Correlation Between OneSpan and Immobile
Can any of the company-specific risk be diversified away by investing in both OneSpan and Immobile 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 Immobile into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between OneSpan and Immobile, you can compare the effects of market volatilities on OneSpan and Immobile 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 Immobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of OneSpan and Immobile.
Diversification Opportunities for OneSpan and Immobile
Very good diversification
The 3 months correlation between OneSpan and Immobile is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding OneSpan and Immobile in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Immobile 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 Immobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Immobile has no effect on the direction of OneSpan i.e., OneSpan and Immobile go up and down completely randomly.
Pair Corralation between OneSpan and Immobile
Given the investment horizon of 90 days OneSpan is expected to generate 2.71 times less return on investment than Immobile. But when comparing it to its historical volatility, OneSpan is 1.01 times less risky than Immobile. It trades about 0.01 of its potential returns per unit of risk. Immobile is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 206.00 in Immobile on December 12, 2024 and sell it today you would earn a total of 28.00 from holding Immobile or generate 13.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 99.39% |
| Values | Daily Returns |
OneSpan vs. Immobile
Performance |
| Timeline |
| OneSpan |
| Immobile |
OneSpan and Immobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with OneSpan and Immobile
The main advantage of trading using opposite OneSpan and Immobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OneSpan position performs unexpectedly, Immobile 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 Immobile will offset losses from the drop in Immobile'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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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