Correlation Between SentinelOne and Lyxor UCITS
Can any of the company-specific risk be diversified away by investing in both SentinelOne and Lyxor UCITS 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 Lyxor UCITS into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SentinelOne and Lyxor UCITS CAC, you can compare the effects of market volatilities on SentinelOne and Lyxor UCITS 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 Lyxor UCITS. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and Lyxor UCITS.
Diversification Opportunities for SentinelOne and Lyxor UCITS
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between SentinelOne and Lyxor is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and Lyxor UCITS CAC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lyxor UCITS CAC 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 Lyxor UCITS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lyxor UCITS CAC has no effect on the direction of SentinelOne i.e., SentinelOne and Lyxor UCITS go up and down completely randomly.
Pair Corralation between SentinelOne and Lyxor UCITS
Taking into account the 90-day investment horizon SentinelOne is expected to generate 1.94 times more return on investment than Lyxor UCITS. However, SentinelOne is 1.94 times more volatile than Lyxor UCITS CAC. It trades about 0.07 of its potential returns per unit of risk. Lyxor UCITS CAC is currently generating about 0.01 per unit of risk. If you would invest 1,492 in SentinelOne on August 31, 2024 and sell it today you would earn a total of 1,303 from holding SentinelOne or generate 87.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 98.42% |
| Values | Daily Returns |
SentinelOne vs. Lyxor UCITS CAC
Performance |
| Timeline |
| SentinelOne |
| Lyxor UCITS CAC |
SentinelOne and Lyxor UCITS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SentinelOne and Lyxor UCITS
The main advantage of trading using opposite SentinelOne and Lyxor UCITS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, Lyxor UCITS 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 Lyxor UCITS will offset losses from the drop in Lyxor UCITS's long position.| SentinelOne vs. Crowdstrike Holdings | SentinelOne vs. Okta Inc | SentinelOne vs. Cloudflare | SentinelOne vs. MongoDB |
| Lyxor UCITS vs. Multi Units France | Lyxor UCITS vs. Lyxor MSCI China | Lyxor UCITS vs. Lyxor Commodities RefinitivCoreCommodity | Lyxor UCITS vs. Manitou BF SA |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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