Correlation Between OneSpan and Triple Flag
Can any of the company-specific risk be diversified away by investing in both OneSpan and Triple Flag 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 Triple Flag into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between OneSpan and Triple Flag Precious, you can compare the effects of market volatilities on OneSpan and Triple Flag 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 Triple Flag. Check out your portfolio center. Please also check ongoing floating volatility patterns of OneSpan and Triple Flag.
Diversification Opportunities for OneSpan and Triple Flag
-0.28 | Correlation Coefficient |
Very good diversification
The 3 months correlation between OneSpan and Triple is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding OneSpan and Triple Flag Precious in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Triple Flag Precious 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 Triple Flag. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Triple Flag Precious has no effect on the direction of OneSpan i.e., OneSpan and Triple Flag go up and down completely randomly.
Pair Corralation between OneSpan and Triple Flag
Given the investment horizon of 90 days OneSpan is expected to generate 1.76 times more return on investment than Triple Flag. However, OneSpan is 1.76 times more volatile than Triple Flag Precious. It trades about 0.05 of its potential returns per unit of risk. Triple Flag Precious is currently generating about 0.07 per unit of risk. If you would invest 1,138 in OneSpan on December 11, 2024 and sell it today you would earn a total of 453.00 from holding OneSpan or generate 39.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.68% |
| Values | Daily Returns |
OneSpan vs. Triple Flag Precious
Performance |
| Timeline |
| OneSpan |
| Triple Flag Precious |
OneSpan and Triple Flag Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with OneSpan and Triple Flag
The main advantage of trading using opposite OneSpan and Triple Flag positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OneSpan position performs unexpectedly, Triple Flag 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 Triple Flag will offset losses from the drop in Triple Flag's long position.| OneSpan vs. Lesaka Technologies | ||
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| Triple Flag vs. Data Communications Management | ||
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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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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