Correlation Between SentinelOne and Jyske Bank
Can any of the company-specific risk be diversified away by investing in both SentinelOne and Jyske Bank 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 Jyske Bank into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SentinelOne and Jyske Bank AS, you can compare the effects of market volatilities on SentinelOne and Jyske Bank 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 Jyske Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and Jyske Bank.
Diversification Opportunities for SentinelOne and Jyske Bank
-0.81 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between SentinelOne and Jyske is -0.81. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and Jyske Bank AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jyske Bank 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 Jyske Bank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jyske Bank AS has no effect on the direction of SentinelOne i.e., SentinelOne and Jyske Bank go up and down completely randomly.
Pair Corralation between SentinelOne and Jyske Bank
Taking into account the 90-day investment horizon SentinelOne is expected to under-perform the Jyske Bank. In addition to that, SentinelOne is 1.44 times more volatile than Jyske Bank AS. It trades about -0.05 of its total potential returns per unit of risk. Jyske Bank AS is currently generating about -0.04 per unit of volatility. If you would invest 58,080 in Jyske Bank AS on January 26, 2024 and sell it today you would lose (880.00) from holding Jyske Bank AS or give up 1.52% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 90.48% |
| Values | Daily Returns |
SentinelOne vs. Jyske Bank AS
Performance |
| Timeline |
| SentinelOne |
| Jyske Bank AS |
SentinelOne and Jyske Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SentinelOne and Jyske Bank
The main advantage of trading using opposite SentinelOne and Jyske Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, Jyske Bank 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 Jyske Bank will offset losses from the drop in Jyske Bank's long position.| SentinelOne vs. Crowdstrike Holdings | SentinelOne vs. Okta Inc | SentinelOne vs. Cloudflare | SentinelOne vs. MongoDB |
| Jyske Bank vs. Strategic Investments AS | Jyske Bank vs. Scandinavian Medical Solutions | Jyske Bank vs. Scape Technologies AS | Jyske Bank vs. Nordinvestments AS |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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