Ocean Power Correlations

OPTT Stock

USD 0.15 0.01 7.14%

The current 90-days correlation between Ocean Power Technologies and Expion360 is 0.16 (i.e., Average diversification). The correlation of Ocean Power 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Ocean Power Correlation With Market

Average diversification

The correlation between Ocean Power Technologies and DJI is 0.19 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Ocean Power Technologies 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 Power Technologies. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in estimate.

Moving together with Ocean Stock

0.71	RR	Richtech Robotics Class	Pair Corr
0.65	CXT	Crane NXT	Pair Corr

Moving against Ocean Stock

0.75	CMI	Cummins	Pair Corr
0.74	B	Barnes Group	Pair Corr
0.73	BW	Babcock Wilcox Enter	Pair Corr
0.73	ETN	Eaton PLC	Pair Corr
0.68	IR	Ingersoll Rand Sell-off Trend	Pair Corr
0.68	ATS	ATS Corporation	Pair Corr
0.67	PH	Parker Hannifin	Pair Corr
0.62	EPAC	Enerpac Tool Group	Pair Corr
0.61	EMR	Emerson Electric	Pair Corr
0.57	DOV	Dover	Pair Corr
0.56	DCI	Donaldson Earnings Call This Week	Pair Corr
0.52	CR	Crane Company	Pair Corr
0.48	AME	Ametek Inc	Pair Corr
0.43	FELE	Franklin Electric	Pair Corr
0.75	FLS	Flowserve	Pair Corr
0.73	JBT	John Bean Technologies	Pair Corr
0.72	MIR	Mirion Technologies	Pair Corr
0.72	PNR	Pentair PLC	Pair Corr
0.69	ITW	Illinois Tool Works	Pair Corr
0.69	NNE	Nano Nuclear Energy Trending	Pair Corr
0.69	SMR	Nuscale Power Corp Trending	Pair Corr
0.67	ITT	ITT Inc	Pair Corr
0.64	MWA	Mueller Water Products Fiscal Year End 11th of December 2024	Pair Corr
0.61	IEX	IDEX	Pair Corr
0.55	SXI	Standex International	Pair Corr
0.54	ROK	Rockwell Automation	Pair Corr
0.52	RRX	Regal Beloit	Pair Corr
0.49	GGG	Graco Inc	Pair Corr
0.46	KAI	Kadant Inc	Pair Corr
0.4	XMTR	Xometry	Pair Corr
0.37	GRC	Gorman Rupp	Pair Corr
0.33	GHM	Graham	Pair Corr
0.78	HURC	Hurco Companies	Pair Corr
0.74	HLIO	Helios Technologies	Pair Corr

Related Correlations Analysis

	PPSI	CBAT	IPWR	XPON	POLA	EOSE	FCEL	ENS	FLUX	NEOV
PPSI		0.03	-0.54	-0.79	0.18	0.45	-0.74	0.01	-0.61	0.47	PPSI
CBAT	0.03		0.49	-0.08	0.44	0.68	0.0	0.5	0.35	-0.54	CBAT
IPWR	-0.54	0.49		0.56	0.18	0.1	0.48	0.58	0.7	-0.65	IPWR
XPON	-0.79	-0.08	0.56		-0.21	-0.44	0.68	-0.01	0.51	-0.41	XPON
POLA	0.18	0.44	0.18	-0.21		0.27	-0.31	0.35	-0.07	0.05	POLA
EOSE	0.45	0.68	0.1	-0.44	0.27		-0.13	0.48	0.22	-0.37	EOSE
FCEL	-0.74	0.0	0.48	0.68	-0.31	-0.13		0.17	0.7	-0.69	FCEL
ENS	0.01	0.5	0.58	-0.01	0.35	0.48	0.17		0.47	-0.49	ENS
FLUX	-0.61	0.35	0.7	0.51	-0.07	0.22	0.7	0.47		-0.88	FLUX
NEOV	0.47	-0.54	-0.65	-0.41	0.05	-0.37	-0.69	-0.49	-0.88		NEOV
	PPSI	CBAT	IPWR	XPON	POLA	EOSE	FCEL	ENS	FLUX	NEOV

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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

FLUX	+ 0.7	IPWR
FLUX	+ 0.7	FCEL
EOSE	+ 0.68	CBAT
FCEL	+ 0.68	XPON
ENS	+ 0.58	IPWR
XPON	+ 0.56	IPWR

High negative correlations

NEOV	- 0.88	FLUX
XPON	- 0.79	PPSI
FCEL	- 0.74	PPSI
NEOV	- 0.69	FCEL
NEOV	- 0.65	IPWR
FLUX	- 0.61	PPSI

Risk-Adjusted Indicators

There is a big difference between Ocean Stock performing well and Ocean Power 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 Power'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
PPSI	2.68	0.64	0.19	2.18	2.41	(3.30)	8.48	(4.82)	23.15
CBAT	2.99	(0.29)	0.00	(0.94)	0.00	0.00	6.38	(5.61)	28.56
IPWR	2.59	(0.39)	0.00	(0.27)	0.00	0.00	3.96	(4.81)	22.65
XPON	9.76	(0.72)	0.00	(0.90)	0.00	0.00	29.64	(24.64)	74.33
POLA	4.99	0.25	0.02	(0.98)	5.60	(6.11)	11.35	(9.34)	45.49
EOSE	4.65	0.29	0.03	(0.96)	5.12	(5.96)	10.09	(7.87)	46.30
FCEL	5.01	(0.54)	0.00	1.27	0.00	0.00	11.61	(12.13)	33.51
ENS	1.16	(0.17)	0.00	(0.03)	0.00	0.00	2.14	(2.35)	8.90
FLUX	3.08	(0.67)	0.00	(0.22)	0.00	0.00	7.14	(6.37)	22.65
NEOV	4.41	1.10	0.21	1.24	4.49	(4.99)	11.11	(7.32)	21.90

Ocean Power Corporate Management

Matthew Burdyny	Chief Officer	Profile
Nicholas Day	General Secretary	Profile
Jeff Wiener	Vice Sales	Profile
JD CPA	General Secretary	Profile
Joseph DiPietro	Treasurer Controller	Profile

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