Correlation Between SentinelOne and Katipult Technology
Can any of the company-specific risk be diversified away by investing in both SentinelOne and Katipult Technology 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 Katipult Technology into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SentinelOne and Katipult Technology Corp, you can compare the effects of market volatilities on SentinelOne and Katipult Technology 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 Katipult Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and Katipult Technology.
Diversification Opportunities for SentinelOne and Katipult Technology
-0.46 | Correlation Coefficient |
Very good diversification
The 3 months correlation between SentinelOne and Katipult is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and Katipult Technology Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Katipult Technology 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 Katipult Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Katipult Technology Corp has no effect on the direction of SentinelOne i.e., SentinelOne and Katipult Technology go up and down completely randomly.
Pair Corralation between SentinelOne and Katipult Technology
Taking into account the 90-day investment horizon SentinelOne is expected to generate 5.29 times less return on investment than Katipult Technology. But when comparing it to its historical volatility, SentinelOne is 7.38 times less risky than Katipult Technology. It trades about 0.11 of its potential returns per unit of risk. Katipult Technology Corp is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 1.50 in Katipult Technology Corp on August 30, 2024 and sell it today you would earn a total of 0.00 from holding Katipult Technology Corp or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
SentinelOne vs. Katipult Technology Corp
Performance |
| Timeline |
| SentinelOne |
| Katipult Technology Corp |
SentinelOne and Katipult Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SentinelOne and Katipult Technology
The main advantage of trading using opposite SentinelOne and Katipult Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, Katipult Technology 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 Katipult Technology will offset losses from the drop in Katipult Technology's long position.| SentinelOne vs. Crowdstrike Holdings | SentinelOne vs. Okta Inc | SentinelOne vs. Cloudflare | SentinelOne vs. MongoDB |
| Katipult Technology vs. MAG Silver Corp | Katipult Technology vs. Ramp Metals | Katipult Technology vs. Quipt Home Medical | Katipult Technology vs. Perseus Mining |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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