Correlation Between SentinelOne and Intermail
Can any of the company-specific risk be diversified away by investing in both SentinelOne and Intermail 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 Intermail into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SentinelOne and Intermail AS, you can compare the effects of market volatilities on SentinelOne and Intermail 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 Intermail. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and Intermail.
Diversification Opportunities for SentinelOne and Intermail
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between SentinelOne and Intermail is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and Intermail AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Intermail AS 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 Intermail. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Intermail AS has no effect on the direction of SentinelOne i.e., SentinelOne and Intermail go up and down completely randomly.
Pair Corralation between SentinelOne and Intermail
Taking into account the 90-day investment horizon SentinelOne is expected to under-perform the Intermail. In addition to that, SentinelOne is 1.78 times more volatile than Intermail AS. It trades about -0.21 of its total potential returns per unit of risk. Intermail AS is currently generating about -0.1 per unit of volatility. If you would invest 1,610 in Intermail AS on January 19, 2024 and sell it today you would lose (40.00) from holding Intermail AS or give up 2.48% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.91% |
| Values | Daily Returns |
SentinelOne vs. Intermail AS
Performance |
| Timeline |
| SentinelOne |
| Intermail AS |
SentinelOne and Intermail Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SentinelOne and Intermail
The main advantage of trading using opposite SentinelOne and Intermail positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, Intermail 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 Intermail will offset losses from the drop in Intermail's long position.| SentinelOne vs. Crowdstrike Holdings | SentinelOne vs. Okta Inc | SentinelOne vs. Cloudflare | SentinelOne vs. MongoDB |
| Intermail vs. Copenhagen Capital AS | Intermail vs. Fast Ejendom | Intermail vs. Prime Office AS | Intermail vs. Formuepleje Limittellus |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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