Correlation Between SentinelOne and Cross Country
Can any of the company-specific risk be diversified away by investing in both SentinelOne and Cross Country 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 Cross Country into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SentinelOne and Cross Country Healthcare, you can compare the effects of market volatilities on SentinelOne and Cross Country 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 Cross Country. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and Cross Country.
Diversification Opportunities for SentinelOne and Cross Country
-0.72 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between SentinelOne and Cross is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and Cross Country Healthcare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cross Country Healthcare 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 Cross Country. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cross Country Healthcare has no effect on the direction of SentinelOne i.e., SentinelOne and Cross Country go up and down completely randomly.
Pair Corralation between SentinelOne and Cross Country
Taking into account the 90-day investment horizon SentinelOne is expected to generate 0.7 times more return on investment than Cross Country. However, SentinelOne is 1.42 times less risky than Cross Country. It trades about 0.15 of its potential returns per unit of risk. Cross Country Healthcare is currently generating about -0.1 per unit of risk. If you would invest 2,408 in SentinelOne on August 28, 2024 and sell it today you would earn a total of 380.00 from holding SentinelOne or generate 15.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 97.67% |
| Values | Daily Returns |
SentinelOne vs. Cross Country Healthcare
Performance |
| Timeline |
| SentinelOne |
| Cross Country Healthcare |
SentinelOne and Cross Country Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SentinelOne and Cross Country
The main advantage of trading using opposite SentinelOne and Cross Country positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, Cross Country 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 Cross Country will offset losses from the drop in Cross Country's long position.| SentinelOne vs. GigaCloud Technology Class | SentinelOne vs. Arqit Quantum | SentinelOne vs. Cemtrex | SentinelOne vs. Paysafe |
| Cross Country vs. ASGN Inc | Cross Country vs. Kforce Inc | Cross Country vs. Kelly Services A | Cross Country vs. AMN Healthcare Services |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
Other Complementary Tools
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum |