Correlation Between SentinelOne and 4 Less
Can any of the company-specific risk be diversified away by investing in both SentinelOne and 4 Less 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 4 Less into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SentinelOne and 4 Less Group, you can compare the effects of market volatilities on SentinelOne and 4 Less 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 4 Less. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and 4 Less.
Diversification Opportunities for SentinelOne and 4 Less
-0.82 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between SentinelOne and FLES is -0.82. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and 4 Less Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 4 Less Group 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 4 Less. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 4 Less Group has no effect on the direction of SentinelOne i.e., SentinelOne and 4 Less go up and down completely randomly.
Pair Corralation between SentinelOne and 4 Less
Taking into account the 90-day investment horizon SentinelOne is expected to generate 0.18 times more return on investment than 4 Less. However, SentinelOne is 5.52 times less risky than 4 Less. It trades about 0.05 of its potential returns per unit of risk. 4 Less Group is currently generating about 0.0 per unit of risk. If you would invest 1,524 in SentinelOne on August 29, 2024 and sell it today you would earn a total of 1,269 from holding SentinelOne or generate 83.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 99.8% |
| Values | Daily Returns |
SentinelOne vs. 4 Less Group
Performance |
| Timeline |
| SentinelOne |
| 4 Less Group |
SentinelOne and 4 Less Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SentinelOne and 4 Less
The main advantage of trading using opposite SentinelOne and 4 Less positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, 4 Less 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 4 Less will offset losses from the drop in 4 Less' long position.| SentinelOne vs. Crowdstrike Holdings | SentinelOne vs. Okta Inc | SentinelOne vs. Cloudflare | SentinelOne vs. MongoDB |
| 4 Less vs. Triad Pro Innovators | 4 Less vs. ABCO Energy | 4 Less vs. Holiday Island Holdings | 4 Less vs. RCABS Inc |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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