Correlation Between SentinelOne and Sino Horizon
Can any of the company-specific risk be diversified away by investing in both SentinelOne and Sino Horizon 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 Sino Horizon into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SentinelOne and Sino Horizon Holdings, you can compare the effects of market volatilities on SentinelOne and Sino Horizon 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 Sino Horizon. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and Sino Horizon.
Diversification Opportunities for SentinelOne and Sino Horizon
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between SentinelOne and Sino is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and Sino Horizon Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sino Horizon Holdings 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 Sino Horizon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sino Horizon Holdings has no effect on the direction of SentinelOne i.e., SentinelOne and Sino Horizon go up and down completely randomly.
Pair Corralation between SentinelOne and Sino Horizon
Taking into account the 90-day investment horizon SentinelOne is expected to generate 0.61 times more return on investment than Sino Horizon. However, SentinelOne is 1.64 times less risky than Sino Horizon. It trades about 0.15 of its potential returns per unit of risk. Sino Horizon Holdings is currently generating about -0.08 per unit of risk. If you would invest 2,285 in SentinelOne on November 5, 2024 and sell it today you would earn a total of 110.00 from holding SentinelOne or generate 4.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 73.68% |
| Values | Daily Returns |
SentinelOne vs. Sino Horizon Holdings
Performance |
| Timeline |
| SentinelOne |
| Sino Horizon Holdings |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
SentinelOne and Sino Horizon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SentinelOne and Sino Horizon
The main advantage of trading using opposite SentinelOne and Sino Horizon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, Sino Horizon 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 Sino Horizon will offset losses from the drop in Sino Horizon's long position.| SentinelOne vs. Crowdstrike Holdings | SentinelOne vs. Okta Inc | SentinelOne vs. Cloudflare | SentinelOne vs. MongoDB |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
Other Complementary Tools
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Stocks Directory Find actively traded stocks across global markets | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Bonds Directory Find actively traded corporate debentures issued by US companies |