Correlation Between SentinelOne and Eskay Mining

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Can any of the company-specific risk be diversified away by investing in both SentinelOne and Eskay Mining 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 Eskay Mining into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SentinelOne and Eskay Mining Corp, you can compare the effects of market volatilities on SentinelOne and Eskay Mining 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 Eskay Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and Eskay Mining.

Diversification Opportunities for SentinelOne and Eskay Mining

SentinelOneEskayDiversified AwaySentinelOneEskayDiversified Away100%
-0.44
  Correlation Coefficient

Very good diversification

The 3 months correlation between SentinelOne and Eskay is -0.44. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and Eskay Mining Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eskay Mining Corp 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 Eskay Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eskay Mining Corp has no effect on the direction of SentinelOne i.e., SentinelOne and Eskay Mining go up and down completely randomly.

Pair Corralation between SentinelOne and Eskay Mining

Taking into account the 90-day investment horizon SentinelOne is expected to generate 0.62 times more return on investment than Eskay Mining. However, SentinelOne is 1.61 times less risky than Eskay Mining. It trades about 0.02 of its potential returns per unit of risk. Eskay Mining Corp is currently generating about -0.02 per unit of risk. If you would invest  1,787  in SentinelOne on December 4, 2024 and sell it today you would earn a total of  147.00  from holding SentinelOne or generate 8.23% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthVery Weak
Accuracy99.37%
ValuesDaily Returns

SentinelOne  vs.  Eskay Mining Corp

 Performance 
JavaScript chart by amCharts 3.21.15Dec2025Feb -20-100102030
JavaScript chart by amCharts 3.21.15S ESKYF
       Timeline  
SentinelOne 

Risk-Adjusted Performance

Very Weak

 
Weak
 
Strong
Over the last 90 days SentinelOne has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of abnormal performance in the last few months, the Stock's basic indicators remain comparatively stable which may send shares a bit higher in April 2025. The newest uproar may also be a sign of mid-term up-swing for the firm private investors.
JavaScript chart by amCharts 3.21.15JanFebMarFebMar2022242628
Eskay Mining Corp 

Risk-Adjusted Performance

OK

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in Eskay Mining Corp are ranked lower than 8 (%) of all global equities and portfolios over the last 90 days. Despite nearly fragile basic indicators, Eskay Mining reported solid returns over the last few months and may actually be approaching a breakup point.
JavaScript chart by amCharts 3.21.15JanFebFebMar0.110.120.130.140.150.160.170.180.19

SentinelOne and Eskay Mining Volatility Contrast

   Predicted Return Density   
JavaScript chart by amCharts 3.21.15-4.77-3.57-2.37-1.18-0.01670.971.972.973.974.97 0.010.020.030.040.05
JavaScript chart by amCharts 3.21.15S ESKYF
       Returns  

Pair Trading with SentinelOne and Eskay Mining

The main advantage of trading using opposite SentinelOne and Eskay Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, Eskay Mining 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 Eskay Mining will offset losses from the drop in Eskay Mining's long position.
The idea behind SentinelOne and Eskay Mining Corp pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 CEOs Directory module to screen CEOs from public companies around the world.

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