Correlation Between SentinelOne and BOS Better
Can any of the company-specific risk be diversified away by investing in both SentinelOne and BOS Better 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 BOS Better into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SentinelOne and BOS Better Online, you can compare the effects of market volatilities on SentinelOne and BOS Better 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 BOS Better. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and BOS Better.
Diversification Opportunities for SentinelOne and BOS Better
-0.53 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between SentinelOne and BOS is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and BOS Better Online in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BOS Better Online 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 BOS Better. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BOS Better Online has no effect on the direction of SentinelOne i.e., SentinelOne and BOS Better go up and down completely randomly.
Pair Corralation between SentinelOne and BOS Better
Taking into account the 90-day investment horizon SentinelOne is expected to generate 0.67 times more return on investment than BOS Better. However, SentinelOne is 1.49 times less risky than BOS Better. It trades about 0.17 of its potential returns per unit of risk. BOS Better Online is currently generating about 0.09 per unit of risk. If you would invest 2,250 in SentinelOne on November 9, 2024 and sell it today you would earn a total of 134.00 from holding SentinelOne or generate 5.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
SentinelOne vs. BOS Better Online
Performance |
| Timeline |
| SentinelOne |
| BOS Better Online |
SentinelOne and BOS Better Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SentinelOne and BOS Better
The main advantage of trading using opposite SentinelOne and BOS Better positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, BOS Better 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 BOS Better will offset losses from the drop in BOS Better's long position.| SentinelOne vs. Crowdstrike Holdings | SentinelOne vs. Okta Inc | SentinelOne vs. Cloudflare | SentinelOne vs. MongoDB |
| BOS Better vs. Mynaric AG ADR | BOS Better vs. Knowles Cor | BOS Better vs. Comtech Telecommunications Corp | BOS Better vs. Ituran Location and |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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