Ovid Therapeutics Correlations

OVID Stock

USD 0.66 0 0.45%

The current 90-days correlation between Ovid Therapeutics and CytomX Therapeutics is 0.27 (i.e., Modest diversification). The correlation of Ovid Therapeutics 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.

Ovid Therapeutics Correlation With Market

Average diversification

The correlation between Ovid Therapeutics and DJI is 0.15 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Ovid Therapeutics 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 Ovid Therapeutics. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

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

Moving together with Ovid Stock

0.64	JNJ	Johnson Johnson	Pair Corr
0.77	UPC	Universe Pharmaceuticals	Pair Corr
0.62	AMGN	Amgen Inc Earnings Call This Week	Pair Corr
0.89	DERM	Journey Medical Corp Upward Rally	Pair Corr
0.67	ENSG	Ensign Group	Pair Corr
0.62	EHC	Encompass Health Corp Earnings Call This Week	Pair Corr
0.9	NHC	National HealthCare	Pair Corr
0.87	INNV	InnovAge Holding Corp Earnings Call This Week	Pair Corr
0.81	PNTG	Pennant Group	Pair Corr
0.92	688639	Anhui Huaheng Biotec	Pair Corr
0.8	300439	Ningbo MedicalSystem	Pair Corr
0.74	688670	Jiangsu GDK Biotechnology	Pair Corr
0.71	300871	Wuhan Hvsen Biotechnology	Pair Corr
0.86	301301	Yili Chuanning Biote	Pair Corr
0.9	688739	Liaoning Chengda Bio	Pair Corr

Moving against Ovid Stock

0.81	ALTS	ALT5 Sigma Symbol Change	Pair Corr
0.43	BFRI	Biofrontera	Pair Corr
0.34	BMY	Bristol Myers Squibb Earnings Call This Week	Pair Corr
0.33	EHAB	Enhabit	Pair Corr
0.83	GILT	Gilat Satellite Networks	Pair Corr
0.75	LPTH	LightPath Technologies Earnings Call This Week	Pair Corr
0.66	VIST	Vista Oil Gas	Pair Corr
0.66	V	Visa Class A	Pair Corr
0.63	NRG	NRG Energy	Pair Corr
0.6	PLTR	Palantir Technologies Earnings Call This Week	Pair Corr
0.54	MTZ	MasTec Inc	Pair Corr
0.47	CHKP	Check Point Software Earnings Call This Week	Pair Corr
0.4	ADUS	Addus HomeCare	Pair Corr
0.35	OILCF	Permex Petroleum Trending	Pair Corr
0.34	BAMXF	Bayerische Motoren Werke	Pair Corr

Related Correlations Analysis

	CTMX	SPRO	NLTX	TIL	NXTC	ASMB	ACHL	NUVB	CNTB
CTMX		0.34	-0.1	0.13	0.21	0.44	-0.43	0.31	0.26	CTMX
SPRO	0.34		0.6	0.75	0.92	0.7	-0.61	0.0	0.41	SPRO
NLTX	-0.1	0.6		0.37	0.58	0.42	-0.14	0.15	0.18	NLTX
TIL	0.13	0.75	0.37		0.83	0.55	-0.5	-0.16	0.16	TIL
NXTC	0.21	0.92	0.58	0.83		0.57	-0.69	-0.12	0.19	NXTC
ASMB	0.44	0.7	0.42	0.55	0.57		-0.2	0.11	0.57	ASMB
ACHL	-0.43	-0.61	-0.14	-0.5	-0.69	-0.2		0.25	-0.11	ACHL
NUVB	0.31	0.0	0.15	-0.16	-0.12	0.11	0.25		-0.29	NUVB
CNTB	0.26	0.41	0.18	0.16	0.19	0.57	-0.11	-0.29		CNTB
	CTMX	SPRO	NLTX	TIL	NXTC	ASMB	ACHL	NUVB	CNTB

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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

NXTC	+ 0.92	SPRO
NXTC	+ 0.83	TIL
TIL	+ 0.75	SPRO
ASMB	+ 0.7	SPRO
NLTX	+ 0.6	SPRO
NXTC	+ 0.58	NLTX

High negative correlations

ACHL	- 0.69	NXTC
ACHL	- 0.61	SPRO
ACHL	- 0.5	TIL
ACHL	- 0.43	CTMX
CNTB	- 0.29	NUVB
ACHL	- 0.2	ASMB

Risk-Adjusted Indicators

There is a big difference between Ovid Stock performing well and Ovid Therapeutics 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 Ovid Therapeutics' 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
CTMX	3.64	(0.33)	0.00	(0.16)	0.00	0.00	7.32	(9.00)	23.37
SPRO	2.49	(0.60)	0.00	(0.72)	0.00	0.00	5.56	(4.76)	17.35
NLTX	2.25	(0.20)	0.00	(0.68)	0.00	0.00	4.05	(3.53)	27.84
TIL	5.77	(0.25)	0.00	(0.12)	0.00	0.00	14.68	(9.64)	26.56
NXTC	3.02	(0.82)	0.00	(0.56)	0.00	0.00	6.74	(7.45)	24.13
ASMB	2.86	(0.24)	0.00	(0.22)	0.00	0.00	5.74	(5.39)	24.82
ACHL	1.37	0.23	0.07	(2.97)	1.22	(2.38)	2.59	(2.86)	19.72
NUVB	3.30	0.10	0.02	0.26	3.70	(4.05)	9.48	(7.38)	23.46
CNTB	3.87	(0.13)	0.00	0.21	0.00	0.00	8.66	(7.55)	29.84

Ovid Therapeutics Corporate Management

Meg Alexander	Chief Officer	Profile
Claude MD	Head RD	Profile
SPHR SHRMSCP	VP Facilities	Profile
Jason MBA	Chief Officer	Profile
Lora Pike	Senior Relations	Profile
Garret Bonney	Investor Officer	Profile

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