Correlation Between Infimer and SentinelOne
Can any of the company-specific risk be diversified away by investing in both Infimer 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 Infimer and SentinelOne into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Infimer and SentinelOne, you can compare the effects of market volatilities on Infimer 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 Infimer with a short position of SentinelOne. Check out your portfolio center. Please also check ongoing floating volatility patterns of Infimer and SentinelOne.
Diversification Opportunities for Infimer and SentinelOne
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Infimer and SentinelOne is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Infimer and SentinelOne in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SentinelOne and Infimer 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 Infimer 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 Infimer i.e., Infimer and SentinelOne go up and down completely randomly.
Pair Corralation between Infimer and SentinelOne
Assuming the 90 days trading horizon Infimer is expected to generate 3.61 times more return on investment than SentinelOne. However, Infimer is 3.61 times more volatile than SentinelOne. It trades about 0.13 of its potential returns per unit of risk. SentinelOne is currently generating about -0.27 per unit of risk. If you would invest 5,300 in Infimer on January 20, 2024 and sell it today you would earn a total of 740.00 from holding Infimer or generate 13.96% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 85.71% |
Values | Daily Returns |
Infimer vs. SentinelOne
Performance |
Timeline |
Infimer |
SentinelOne |
Infimer and SentinelOne Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Infimer and SentinelOne
The main advantage of trading using opposite Infimer and SentinelOne positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Infimer 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.Infimer vs. Elbit Systems | Infimer vs. Bezeq Israeli Telecommunication | Infimer vs. Bank Hapoalim | Infimer vs. Teva Pharmaceutical Industries |
SentinelOne vs. Block Inc | SentinelOne vs. Adobe Systems Incorporated | SentinelOne vs. Crowdstrike Holdings | SentinelOne vs. Cloudflare |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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