OM vs TPST: Correlation
How closely do Outset Medical, Inc. (OM) and Tempest Therapeutics, Inc. (TPST) trade together? Their weekly returns over three years give a correlation of -0.31, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OM and TPST?
On 3 years of weekly data the OM/TPST correlation comes out at -0.31, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.07 versus -0.31 over 3 years. The 5-year figure is -0.28, and annualized covariance runs at -27697.9 %².
Among the 10 assets we track against OM, TPST sits near the bottom by co-movement, at rank #10. Correlation aside, the last 12 months split them widely, with OM ahead by 19.3 points (-70.7% versus -90.0%). Note the risk asymmetry: TPST runs 7.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
OM vs TPST: side by side
| OM (Outset Medical, Inc.) | TPST (Tempest Therapeutics, Inc.) | |
|---|---|---|
| 1-year return | -70.7% | -90.0% |
| 5-year return | -99.4% | -99.4% |
| Volatility (ann.) | 112.6% | 782.8% |
| Beta vs S&P 500 | 1.98 | 1.97 |
| Max drawdown (3Y) | -98.5% | -99.3% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OM | TPST |
|---|---|---|
| 2022 | -44.0% | -78.2% |
| 2023 | -79.0% | +282.6% |
| 2024 | -79.5% | -81.0% |
| 2025 | -77.7% | -73.6% |
| 2026 | +10.2% | -62.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OM and TPST good diversifiers for each other?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
FAQ
What is the correlation between OM and TPST?
The OM/TPST correlation stands at -0.31 on a 3-year window (1 year: 0.07, 5 years: -0.28), computed from weekly returns as of 2026-08-27.
Is TPST a good diversifier for OM?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
What does a correlation of -0.31 mean?
A reading of -0.31 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: OM correlations · TPST correlations
