Correlation Between SentinelOne and Episurf Medical
Can any of the company-specific risk be diversified away by investing in both SentinelOne and Episurf Medical 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 Episurf Medical into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SentinelOne and Episurf Medical AB, you can compare the effects of market volatilities on SentinelOne and Episurf Medical 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 Episurf Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and Episurf Medical.
Diversification Opportunities for SentinelOne and Episurf Medical
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between SentinelOne and Episurf is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and Episurf Medical AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Episurf Medical AB 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 Episurf Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Episurf Medical AB has no effect on the direction of SentinelOne i.e., SentinelOne and Episurf Medical go up and down completely randomly.
Pair Corralation between SentinelOne and Episurf Medical
Taking into account the 90-day investment horizon SentinelOne is expected to generate 0.73 times more return on investment than Episurf Medical. However, SentinelOne is 1.37 times less risky than Episurf Medical. It trades about 0.04 of its potential returns per unit of risk. Episurf Medical AB is currently generating about -0.09 per unit of risk. If you would invest 1,599 in SentinelOne on November 19, 2024 and sell it today you would earn a total of 881.00 from holding SentinelOne or generate 55.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.8% |
| Values | Daily Returns |
SentinelOne vs. Episurf Medical AB
Performance |
| Timeline |
| SentinelOne |
| Episurf Medical AB |
SentinelOne and Episurf Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SentinelOne and Episurf Medical
The main advantage of trading using opposite SentinelOne and Episurf Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, Episurf Medical 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 Episurf Medical will offset losses from the drop in Episurf Medical's long position.| SentinelOne vs. Alarum Technologies | SentinelOne vs. Arqit Quantum | SentinelOne vs. Nutanix | SentinelOne vs. Palo Alto Networks |
| Episurf Medical vs. BioInvent International AB | Episurf Medical vs. Cantargia AB | Episurf Medical vs. Bonesupport Holding AB | Episurf Medical vs. Bactiguard Holding AB |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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