Correlation Between Copperbank Resources and OneSpan
Can any of the company-specific risk be diversified away by investing in both Copperbank Resources and OneSpan 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 Copperbank Resources and OneSpan into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Copperbank Resources Corp and OneSpan, you can compare the effects of market volatilities on Copperbank Resources and OneSpan 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 Copperbank Resources with a short position of OneSpan. Check out your portfolio center. Please also check ongoing floating volatility patterns of Copperbank Resources and OneSpan.
Diversification Opportunities for Copperbank Resources and OneSpan
-0.56 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Copperbank and OneSpan is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding Copperbank Resources Corp and OneSpan in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OneSpan and Copperbank Resources 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 Copperbank Resources Corp are associated (or correlated) with OneSpan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OneSpan has no effect on the direction of Copperbank Resources i.e., Copperbank Resources and OneSpan go up and down completely randomly.
Pair Corralation between Copperbank Resources and OneSpan
Assuming the 90 days horizon Copperbank Resources Corp is expected to generate 0.88 times more return on investment than OneSpan. However, Copperbank Resources Corp is 1.13 times less risky than OneSpan. It trades about 0.17 of its potential returns per unit of risk. OneSpan is currently generating about -0.06 per unit of risk. If you would invest 101.00 in Copperbank Resources Corp on August 29, 2025 and sell it today you would earn a total of 41.00 from holding Copperbank Resources Corp or generate 40.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Copperbank Resources Corp vs. OneSpan
Performance |
| Timeline |
| Copperbank Resources Corp |
| OneSpan |
Copperbank Resources and OneSpan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Copperbank Resources and OneSpan
The main advantage of trading using opposite Copperbank Resources and OneSpan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Copperbank Resources position performs unexpectedly, OneSpan 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 OneSpan will offset losses from the drop in OneSpan's long position.| Copperbank Resources vs. Freeport McMoran Copper Gold | Copperbank Resources vs. Antofagasta PLC | Copperbank Resources vs. First Quantum Minerals | Copperbank Resources vs. KGHM Polska Miedz |
| OneSpan vs. Drugs Made In | OneSpan vs. Capital Clean Energy | OneSpan vs. Kelvin Medical | OneSpan vs. Journey Medical Corp |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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