Two Equities Correlation Analysis
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This model provides you with a quick lookup of cross correlation between two equities. Please specify two instruments to run the correlation.
Diversification Opportunities for SentinelOne and NYSE Composite
-0.44 | Correlation Coefficient |
Very good diversification
The 3 months correlation between SentinelOne and NYSE is -0.44. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and NYSE Composite in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NYSE Composite and SentinelOne 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 SentinelOne are associated (or correlated) with NYSE Composite. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NYSE Composite has no effect on the direction of SentinelOne i.e., SentinelOne and NYSE Composite go up and down completely randomly.
Pair Corralation between SentinelOne and NYSE Composite
Taking into account the 90-day investment horizon SentinelOne is expected to generate 3.33 times less return on investment than NYSE Composite. In addition to that, SentinelOne is 4.42 times more volatile than NYSE Composite. It trades about 0.0 of its total potential returns per unit of risk. NYSE Composite is currently generating about 0.02 per unit of volatility. If you would invest 1,611,961 in NYSE Composite on January 24, 2024 and sell it today you would earn a total of 167,315 from holding NYSE Composite or generate 10.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 99.8% |
| Values | Daily Returns |
SentinelOne vs. NYSE Composite
Performance |
| Timeline |
SentinelOne and NYSE Composite Volatility Contrast
Predicted Return Density |
| Returns |
SentinelOne
Pair trading matchups for SentinelOne
NYSE Composite
Pair trading matchups for NYSE Composite
Pair Trading with SentinelOne and NYSE Composite
The main advantage of trading using opposite SentinelOne and NYSE Composite positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, NYSE Composite 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 NYSE Composite will offset losses from the drop in NYSE Composite's long position.| SentinelOne vs. Block Inc | SentinelOne vs. Adobe Systems Incorporated | SentinelOne vs. Crowdstrike Holdings | SentinelOne vs. Cloudflare |
| NYSE Composite vs. The Wendys Co | NYSE Composite vs. Dine Brands Global | NYSE Composite vs. BJs Restaurants | NYSE Composite vs. Rave Restaurant Group |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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