Ovid Therapeutics Correlations

OVID Stock

USD 0.54 0.03 5.26%

The current 90-days correlation between Ovid Therapeutics and CytomX Therapeutics is 0.34 (i.e., Weak 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

Good diversification

The correlation between Ovid Therapeutics and DJI is -0.01 (i.e., Good 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

0.77	ILMN	Illumina	Pair Corr
0.93	INZY	Inozyme Pharma	Pair Corr
0.65	KURA	Kura Oncology	Pair Corr
0.93	ABOS	Acumen Pharmaceuticals	Pair Corr
0.93	ADTX	Aditxt Inc	Pair Corr
0.75	STRO	Sutro Biopharma	Pair Corr
0.86	TCRX	Tscan Therapeutics	Pair Corr
0.95	TERN	Terns Pharmaceuticals	Pair Corr
0.97	CRNX	Crinetics Pharmaceuticals	Pair Corr
0.86	CTMX	CytomX Therapeutics	Pair Corr
0.75	DAWN	Day One Biopharmaceu	Pair Corr
0.67	TLKMF	Telkom Indonesia Tbk	Pair Corr

Moving against Ovid Stock

0.84	OPT	Opthea	Pair Corr
0.8	PHGE	Biomx Inc	Pair Corr
0.74	LTRN	Lantern Pharma	Pair Corr
0.73	GANX	Gain Therapeutics	Pair Corr
0.63	CUE	Cue Biopharma	Pair Corr
0.54	PFE	Pfizer Inc Aggressive Push	Pair Corr
0.53	FENC	Fennec Pharmaceuticals	Pair Corr
0.41	A	Agilent Technologies	Pair Corr
0.72	DBVT	DBV Technologies Earnings Call This Week	Pair Corr
0.48	CGTX	Cognition Therapeutics	Pair Corr
0.45	CPRX	Catalyst Pharmaceuticals	Pair Corr
0.94	OBI	Ondine Biomedical	Pair Corr
0.83	EC	Ecopetrol SA ADR	Pair Corr
0.83	GPI	Group 1 Automotive	Pair Corr
0.81	SSNLF	Samsung Electronics	Pair Corr

Related Correlations Analysis

	CTMX	SPRO	NLTX	TIL	NXTC	ASMB	ACHL	NUVB	CNTB
CTMX		0.74	0.0	0.3	0.57	0.76	-0.71	0.72	0.63	CTMX
SPRO	0.74		0.0	0.44	0.88	0.75	-0.76	0.74	0.54	SPRO
NLTX	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	NLTX
TIL	0.3	0.44	0.0		0.6	0.27	-0.25	0.27	-0.05	TIL
NXTC	0.57	0.88	0.0	0.6		0.53	-0.69	0.55	0.25	NXTC
ASMB	0.76	0.75	0.0	0.27	0.53		-0.65	0.82	0.72	ASMB
ACHL	-0.71	-0.76	0.0	-0.25	-0.69	-0.65		-0.68	-0.46	ACHL
NUVB	0.72	0.74	0.0	0.27	0.55	0.82	-0.68		0.61	NUVB
CNTB	0.63	0.54	0.0	-0.05	0.25	0.72	-0.46	0.61		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	+ 0.88	SPRO
NUVB	+ 0.82	ASMB
ASMB	+ 0.76	CTMX
ASMB	+ 0.75	SPRO
SPRO	+ 0.74	CTMX
NUVB	+ 0.74	SPRO

High negative correlations

ACHL	- 0.76	SPRO
ACHL	- 0.71	CTMX
ACHL	- 0.69	NXTC
NUVB	- 0.68	ACHL
ACHL	- 0.65	ASMB
CNTB	- 0.46	ACHL

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	3.85	(0.29)	0.00	(0.14)	0.00	0.00	7.32	(7.45)	23.37
SPRO	2.58	(0.48)	0.00	0.97	0.00	0.00	4.85	(6.25)	21.98
NLTX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
TIL	5.75	(0.13)	0.00	(0.05)	0.00	0.00	14.84	(9.64)	33.50
NXTC	3.07	(0.73)	0.00	(2.52)	0.00	0.00	6.49	(7.23)	18.86
ASMB	3.08	(0.13)	0.00	(0.10)	0.00	0.00	7.86	(5.39)	24.82
ACHL	1.61	0.46	0.27	1.30	0.95	(3.13)	2.59	(2.80)	22.15
NUVB	2.84	(0.27)	0.00	(15.40)	0.00	0.00	5.62	(7.12)	23.46
CNTB	3.68	(0.10)	0.00	(0.13)	0.00	0.00	8.00	(7.48)	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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