Correlation Between SentinelOne and Angel Oak
Can any of the company-specific risk be diversified away by investing in both SentinelOne and Angel Oak 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 SentinelOne and Angel Oak into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SentinelOne and Angel Oak Flexible, you can compare the effects of market volatilities on SentinelOne and Angel Oak 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 SentinelOne with a short position of Angel Oak. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and Angel Oak.
Diversification Opportunities for SentinelOne and Angel Oak
-0.74 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between SentinelOne and Angel is -0.74. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and Angel Oak Flexible in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Angel Oak Flexible 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 Angel Oak. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Angel Oak Flexible has no effect on the direction of SentinelOne i.e., SentinelOne and Angel Oak go up and down completely randomly.
Pair Corralation between SentinelOne and Angel Oak
Taking into account the 90-day investment horizon SentinelOne is expected to generate 18.98 times more return on investment than Angel Oak. However, SentinelOne is 18.98 times more volatile than Angel Oak Flexible. It trades about 0.0 of its potential returns per unit of risk. Angel Oak Flexible is currently generating about -0.03 per unit of risk. If you would invest 3,280 in SentinelOne on January 24, 2024 and sell it today you would lose (1,233) from holding SentinelOne or give up 37.59% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
SentinelOne vs. Angel Oak Flexible
Performance |
| Timeline |
| SentinelOne |
| Angel Oak Flexible |
SentinelOne and Angel Oak Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SentinelOne and Angel Oak
The main advantage of trading using opposite SentinelOne and Angel Oak positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, Angel Oak 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 Angel Oak will offset losses from the drop in Angel Oak's long position.| SentinelOne vs. Block Inc | SentinelOne vs. Adobe Systems Incorporated | SentinelOne vs. Crowdstrike Holdings | SentinelOne vs. Cloudflare |
| Angel Oak vs. Angel Oak Multi Strategy | Angel Oak vs. Angel Oak Multi Strategy | Angel Oak vs. Angel Oak Multi Strategy | Angel Oak vs. Doubleline Income Solutions |
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.
Other Complementary Tools
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios |