This study was performed to analyze the interactions and dependencies existing among the measures of innovation represented by the European innovation scoreboard and sustainability represented by the transitioning performance index. The results showed strong correlations within innovation measures whereas weak correlations were observed withing transitioning measures, especially the interdependencies between environmental measures and other indicators for both performances. Also, based on the analysis, four combined and salient factors were determined for both measures as human capital, research and ICTs, financial capital, and linkages However, again, indicators for environmental issues functioned as outliers not directly influenced by the factors. Using the initial combined variables, 4 clusters were developed and the movement of the means within individual cluster was observed. The results showed cluster 2 with more developed countries and higher count of countries and higher means of variables as opposed to cluster 4 with lower count of countries. Furthermore, cluster 3 was observed with more negative variable means. The results when combined with other cultural and geographical parameters and policies will provide more conclusive and responsive deductions.