Correlation Between Lesaka Technologies and OneSpan
Can any of the company-specific risk be diversified away by investing in both Lesaka Technologies 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 Lesaka Technologies and OneSpan into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Lesaka Technologies and OneSpan, you can compare the effects of market volatilities on Lesaka Technologies 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 Lesaka Technologies with a short position of OneSpan. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lesaka Technologies and OneSpan.
Diversification Opportunities for Lesaka Technologies and OneSpan
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between Lesaka and OneSpan is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding Lesaka Technologies and OneSpan in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OneSpan and Lesaka Technologies 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 Lesaka Technologies 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 Lesaka Technologies i.e., Lesaka Technologies and OneSpan go up and down completely randomly.
Pair Corralation between Lesaka Technologies and OneSpan
Given the investment horizon of 90 days Lesaka Technologies is expected to under-perform the OneSpan. In addition to that, Lesaka Technologies is 1.27 times more volatile than OneSpan. It trades about -0.01 of its total potential returns per unit of risk. OneSpan is currently generating about 0.01 per unit of volatility. If you would invest 1,533 in OneSpan on April 25, 2025 and sell it today you would earn a total of 6.00 from holding OneSpan or generate 0.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Lesaka Technologies vs. OneSpan
Performance |
| Timeline |
| Lesaka Technologies |
| OneSpan |
Lesaka Technologies and OneSpan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Lesaka Technologies and OneSpan
The main advantage of trading using opposite Lesaka Technologies and OneSpan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lesaka Technologies 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.| Lesaka Technologies vs. Evertec | Lesaka Technologies vs. CSG Systems International | Lesaka Technologies vs. Consensus Cloud Solutions | Lesaka Technologies vs. Global Blue Group |
| OneSpan vs. Evertec | OneSpan vs. NetScout Systems | OneSpan vs. Repay Holdings Corp | OneSpan vs. PC Connection |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
Other Complementary Tools
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity |