Correlation Between SKAKO AS and SentinelOne
Can any of the company-specific risk be diversified away by investing in both SKAKO AS and SentinelOne 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 SKAKO AS and SentinelOne into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SKAKO AS and SentinelOne, you can compare the effects of market volatilities on SKAKO AS and SentinelOne 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 SKAKO AS with a short position of SentinelOne. Check out your portfolio center. Please also check ongoing floating volatility patterns of SKAKO AS and SentinelOne.
Diversification Opportunities for SKAKO AS and SentinelOne
-0.71 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between SKAKO and SentinelOne is -0.71. Overlapping area represents the amount of risk that can be diversified away by holding SKAKO AS and SentinelOne in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SentinelOne and SKAKO AS 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 SKAKO AS are associated (or correlated) with SentinelOne. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SentinelOne has no effect on the direction of SKAKO AS i.e., SKAKO AS and SentinelOne go up and down completely randomly.
Pair Corralation between SKAKO AS and SentinelOne
Assuming the 90 days trading horizon SKAKO AS is expected to generate 0.99 times more return on investment than SentinelOne. However, SKAKO AS is 1.02 times less risky than SentinelOne. It trades about 0.08 of its potential returns per unit of risk. SentinelOne is currently generating about -0.32 per unit of risk. If you would invest 8,100 in SKAKO AS on January 20, 2024 and sell it today you would earn a total of 220.00 from holding SKAKO AS or generate 2.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 90.91% |
| Values | Daily Returns |
SKAKO AS vs. SentinelOne
Performance |
| Timeline |
| SKAKO AS |
| SentinelOne |
SKAKO AS and SentinelOne Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SKAKO AS and SentinelOne
The main advantage of trading using opposite SKAKO AS and SentinelOne positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SKAKO AS position performs unexpectedly, SentinelOne 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 SentinelOne will offset losses from the drop in SentinelOne's long position.| SKAKO AS vs. Copenhagen Capital AS | SKAKO AS vs. Fast Ejendom | SKAKO AS vs. Prime Office AS | SKAKO AS vs. Formuepleje Limittellus |
| SentinelOne vs. Block Inc | SentinelOne vs. Adobe Systems Incorporated | SentinelOne vs. Crowdstrike Holdings | SentinelOne vs. Cloudflare |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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