Correlation Between SentinelOne and BTG Hotels
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By analyzing existing cross correlation between SentinelOne and BTG Hotels Group, you can compare the effects of market volatilities on SentinelOne and BTG Hotels 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 BTG Hotels. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and BTG Hotels.
Diversification Opportunities for SentinelOne and BTG Hotels
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between SentinelOne and BTG is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and BTG Hotels Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BTG Hotels Group 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 BTG Hotels. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BTG Hotels Group has no effect on the direction of SentinelOne i.e., SentinelOne and BTG Hotels go up and down completely randomly.
Pair Corralation between SentinelOne and BTG Hotels
Taking into account the 90-day investment horizon SentinelOne is expected to generate 1.39 times more return on investment than BTG Hotels. However, SentinelOne is 1.39 times more volatile than BTG Hotels Group. It trades about 0.13 of its potential returns per unit of risk. BTG Hotels Group is currently generating about 0.04 per unit of risk. If you would invest 2,609 in SentinelOne on August 29, 2024 and sell it today you would earn a total of 184.00 from holding SentinelOne or generate 7.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
SentinelOne vs. BTG Hotels Group
Performance |
| Timeline |
| SentinelOne |
| BTG Hotels Group |
SentinelOne and BTG Hotels Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SentinelOne and BTG Hotels
The main advantage of trading using opposite SentinelOne and BTG Hotels positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, BTG Hotels 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 BTG Hotels will offset losses from the drop in BTG Hotels' long position.| SentinelOne vs. GigaCloud Technology Class | SentinelOne vs. Arqit Quantum | SentinelOne vs. Cemtrex | SentinelOne vs. Paysafe |
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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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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