Correlation Between SentinelOne and Golf
Can any of the company-specific risk be diversified away by investing in both SentinelOne and Golf 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 Golf into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SentinelOne and Golf Co Group, you can compare the effects of market volatilities on SentinelOne and Golf 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 Golf. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and Golf.
Diversification Opportunities for SentinelOne and Golf
-0.53 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between SentinelOne and Golf is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and Golf Co Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Golf Co Group 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 Golf. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Golf Co Group has no effect on the direction of SentinelOne i.e., SentinelOne and Golf go up and down completely randomly.
Pair Corralation between SentinelOne and Golf
Taking into account the 90-day investment horizon SentinelOne is expected to generate 0.97 times more return on investment than Golf. However, SentinelOne is 1.04 times less risky than Golf. It trades about -0.25 of its potential returns per unit of risk. Golf Co Group is currently generating about -0.39 per unit of risk. If you would invest 2,316 in SentinelOne on January 17, 2024 and sell it today you would lose (249.00) from holding SentinelOne or give up 10.75% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 85.0% |
| Values | Daily Returns |
SentinelOne vs. Golf Co Group
Performance |
| Timeline |
| SentinelOne |
| Golf Co Group |
SentinelOne and Golf Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SentinelOne and Golf
The main advantage of trading using opposite SentinelOne and Golf positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, Golf 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 Golf will offset losses from the drop in Golf's long position.| SentinelOne vs. Cloudflare | SentinelOne vs. Okta Inc | SentinelOne vs. Adobe Systems Incorporated | SentinelOne vs. Nutanix |
| Golf vs. Bank Leumi Le Israel | Golf vs. Azrieli Group | Golf vs. Mizrahi Tefahot | Golf vs. Israel Discount Bank |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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