Ocean Biomedical Correlations

OCEA Stock

0.72 0.01 1.41%

The current 90-days correlation between Ocean Biomedical and Elevation Oncology is 0.07 (i.e., Significant diversification). The correlation of Ocean Biomedical is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Ocean Biomedical Correlation With Market

Significant diversification

The correlation between Ocean Biomedical and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Ocean Biomedical and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Ocean Biomedical. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in income.

For information on how to trade Ocean Stock refer to our How to Trade Ocean Stock guide.

Moving together with Ocean Stock

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0.78	VALN	Valneva SE ADR	Pair Corr
0.87	JNJ	Johnson Johnson Sell-off Trend	Pair Corr
0.81	MRK	Merck Company Fiscal Year End 6th of February 2025	Pair Corr
0.82	PFE	Pfizer Inc Aggressive Push	Pair Corr
0.72	IPSC	Century Therapeutics	Pair Corr
0.61	MTEM	Molecular Templates	Pair Corr
0.77	NKTX	Nkarta Inc	Pair Corr
0.65	TPST	Tempest Therapeutics	Pair Corr
0.83	AGL	agilon health	Pair Corr
0.64	BACK	IMAC Holdings	Pair Corr
0.82	TCHH	Trustcash Holdings	Pair Corr
0.66	SHG	Shinhan Financial	Pair Corr
0.74	HYMTF	Hyundai Motor	Pair Corr
0.77	TLK	Telkom Indonesia Tbk	Pair Corr

Moving against Ocean Stock

0.65	MDGL	Madrigal Pharmaceuticals	Pair Corr
0.58	RNXT	RenovoRx	Pair Corr
0.31	KZR	Kezar Life Sciences	Pair Corr
0.78	CVX	Chevron Corp Fiscal Year End 7th of February 2025	Pair Corr
0.77	BAC	Bank of America Fiscal Year End 10th of January 2025	Pair Corr
0.72	T	ATT Inc Aggressive Push	Pair Corr
0.68	JPM	JPMorgan Chase Fiscal Year End 10th of January 2025	Pair Corr
0.67	INTC	Intel Fiscal Year End 23rd of January 2025	Pair Corr
0.65	AA	Alcoa Corp Fiscal Year End 15th of January 2025	Pair Corr
0.51	HD	Home Depot	Pair Corr
0.5	HPQ	HP Inc	Pair Corr
0.49	CAT	Caterpillar Fiscal Year End 3rd of February 2025	Pair Corr
0.41	VFS	VinFast Auto Earnings Call Tomorrow	Pair Corr

Related Correlations Analysis

	ENVB	HEPA	ELEV	AVRO	CWBR	ZURA	EFTR
ENVB		0.43	0.5	-0.19	-0.44	0.46	0.37	ENVB
HEPA	0.43		0.74	-0.16	-0.48	-0.09	0.41	HEPA
ELEV	0.5	0.74		-0.06	-0.45	-0.03	0.6	ELEV
AVRO	-0.19	-0.16	-0.06		0.36	0.05	-0.26	AVRO
CWBR	-0.44	-0.48	-0.45	0.36		0.15	-0.28	CWBR
ZURA	0.46	-0.09	-0.03	0.05	0.15		-0.07	ZURA
EFTR	0.37	0.41	0.6	-0.26	-0.28	-0.07		EFTR
	ENVB	HEPA	ELEV	AVRO	CWBR	ZURA	EFTR

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

ELEV	+ 0.74	HEPA
EFTR	+ 0.6	ELEV
ELEV	+ 0.5	ENVB
ZURA	+ 0.46	ENVB
HEPA	+ 0.43	ENVB
EFTR	+ 0.41	HEPA

High negative correlations

CWBR	- 0.48	HEPA
CWBR	- 0.45	ELEV
CWBR	- 0.44	ENVB
EFTR	- 0.28	CWBR
EFTR	- 0.26	AVRO
AVRO	- 0.19	ENVB

Risk-Adjusted Indicators

There is a big difference between Ocean Stock performing well and Ocean Biomedical Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Ocean Biomedical's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
ENVB	3.22	(0.65)	0.00	(2.30)	0.00	0.00	6.25	(7.50)	28.33
HEPA	3.82	(0.35)	0.00	(0.15)	0.00	0.00	8.06	(8.11)	33.54
ELEV	3.51	(0.59)	0.00	(0.17)	0.00	0.00	5.77	(8.22)	22.21
AVRO	1.77	0.18	0.01	(0.49)	1.89	(2.24)	4.11	(3.17)	14.20
CWBR	7.34	2.25	0.33	1.40	5.34	(11.19)	5.73	(5.59)	250.97
ZURA	3.89	(0.50)	0.00	(0.15)	0.00	0.00	7.95	(7.94)	30.69
EFTR	7.57	(4.50)	0.00	8.68	0.00	0.00	8.70	(27.78)	88.91

Ocean Biomedical Corporate Executives

Elected by the shareholders, the Ocean Biomedical's board of directors comprises two types of representatives: Ocean Biomedical inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Ocean. The board's role is to monitor Ocean Biomedical's management team and ensure that shareholders' interests are well served. Ocean Biomedical's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Ocean Biomedical's outside directors are responsible for providing unbiased perspectives on the board's policies.

Gurinder MBA

CFO Treasurer

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