Correlation Between Fortive Corp and OneSpan
Can any of the company-specific risk be diversified away by investing in both Fortive Corp 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 Fortive Corp and OneSpan into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Fortive Corp and OneSpan, you can compare the effects of market volatilities on Fortive Corp 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 Fortive Corp with a short position of OneSpan. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fortive Corp and OneSpan.
Diversification Opportunities for Fortive Corp and OneSpan
-0.6 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Fortive and OneSpan is -0.6. Overlapping area represents the amount of risk that can be diversified away by holding Fortive Corp and OneSpan in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OneSpan and Fortive Corp 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 Fortive 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 Fortive Corp i.e., Fortive Corp and OneSpan go up and down completely randomly.
Pair Corralation between Fortive Corp and OneSpan
Considering the 90-day investment horizon Fortive Corp is expected to generate 2.38 times less return on investment than OneSpan. But when comparing it to its historical volatility, Fortive Corp is 1.69 times less risky than OneSpan. It trades about 0.05 of its potential returns per unit of risk. OneSpan is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 1,245 in OneSpan on October 8, 2025 and sell it today you would earn a total of 30.00 from holding OneSpan or generate 2.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fortive Corp vs. OneSpan
Performance |
| Timeline |
| Fortive Corp |
| OneSpan |
Fortive Corp and OneSpan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fortive Corp and OneSpan
The main advantage of trading using opposite Fortive Corp and OneSpan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fortive Corp 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.| Fortive Corp vs. Fabrinet | Fortive Corp vs. Trimble | Fortive Corp vs. Gen Digital | Fortive Corp vs. Corpay Inc |
| OneSpan vs. CiT Inc | OneSpan vs. Priority Technology Holdings | OneSpan vs. Consensus Cloud Solutions | OneSpan vs. Cognyte Software |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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