Correlation Between OneSpan and Cboe Vest

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Can any of the company-specific risk be diversified away by investing in both OneSpan and Cboe Vest 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 Cboe Vest into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between OneSpan and Cboe Vest Bitcoin, you can compare the effects of market volatilities on OneSpan and Cboe Vest 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 Cboe Vest. Check out your portfolio center. Please also check ongoing floating volatility patterns of OneSpan and Cboe Vest.

Diversification Opportunities for OneSpan and Cboe Vest

OneSpanCboeDiversified AwayOneSpanCboeDiversified Away100%
0.64
  Correlation Coefficient

Poor diversification

The 3 months correlation between OneSpan and Cboe is 0.64. Overlapping area represents the amount of risk that can be diversified away by holding OneSpan and Cboe Vest Bitcoin in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cboe Vest Bitcoin 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 Cboe Vest. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cboe Vest Bitcoin has no effect on the direction of OneSpan i.e., OneSpan and Cboe Vest go up and down completely randomly.

Pair Corralation between OneSpan and Cboe Vest

Given the investment horizon of 90 days OneSpan is expected to under-perform the Cboe Vest. In addition to that, OneSpan is 1.15 times more volatile than Cboe Vest Bitcoin. It trades about -0.14 of its total potential returns per unit of risk. Cboe Vest Bitcoin is currently generating about -0.14 per unit of volatility. If you would invest  2,744  in Cboe Vest Bitcoin on December 3, 2024 and sell it today you would lose (352.00) from holding Cboe Vest Bitcoin or give up 12.83% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

OneSpan  vs.  Cboe Vest Bitcoin

 Performance 
JavaScript chart by amCharts 3.21.15Dec2025Feb 05101520
JavaScript chart by amCharts 3.21.15OSPN BTCYX
       Timeline  
OneSpan 

Risk-Adjusted Performance

Very Weak

 
Weak
 
Strong
Over the last 90 days OneSpan has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of conflicting performance in the last few months, the Stock's basic indicators remain very healthy which may send shares a bit higher in April 2025. The recent disarray may also be a sign of long period up-swing for the firm investors.
JavaScript chart by amCharts 3.21.15JanFebFebMar151617181920
Cboe Vest Bitcoin 

Risk-Adjusted Performance

Very Weak

 
Weak
 
Strong
Over the last 90 days Cboe Vest Bitcoin has generated negative risk-adjusted returns adding no value to fund investors. In spite of latest weak performance, the Fund's basic indicators remain strong and the current disturbance on Wall Street may also be a sign of long term gains for the fund investors.
JavaScript chart by amCharts 3.21.15JanFebFebMar242526272829

OneSpan and Cboe Vest Volatility Contrast

   Predicted Return Density   
JavaScript chart by amCharts 3.21.15-4.24-3.18-2.11-1.05-0.01781.012.033.064.08 0.0450.0500.0550.0600.065
JavaScript chart by amCharts 3.21.15OSPN BTCYX
       Returns  

Pair Trading with OneSpan and Cboe Vest

The main advantage of trading using opposite OneSpan and Cboe Vest positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OneSpan position performs unexpectedly, Cboe Vest 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 Cboe Vest will offset losses from the drop in Cboe Vest's long position.
The idea behind OneSpan and Cboe Vest Bitcoin pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..

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