Correlation Between OneSpan and Sino American
Can any of the company-specific risk be diversified away by investing in both OneSpan and Sino American at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining OneSpan and Sino American into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between OneSpan and Sino American Silicon Products, you can compare the effects of market volatilities on OneSpan and Sino American and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in OneSpan with a short position of Sino American. Check out your portfolio center. Please also check ongoing floating volatility patterns of OneSpan and Sino American.
Diversification Opportunities for OneSpan and Sino American
-0.14 | Correlation Coefficient |
Good diversification
The 3 months correlation between OneSpan and Sino is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding OneSpan and Sino American Silicon Products in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sino American Silicon and OneSpan is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on OneSpan are associated (or correlated) with Sino American. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sino American Silicon has no effect on the direction of OneSpan i.e., OneSpan and Sino American go up and down completely randomly.
Pair Corralation between OneSpan and Sino American
Given the investment horizon of 90 days OneSpan is expected to generate 1.71 times more return on investment than Sino American. However, OneSpan is 1.71 times more volatile than Sino American Silicon Products. It trades about 0.01 of its potential returns per unit of risk. Sino American Silicon Products is currently generating about -0.01 per unit of risk. If you would invest 1,759 in OneSpan on December 12, 2024 and sell it today you would lose (168.00) from holding OneSpan or give up 9.55% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 97.57% |
| Values | Daily Returns |
OneSpan vs. Sino American Silicon Products
Performance |
| Timeline |
| OneSpan |
| Sino American Silicon |
OneSpan and Sino American Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with OneSpan and Sino American
The main advantage of trading using opposite OneSpan and Sino American positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OneSpan position performs unexpectedly, Sino American can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Sino American will offset losses from the drop in Sino American's long position.| OneSpan vs. Lesaka Technologies | ||
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Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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