Correlation Between OneSpan and Cyren

Can any of the company-specific risk be diversified away by investing in both OneSpan and Cyren 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 Cyren into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between OneSpan and Cyren, you can compare the effects of market volatilities on OneSpan and Cyren 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 Cyren. Check out your portfolio center. Please also check ongoing floating volatility patterns of OneSpan and Cyren.

Diversification Opportunities for OneSpan and Cyren

0.0

Correlation Coefficient

OneSpan  Cyren

Pay attention - limited upside

The 3 months correlation between OneSpan and Cyren is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding OneSpan and Cyren in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cyren 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 Cyren. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cyren has no effect on the direction of OneSpan i.e., OneSpan and Cyren go up and down completely randomly.

Pair Corralation between OneSpan and Cyren

If you would invest  1,841  in OneSpan on October 24, 2024 and sell it today you would earn a total of  51.00  from holding OneSpan or generate 2.77% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	0.0%
Values	Daily Returns

OneSpan  vs.  Cyren

OneSpan

Risk-Adjusted Performance

13 of 100

Good

Compared to the overall equity markets, risk-adjusted returns on investments in OneSpan are ranked lower than 13 (%) of all global equities and portfolios over the last 90 days. In spite of very conflicting basic indicators, OneSpan displayed solid returns over the last few months and may actually be approaching a breakup point.

Cyren

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days Cyren has generated negative risk-adjusted returns adding no value to investors with long positions. Even with relatively invariable basic indicators, Cyren is not utilizing all of its potentials. The recent stock price agitation, may contribute to short-term losses for the retail investors.

Pair Trading with OneSpan and Cyren

The main advantage of trading using opposite OneSpan and Cyren positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OneSpan position performs unexpectedly, Cyren 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 Cyren will offset losses from the drop in Cyren's long position.

The idea behind OneSpan and Cyren 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 Stocks Directory module to find actively traded stocks across global markets.