Correlation Between SentinelOne and Growth Fund
Can any of the company-specific risk be diversified away by investing in both SentinelOne and Growth Fund 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 Growth Fund into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SentinelOne and Growth Fund Of, you can compare the effects of market volatilities on SentinelOne and Growth Fund 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 Growth Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and Growth Fund.
Diversification Opportunities for SentinelOne and Growth Fund
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between SentinelOne and Growth is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and Growth Fund Of in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Growth Fund 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 Growth Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Growth Fund has no effect on the direction of SentinelOne i.e., SentinelOne and Growth Fund go up and down completely randomly.
Pair Corralation between SentinelOne and Growth Fund
Taking into account the 90-day investment horizon SentinelOne is expected to generate 2.65 times more return on investment than Growth Fund. However, SentinelOne is 2.65 times more volatile than Growth Fund Of. It trades about 0.16 of its potential returns per unit of risk. Growth Fund Of is currently generating about 0.12 per unit of risk. If you would invest 1,683 in SentinelOne on August 29, 2024 and sell it today you would earn a total of 1,110 from holding SentinelOne or generate 65.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
SentinelOne vs. Growth Fund Of
Performance |
| Timeline |
| SentinelOne |
| Growth Fund |
SentinelOne and Growth Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SentinelOne and Growth Fund
The main advantage of trading using opposite SentinelOne and Growth Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, Growth Fund 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 Growth Fund will offset losses from the drop in Growth Fund's long position.| SentinelOne vs. GigaCloud Technology Class | SentinelOne vs. Arqit Quantum | SentinelOne vs. Cemtrex | SentinelOne vs. Paysafe |
| Growth Fund vs. Income Fund Of | Growth Fund vs. New World Fund | Growth Fund vs. American Mutual Fund | Growth Fund vs. American Mutual Fund |
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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