Ocean Power Technologies, Inc. (OPTT) — Stock Correlations & Overview
Over the past year, OPTT has moved most closely with KOMP, HAIL, IWC. Explore the stocks most correlated and inversely correlated with OPTT below, along with its price, financials, and company profile.
Stocks correlated with OPTT
Correlation of daily returns. Higher positive values move with OPTT; negative values move opposite it. Informational only, not investment advice.
Most correlated with OPTT
| Symbol | Company | Correlation |
|---|---|---|
| KOMP | State Street SPDR S&P Kensho New Economies Composite ETF | 0.51 |
| HAIL | State Street SPDR S&P Kensho Smart Mobility ETF | 0.51 |
| IWC | iShares Micro-Cap ETF | 0.50 |
| PBW | Invesco WilderHill Clean Energy ETF | 0.50 |
| FDIG | Fidelity Crypto Industry and Digital Payments ETF | 0.49 |
Most inversely correlated with OPTT
| Symbol | Company | Correlation |
|---|---|---|
| TZA | Direxion Daily Small Cap Bear 3x ETF | -0.45 |
| TWM | ProShares UltraShort Russell2000 | -0.45 |
| SRTY | ProShares UltraPro Short Russell2000 | -0.45 |
| RWM | ProShares Short Russell2000 | -0.45 |
| SARK | Investment Managers Series Trust II Tradr 1X Short Innovation Daily ETF | -0.44 |
Frequently asked questions about OPTT correlations
- Which stocks are most correlated with OPTT?
- Based on one year of daily returns, the stocks most correlated with Ocean Power Technologies, Inc. (OPTT) are KOMP (0.51), HAIL (0.51) and IWC (0.50). A correlation near 1.00 means the two stocks' daily moves have tracked each other closely over the period.
- Which stocks are inversely correlated with OPTT?
- Over the past year, the stocks most inversely correlated with Ocean Power Technologies, Inc. (OPTT) are TZA (-0.45), TWM (-0.45) and SRTY (-0.45). A negative correlation means the two stocks have tended to move in opposite directions.
- What does a correlation of 0.8 mean for a stock?
- Correlation measures how closely two stocks' daily returns move together, on a scale from -1 to 1. At 0.8, the two stocks have moved in the same direction on most days — though not by identical amounts. A value near 0 means their moves have been unrelated, and a negative value means they have tended to move in opposite directions. Correlation reflects past behavior and can change over time.
- How are these OPTT correlations calculated?
- We compute the correlation of daily returns between OPTT and roughly 9,000 other US-listed stocks and ETFs over the trailing one-year window, then rank the strongest positive and negative relationships. The data is refreshed monthly. It is informational and educational only — not investment advice.
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