Correlation Between SentinelOne and Bosung Power
Can any of the company-specific risk be diversified away by investing in both SentinelOne and Bosung Power 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 Bosung Power into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SentinelOne and Bosung Power Technology, you can compare the effects of market volatilities on SentinelOne and Bosung Power 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 Bosung Power. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and Bosung Power.
Diversification Opportunities for SentinelOne and Bosung Power
-0.02 | Correlation Coefficient |
Good diversification
The 3 months correlation between SentinelOne and Bosung is -0.02. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and Bosung Power Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bosung Power Technology 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 Bosung Power. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bosung Power Technology has no effect on the direction of SentinelOne i.e., SentinelOne and Bosung Power go up and down completely randomly.
Pair Corralation between SentinelOne and Bosung Power
Taking into account the 90-day investment horizon SentinelOne is expected to generate 1.21 times more return on investment than Bosung Power. However, SentinelOne is 1.21 times more volatile than Bosung Power Technology. It trades about 0.05 of its potential returns per unit of risk. Bosung Power Technology is currently generating about -0.01 per unit of risk. If you would invest 1,595 in SentinelOne on September 1, 2024 and sell it today you would earn a total of 1,200 from holding SentinelOne or generate 75.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 97.58% |
| Values | Daily Returns |
SentinelOne vs. Bosung Power Technology
Performance |
| Timeline |
| SentinelOne |
| Bosung Power Technology |
SentinelOne and Bosung Power Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SentinelOne and Bosung Power
The main advantage of trading using opposite SentinelOne and Bosung Power positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, Bosung Power 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 Bosung Power will offset losses from the drop in Bosung Power's long position.| SentinelOne vs. Palo Alto Networks | SentinelOne vs. Uipath Inc | SentinelOne vs. Block Inc | SentinelOne vs. Adobe Systems Incorporated |
| Bosung Power vs. Korea New Network | Bosung Power vs. ICD Co | Bosung Power vs. DYPNF CoLtd | Bosung Power vs. Busan Industrial Co |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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