Ovid Therapeutics Correlations

OVID Stock

USD 0.43 0.05 10.42%

The current 90-days correlation between Ovid Therapeutics and CytomX Therapeutics is 0.29 (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 0.11 (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

0.87	EYEN	Eyenovia	Pair Corr
0.64	MOLN	Molecular Partners	Pair Corr
0.67	SNDL	SNDL Inc	Pair Corr
0.91	CLDX	Celldex Therapeutics	Pair Corr
0.93	CRNX	Crinetics Pharmaceuticals	Pair Corr
0.73	CRVS	Corvus Pharmaceuticals	Pair Corr
0.67	GKOS	Glaukos Corp	Pair Corr
0.65	LIVN	LivaNova PLC	Pair Corr
0.66	MDAI	Spectral AI	Pair Corr
0.9	MODD	Modular Medical	Pair Corr
0.86	APYX	Apyx Medical	Pair Corr
0.89	SGHT	Sight Sciences	Pair Corr
0.91	SRDX	SurModics	Pair Corr
0.77	CNMD	CONMED	Pair Corr

Moving against Ovid Stock

0.88	FNA	Paragon 28	Pair Corr
0.82	CPIX	Cumberland Pharmaceuticals	Pair Corr
0.8	CMRX	Chimerix	Pair Corr
0.35	OPT	Opthea	Pair Corr
0.91	NVRO	Nevro Corp	Pair Corr
0.84	LUCD	Lucid Diagnostics	Pair Corr
0.75	NYXH	Nyxoah	Pair Corr
0.66	INMD	InMode	Pair Corr
0.61	LUNG	Pulmonx Corp	Pair Corr
0.47	KIDS	Orthopediatrics Corp	Pair Corr
0.87	BRK-A	Berkshire Hathaway	Pair Corr
0.87	BRK-B	Berkshire Hathaway	Pair Corr
0.79	FWEDF	Fireweed Zinc	Pair Corr
0.79	TOI	Oncology Institute Earnings Call This Week	Pair Corr
0.65	NHNCF	NAVER Corp	Pair Corr
0.61	TRGGF	Tarachi Gold Corp	Pair Corr

Related Correlations Analysis

	CTMX	SPRO	NLTX	TIL	NXTC	ASMB	ACHL	NUVB	CNTB
CTMX		0.9	0.0	0.33	0.82	0.87	-0.84	0.86	0.79	CTMX
SPRO	0.9		0.0	0.18	0.74	0.87	-0.75	0.84	0.85	SPRO
NLTX	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	NLTX
TIL	0.33	0.18	0.0		0.28	0.31	-0.27	0.36	0.22	TIL
NXTC	0.82	0.74	0.0	0.28		0.75	-0.84	0.7	0.6	NXTC
ASMB	0.87	0.87	0.0	0.31	0.75		-0.77	0.86	0.88	ASMB
ACHL	-0.84	-0.75	0.0	-0.27	-0.84	-0.77		-0.77	-0.65	ACHL
NUVB	0.86	0.84	0.0	0.36	0.7	0.86	-0.77		0.79	NUVB
CNTB	0.79	0.85	0.0	0.22	0.6	0.88	-0.65	0.79		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

SPRO	+ 0.9	CTMX
CNTB	+ 0.88	ASMB
ASMB	+ 0.87	CTMX
ASMB	+ 0.87	SPRO
NUVB	+ 0.86	CTMX
NUVB	+ 0.86	ASMB

High negative correlations

ACHL	- 0.84	NXTC
ACHL	- 0.84	CTMX
NUVB	- 0.77	ACHL
ACHL	- 0.77	ASMB
ACHL	- 0.75	SPRO
CNTB	- 0.65	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	3.60	(0.53)	0.00	(0.32)	0.00	0.00	7.32	(7.45)	17.13
SPRO	2.59	(0.31)	0.00	(0.73)	0.00	0.00	5.13	(6.25)	21.98
NLTX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
TIL	5.56	0.11	0.00	(0.03)	0.00	0.00	13.25	(9.64)	34.30
NXTC	3.52	(0.75)	0.00	(0.48)	0.00	0.00	6.49	(7.25)	21.57
ASMB	3.04	(0.35)	0.00	(0.37)	0.00	0.00	6.63	(5.05)	24.82
ACHL	1.59	0.69	0.51	1.23	0.49	(2.95)	3.47	(1.74)	22.77
NUVB	3.32	(0.34)	0.00	(0.59)	0.00	0.00	6.88	(7.38)	28.03
CNTB	3.51	(0.29)	0.00	(0.33)	0.00	0.00	7.59	(7.07)	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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