Correlation Between SentinelOne and CFG BANK
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By analyzing existing cross correlation between SentinelOne and CFG BANK, you can compare the effects of market volatilities on SentinelOne and CFG BANK 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 CFG BANK. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and CFG BANK.
Diversification Opportunities for SentinelOne and CFG BANK
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between SentinelOne and CFG is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and CFG BANK in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CFG BANK 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 CFG BANK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CFG BANK has no effect on the direction of SentinelOne i.e., SentinelOne and CFG BANK go up and down completely randomly.
Pair Corralation between SentinelOne and CFG BANK
Taking into account the 90-day investment horizon SentinelOne is expected to generate 1.51 times less return on investment than CFG BANK. In addition to that, SentinelOne is 1.41 times more volatile than CFG BANK. It trades about 0.18 of its total potential returns per unit of risk. CFG BANK is currently generating about 0.39 per unit of volatility. If you would invest 18,500 in CFG BANK on August 27, 2024 and sell it today you would earn a total of 2,530 from holding CFG BANK or generate 13.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 90.48% |
| Values | Daily Returns |
SentinelOne vs. CFG BANK
Performance |
| Timeline |
| SentinelOne |
| CFG BANK |
SentinelOne and CFG BANK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SentinelOne and CFG BANK
The main advantage of trading using opposite SentinelOne and CFG BANK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, CFG BANK 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 CFG BANK will offset losses from the drop in CFG BANK's long position.| SentinelOne vs. GigaCloud Technology Class | SentinelOne vs. Arqit Quantum | SentinelOne vs. Cemtrex | SentinelOne vs. Rapid7 Inc |
| CFG BANK vs. BMCI | CFG BANK vs. AGMA LAHLOU TAZI | CFG BANK vs. CREDIT IMMOBILIER ET | CFG BANK vs. MAROC LEASING |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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