Correlation Between SentinelOne and Imunon
Can any of the company-specific risk be diversified away by investing in both SentinelOne and Imunon 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 Imunon into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SentinelOne and Imunon Inc, you can compare the effects of market volatilities on SentinelOne and Imunon 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 Imunon. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and Imunon.
Diversification Opportunities for SentinelOne and Imunon
-0.75 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between SentinelOne and Imunon is -0.75. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and Imunon Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Imunon Inc 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 Imunon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Imunon Inc has no effect on the direction of SentinelOne i.e., SentinelOne and Imunon go up and down completely randomly.
Pair Corralation between SentinelOne and Imunon
Taking into account the 90-day investment horizon SentinelOne is expected to generate 0.47 times more return on investment than Imunon. However, SentinelOne is 2.13 times less risky than Imunon. It trades about 0.14 of its potential returns per unit of risk. Imunon Inc is currently generating about -0.1 per unit of risk. If you would invest 2,609 in SentinelOne on August 29, 2024 and sell it today you would earn a total of 199.00 from holding SentinelOne or generate 7.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
SentinelOne vs. Imunon Inc
Performance |
| Timeline |
| SentinelOne |
| Imunon Inc |
SentinelOne and Imunon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SentinelOne and Imunon
The main advantage of trading using opposite SentinelOne and Imunon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, Imunon 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 Imunon will offset losses from the drop in Imunon's long position.| SentinelOne vs. Crowdstrike Holdings | SentinelOne vs. Okta Inc | SentinelOne vs. Cloudflare | SentinelOne vs. MongoDB |
| Imunon vs. Exicure | Imunon vs. Cyclacel Pharmaceuticals | Imunon vs. Histogen | Imunon vs. DiaMedica Therapeutics |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
Other Complementary Tools
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Bonds Directory Find actively traded corporate debentures issued by US companies |