Correlation Between OneSpan and Mogo
Can any of the company-specific risk be diversified away by investing in both OneSpan and Mogo 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 Mogo into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between OneSpan and Mogo Inc, you can compare the effects of market volatilities on OneSpan and Mogo 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 Mogo. Check out your portfolio center. Please also check ongoing floating volatility patterns of OneSpan and Mogo.
Diversification Opportunities for OneSpan and Mogo
Very weak diversification
The 3 months correlation between OneSpan and Mogo is 0.51. Overlapping area represents the amount of risk that can be diversified away by holding OneSpan and Mogo Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mogo Inc 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 Mogo. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mogo Inc has no effect on the direction of OneSpan i.e., OneSpan and Mogo go up and down completely randomly.
Pair Corralation between OneSpan and Mogo
Given the investment horizon of 90 days OneSpan is expected to generate 0.99 times more return on investment than Mogo. However, OneSpan is 1.01 times less risky than Mogo. It trades about -0.34 of its potential returns per unit of risk. Mogo Inc is currently generating about -0.39 per unit of risk. If you would invest 1,968 in OneSpan on December 10, 2024 and sell it today you would lose (296.00) from holding OneSpan or give up 15.04% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
OneSpan vs. Mogo Inc
Performance |
| Timeline |
| OneSpan |
| Mogo Inc |
OneSpan and Mogo Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with OneSpan and Mogo
The main advantage of trading using opposite OneSpan and Mogo positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OneSpan position performs unexpectedly, Mogo 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 Mogo will offset losses from the drop in Mogo's long position.| OneSpan vs. Lesaka Technologies | ||
| OneSpan vs. Priority Technology Holdings | ||
| OneSpan vs. CSG Systems International | ||
| OneSpan vs. Sangoma Technologies Corp |
| Mogo vs. Katapult Holdings Equity | ||
| Mogo vs. International Money Express | ||
| Mogo vs. Bakkt Holdings | ||
| Mogo vs. Kaltura |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
Other Complementary Tools
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Stocks Directory Find actively traded stocks across global markets | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios |