OCUL vs. INVA

Last updated Jun 24, 2026

OCUL (Ocular Therapeutix, Inc.) and INVA (Innoviva, Inc.) are both stocks. Both operate in the Biotechnology industry within the Healthcare sector. Over the past 10 years, OCUL returned 6.94%/yr vs 8.60%/yr for INVA. At a 0.25 correlation, their price movements are largely independent.

Performance

OCUL vs. INVA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ocular Therapeutix, Inc. (OCUL) and Innoviva, Inc. (INVA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OCUL achieves a -16.68% return, which is significantly lower than INVA's 17.81% return. Over the past 10 years, OCUL has underperformed INVA with an annualized return of 6.94%, while INVA has yielded a comparatively higher 8.60% annualized return.

OCUL

• 1D: 1.45%
• 1M: 22.90%
• YTD: -16.68%
• 6M: -20.60%
• 1Y: 20.85%
• 3Y*: 27.59%
• 5Y*: -7.12%
• 10Y*: 6.94%

INVA

• 1D: 3.88%
• 1M: 4.85%
• YTD: 17.81%
• 6M: 20.71%
• 1Y: 13.11%
• 3Y*: 23.08%
• 5Y*: 11.84%
• 10Y*: 8.60%

*Multi-year figures are annualized to reflect compound growth (CAGR)

OCUL vs. INVA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OCUL Ocular Therapeutix, Inc.	-16.68%	42.15%	91.48%	58.72%	-59.68%	-66.33%	424.05%	-0.75%	-10.56%	-46.83%
INVA Innoviva, Inc.	17.81%	15.22%	8.17%	21.06%	-23.19%	39.23%	-12.50%	-18.85%	22.97%	32.62%

Correlation

The correlation between OCUL and INVA is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.25
Correlation (10Y) Calculated over the trailing 10-year period	0.27
Correlation (All Time) Calculated using the full available price history since Jul 25, 2014	0.25

Fundamentals

Market Cap OCUL : $2.27B INVA : $2.00B
EPS OCUL : -$1.45 INVA : $5.94
PS Ratio OCUL : 39.05 INVA : 4.71
PB Ratio OCUL : 3.90 INVA : 1.38
Total Revenue (TTM) OCUL : $52.04M INVA : $424.12M
Gross Profit (TTM) OCUL : $45.40M INVA : $323.16M
EBITDA (TTM) OCUL : -$283.03M INVA : $438.91M

Return for Risk

OCUL vs. INVA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

OCUL

OCUL Risk / Return Rank: 53
OCUL Sharpe Ratio Rank: 54
OCUL Sortino Ratio Rank: 56
OCUL Omega Ratio Rank: 55
OCUL Calmar Ratio Rank: 52
OCUL Martin Ratio Rank: 50

INVA

INVA Risk / Return Rank: 56
INVA Sharpe Ratio Rank: 58
INVA Sortino Ratio Rank: 56
INVA Omega Ratio Rank: 52
INVA Calmar Ratio Rank: 58
INVA Martin Ratio Rank: 59

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

OCUL vs. INVA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ocular Therapeutix, Inc. (OCUL) and Innoviva, Inc. (INVA). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	OCUL	INVA	Difference
Sharpe ratio: Return per unit of total volatility	0.30	0.45	-0.15
Sortino ratio: Return per unit of downside risk	1.01	0.98	+0.03
Omega ratio: Gain probability vs. loss probability	1.12	1.11	+0.02
Calmar ratio: Return relative to maximum drawdown	0.37	0.65	-0.28
Martin ratio: Return relative to average drawdown	0.68	1.53	-0.84

OCUL vs. INVA - Sharpe Ratio Comparison

The current OCUL Sharpe Ratio is 0.30, which is lower than the INVA Sharpe Ratio of 0.45. The chart below compares the historical Sharpe Ratios of OCUL and INVA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

OCUL vs. INVA - Drawdown Comparison

The maximum OCUL drawdown since its inception was -95.19%, which is greater than INVA's maximum drawdown of -84.32%. Use the drawdown chart below to compare losses from any high point for OCUL and INVA.

Drawdown Indicators

	OCUL	INVA	Difference
Max Drawdown Largest peak-to-trough decline	-95.19%	-84.32%	-10.87%
Max Drawdown (1Y) Largest decline over 1 year	-57.29%	-20.32%	-36.97%
Max Drawdown (3Y) Largest decline over 3 years	-61.57%	-23.53%	-38.04%
Max Drawdown (5Y) Largest decline over 5 years	-85.50%	-47.01%	-38.49%
Max Drawdown (10Y) Largest decline over 10 years	-90.94%	-59.57%	-31.37%
Current Drawdown Current decline from peak	-76.62%	-26.36%	-50.26%
Average Drawdown Average peak-to-trough decline	-76.60%	-44.68%	-31.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.54%	8.67%	+21.87%

Volatility

OCUL vs. INVA - Volatility Comparison

Ocular Therapeutix, Inc. (OCUL) has a higher volatility of 17.41% compared to Innoviva, Inc. (INVA) at 7.58%. This indicates that OCUL's price experiences larger fluctuations and is considered to be riskier than INVA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OCUL	INVA	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.41%	7.58%	+9.83%
Volatility (6M) Calculated over the trailing 6-month period	54.37%	17.45%	+36.92%
Volatility (1Y) Calculated over the trailing 1-year period	70.06%	29.12%	+40.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	78.53%	27.34%	+51.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	78.83%	33.79%	+45.04%

Dividends

OCUL vs. INVA - Dividend Comparison

Neither OCUL nor INVA has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
INVA Innoviva, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	7.12%
OCUL Ocular Therapeutix, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials

Frequently Asked Questions

Can I hold both OCUL and INVA in my portfolio?

OCUL and INVA have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OCUL or INVA?

OCUL has higher volatility (17.41%) compared to INVA (7.58%). In terms of maximum drawdown, OCUL dropped -95.19% vs INVA's -84.32%.

Which has better risk-adjusted returns?

INVA currently has the higher Sharpe Ratio (0.45 vs 0.30), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.