Correlation Between SentinelOne and Shinkong Insurance
Can any of the company-specific risk be diversified away by investing in both SentinelOne and Shinkong Insurance 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 Shinkong Insurance into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SentinelOne and Shinkong Insurance Co, you can compare the effects of market volatilities on SentinelOne and Shinkong Insurance 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 Shinkong Insurance. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and Shinkong Insurance.
Diversification Opportunities for SentinelOne and Shinkong Insurance
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between SentinelOne and Shinkong is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and Shinkong Insurance Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shinkong Insurance 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 Shinkong Insurance. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shinkong Insurance has no effect on the direction of SentinelOne i.e., SentinelOne and Shinkong Insurance go up and down completely randomly.
Pair Corralation between SentinelOne and Shinkong Insurance
Taking into account the 90-day investment horizon SentinelOne is expected to generate 2.14 times less return on investment than Shinkong Insurance. In addition to that, SentinelOne is 1.65 times more volatile than Shinkong Insurance Co. It trades about 0.03 of its total potential returns per unit of risk. Shinkong Insurance Co is currently generating about 0.11 per unit of volatility. If you would invest 7,020 in Shinkong Insurance Co on September 1, 2024 and sell it today you would earn a total of 2,980 from holding Shinkong Insurance Co or generate 42.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
SentinelOne vs. Shinkong Insurance Co
Performance |
| Timeline |
| SentinelOne |
| Shinkong Insurance |
SentinelOne and Shinkong Insurance Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SentinelOne and Shinkong Insurance
The main advantage of trading using opposite SentinelOne and Shinkong Insurance positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, Shinkong Insurance 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 Shinkong Insurance will offset losses from the drop in Shinkong Insurance's long position.| SentinelOne vs. Palo Alto Networks | SentinelOne vs. Uipath Inc | SentinelOne vs. Block Inc | SentinelOne vs. Adobe Systems Incorporated |
| Shinkong Insurance vs. Central Reinsurance Corp | Shinkong Insurance vs. Huaku Development Co | Shinkong Insurance vs. Fubon Financial Holding |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
Other Complementary Tools
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges |