Correlation Between Gan Shmuel and SentinelOne
Can any of the company-specific risk be diversified away by investing in both Gan Shmuel and SentinelOne 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 Gan Shmuel and SentinelOne into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Gan Shmuel and SentinelOne, you can compare the effects of market volatilities on Gan Shmuel and SentinelOne 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 Gan Shmuel with a short position of SentinelOne. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gan Shmuel and SentinelOne.
Diversification Opportunities for Gan Shmuel and SentinelOne
-0.78 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Gan and SentinelOne is -0.78. Overlapping area represents the amount of risk that can be diversified away by holding Gan Shmuel and SentinelOne in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SentinelOne and Gan Shmuel 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 Gan Shmuel are associated (or correlated) with SentinelOne. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SentinelOne has no effect on the direction of Gan Shmuel i.e., Gan Shmuel and SentinelOne go up and down completely randomly.
Pair Corralation between Gan Shmuel and SentinelOne
Assuming the 90 days trading horizon Gan Shmuel is expected to generate 0.64 times more return on investment than SentinelOne. However, Gan Shmuel is 1.57 times less risky than SentinelOne. It trades about 0.17 of its potential returns per unit of risk. SentinelOne is currently generating about 0.05 per unit of risk. If you would invest 110,547 in Gan Shmuel on January 26, 2024 and sell it today you would earn a total of 141,053 from holding Gan Shmuel or generate 127.6% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 80.65% |
| Values | Daily Returns |
Gan Shmuel vs. SentinelOne
Performance |
| Timeline |
| Gan Shmuel |
| SentinelOne |
Gan Shmuel and SentinelOne Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gan Shmuel and SentinelOne
The main advantage of trading using opposite Gan Shmuel and SentinelOne positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gan Shmuel position performs unexpectedly, SentinelOne 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 SentinelOne will offset losses from the drop in SentinelOne's long position.| Gan Shmuel vs. Bezeq Israeli Telecommunication | Gan Shmuel vs. Bank Hapoalim | Gan Shmuel vs. Bank Leumi Le Israel | Gan Shmuel vs. Israel Discount Bank |
| SentinelOne vs. Crowdstrike Holdings | SentinelOne vs. Okta Inc | SentinelOne vs. Cloudflare | SentinelOne vs. MongoDB |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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