OSPN vs VRNS: Correlation
How closely do OneSpan Inc. (OSPN) and Varonis Systems, Inc. (VRNS) trade together? Their weekly returns over three years give a correlation of 0.53, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OSPN and VRNS?
On 3 years of weekly data the OSPN/VRNS correlation comes out at 0.53, moderate. The link has tightened recently: the 1-year correlation (0.76) runs above the 3-year figure (0.53). The 5-year figure is 0.44, and annualized covariance runs at 1168.5 %².
VRNS is one of the assets that tracks OSPN most closely: it ranks #2 out of the 19 assets we track against OSPN. Correlation aside, the last 12 months split them widely, with OSPN ahead by 39.0 points (+15.6% versus -23.4%).
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
OSPN vs VRNS: side by side
| OSPN (OneSpan Inc.) | VRNS (Varonis Systems, Inc.) | |
|---|---|---|
| 1-year return | +15.6% | -23.4% |
| 5-year return | -8.3% | -35.2% |
| Volatility (ann.) | 43.6% | 50.1% |
| Beta vs S&P 500 | 1.28 | 1.01 |
| Max drawdown (3Y) | -47.9% | -68.1% |
| Market cap | $0.6B | $5.1B |
| P/E (trailing) | 9.3 | – |
| Dividend yield | 3.32% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OSPN | VRNS |
|---|---|---|
| 2022 | -33.9% | -50.9% |
| 2023 | -4.2% | +89.1% |
| 2024 | +72.9% | -1.9% |
| 2025 | -28.5% | -26.2% |
| 2026 | +32.2% | +36.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OSPN and VRNS good diversifiers for each other?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between OSPN and VRNS?
The OSPN/VRNS correlation stands at 0.53 on a 3-year window (1 year: 0.76, 5 years: 0.44), computed from weekly returns as of 2026-08-27.
Is VRNS a good diversifier for OSPN?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.53 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: OSPN correlations · VRNS correlations
