Correlation Between SentinelOne and Fujian Newland
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By analyzing existing cross correlation between SentinelOne and Fujian Newland Computer, you can compare the effects of market volatilities on SentinelOne and Fujian Newland 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 Fujian Newland. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and Fujian Newland.
Diversification Opportunities for SentinelOne and Fujian Newland
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between SentinelOne and Fujian is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and Fujian Newland Computer in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fujian Newland Computer 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 Fujian Newland. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fujian Newland Computer has no effect on the direction of SentinelOne i.e., SentinelOne and Fujian Newland go up and down completely randomly.
Pair Corralation between SentinelOne and Fujian Newland
Taking into account the 90-day investment horizon SentinelOne is expected to generate 2.09 times less return on investment than Fujian Newland. But when comparing it to its historical volatility, SentinelOne is 1.53 times less risky than Fujian Newland. It trades about 0.19 of its potential returns per unit of risk. Fujian Newland Computer is currently generating about 0.25 of returns per unit of risk over similar time horizon. If you would invest 1,649 in Fujian Newland Computer on August 25, 2024 and sell it today you would earn a total of 356.00 from holding Fujian Newland Computer or generate 21.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
SentinelOne vs. Fujian Newland Computer
Performance |
| Timeline |
| SentinelOne |
| Fujian Newland Computer |
SentinelOne and Fujian Newland Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SentinelOne and Fujian Newland
The main advantage of trading using opposite SentinelOne and Fujian Newland positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, Fujian Newland 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 Fujian Newland will offset losses from the drop in Fujian Newland's long position.| SentinelOne vs. Crowdstrike Holdings | SentinelOne vs. Okta Inc | SentinelOne vs. Cloudflare | SentinelOne vs. MongoDB |
| Fujian Newland vs. Ming Yang Smart | Fujian Newland vs. 159005 | Fujian Newland vs. Loctek Ergonomic Technology | Fujian Newland vs. Xiamen East Asia |
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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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