Ovation Science Correlations

OVATF Stock

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The current 90-days correlation between Ovation Science and Next Generation Management is 0.25 (i.e., Modest diversification). The correlation of Ovation Science 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.

Ovation Science Correlation With Market

Very good diversification

The correlation between Ovation Science and DJI is -0.31 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Ovation Science and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Ovation Science could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Ovation Science when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Ovation Science - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Ovation Science to buy it.

Moving against Ovation Pink Sheet

0.72	TKPHF	Takeda Pharmaceutical	Pair Corr
0.66	TAK	Takeda Pharmaceutical	Pair Corr
0.63	HLN	Haleon plc	Pair Corr
0.54	GAM	General American Inv	Pair Corr
0.53	HLNCF	Haleon plc	Pair Corr
0.47	BIRDF	Bird Construction	Pair Corr
0.44	BRK-B	Berkshire Hathaway Earnings Call Today	Pair Corr
0.39	MKKGY	Merck KGaA ADR Earnings Call This Week	Pair Corr
0.39	TEVA	Teva Pharma Industries	Pair Corr
0.37	TEVA	Teva Pharmaceutical	Pair Corr
0.32	MKGAF	MERCK Kommanditgesells Earnings Call This Week	Pair Corr
0.32	HYMTF	Hyundai Motor	Pair Corr
0.84	RCIT	Reelcause	Pair Corr
0.83	APPCF	APAC Resources	Pair Corr
0.79	DAC	Danaos	Pair Corr
0.75	LIN	Linde plc Ordinary	Pair Corr
0.71	SWGAY	Swatch Group AG	Pair Corr
0.69	TRNO	Terreno Realty	Pair Corr
0.63	EDRVF	EDP Renovaveis	Pair Corr
0.61	BHPLF	BHP Group Limited	Pair Corr
0.51	EG	Everest Group	Pair Corr
0.5	QNBC	QNB Corp	Pair Corr
0.49	PPCLY	PPC Ltd ADR	Pair Corr
0.84	EXC	Exelon	Pair Corr
0.83	DTE	DTE Energy	Pair Corr
0.75	ASTE	Astec Industries	Pair Corr
0.68	ARMK	Aramark Holdings	Pair Corr
0.67	TKR	Timken Company	Pair Corr
0.66	SAPMF	Saipem SpA	Pair Corr

Related Correlations Analysis

	GXXY	PCYN	CATV	CNTRF	NGMC	EDXC	BMCS	PAIOF	ELLXF	CTTH
GXXY		0.16	0.14	0.18	0.12	0.46	-0.1	0.0	0.18	-0.24	GXXY
PCYN	0.16		-0.08	-0.1	-0.24	-0.7	-0.73	0.0	-0.15	0.77	PCYN
CATV	0.14	-0.08		-0.15	0.03	0.25	0.12	0.0	0.1	-0.07	CATV
CNTRF	0.18	-0.1	-0.15		-0.22	0.14	0.0	0.0	0.24	-0.1	CNTRF
NGMC	0.12	-0.24	0.03	-0.22		0.3	0.38	0.0	-0.03	-0.48	NGMC
EDXC	0.46	-0.7	0.25	0.14	0.3		0.69	0.0	0.14	-0.75	EDXC
BMCS	-0.1	-0.73	0.12	0.0	0.38	0.69		0.0	-0.15	-0.62	BMCS
PAIOF	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	PAIOF
ELLXF	0.18	-0.15	0.1	0.24	-0.03	0.14	-0.15	0.0		-0.16	ELLXF
CTTH	-0.24	0.77	-0.07	-0.1	-0.48	-0.75	-0.62	0.0	-0.16		CTTH
	GXXY	PCYN	CATV	CNTRF	NGMC	EDXC	BMCS	PAIOF	ELLXF	CTTH

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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

CTTH	+ 0.77	PCYN
BMCS	+ 0.69	EDXC
EDXC	+ 0.46	GXXY
BMCS	+ 0.38	NGMC
EDXC	+ 0.3	NGMC
EDXC	+ 0.25	CATV

High negative correlations

CTTH	- 0.75	EDXC
BMCS	- 0.73	PCYN
EDXC	- 0.7	PCYN
CTTH	- 0.62	BMCS
CTTH	- 0.48	NGMC
NGMC	- 0.24	PCYN

Risk-Adjusted Indicators

There is a big difference between Ovation Pink Sheet performing well and Ovation Science 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 Ovation Science'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
GXXY	5.73	0.48	0.02	0.26	8.12	(63.69)	0.00	(16.67)	109.52
PCYN	1.60	0.86	0.00	(1.53)	0.00	0.00	0.00	0.00	46.15
CATV	11.70	2.76	0.00	47.15	0.00	0.00	50.00	(33.33)	150.00
CNTRF	4.59	0.99	0.00	(0.24)	0.00	0.00	0.00	(9.09)	153.37
NGMC	27.04	9.76	0.27	(0.97)	21.21	(49.19)	69.18	(40.89)	286.65
EDXC	10.89	(1.27)	0.00	(0.44)	0.00	0.00	16.67	(25.00)	78.57
BMCS	3.16	(1.53)	0.00	5.78	0.00	0.00	1.27	(3.80)	93.73
PAIOF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
ELLXF	38.16	12.75	0.25	4,249	25.69	(85.45)	145.71	(64.47)	296.84
CTTH	7.17	1.09	0.14	0.54	6.29	(10.53)	21.39	(11.97)	70.25

Be your own money manager

Our tools can tell you how much better you can do entering a position in Ovation Science without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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