | GTLB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.82% | 19.93% | -7.11% |
Volatility (6M)Calculated over the trailing 6-month period | 34.45% | 44.78% | -10.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.78% | 58.31% | -8.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 40.19% | 74.48% | -34.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.05% | 74.48% | -35.43% |
Dividends
NOVT vs. GTLB - Dividend Comparison
Neither NOVT nor GTLB has paid dividends to shareholders.
Financials
NOVT vs. GTLB - Financials Comparison
This section allows you to compare key financial metrics between Novanta Inc. and GitLab Inc.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
NOVT vs. GTLB - Profitability Comparison
NOVT - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Novanta Inc. reported a gross profit of 113.58M and revenue of 257.71M. Therefore, the gross margin over that period was 44.1%.
GTLB - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, GitLab Inc. reported a gross profit of 226.67M and revenue of 264.16M. Therefore, the gross margin over that period was 85.8%.
NOVT - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Novanta Inc. reported an operating income of 27.54M and revenue of 257.71M, resulting in an operating margin of 10.7%.
GTLB - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, GitLab Inc. reported an operating income of -15.75M and revenue of 264.16M, resulting in an operating margin of -6.0%.
NOVT - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Novanta Inc. reported a net income of 21.10M and revenue of 257.71M, resulting in a net margin of 8.2%.
GTLB - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, GitLab Inc. reported a net income of -4.97M and revenue of 264.16M, resulting in a net margin of -1.9%.
Frequently Asked Questions
NOVT and GTLB have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GTLB has higher volatility (19.93%) compared to NOVT (12.82%). In terms of maximum drawdown, NOVT dropped -46.71% vs GTLB's -85.16%.
NOVT currently has the higher Sharpe Ratio (0.59 vs -0.63), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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