Correlation Between SentinelOne and John Hancock
Can any of the company-specific risk be diversified away by investing in both SentinelOne and John Hancock 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 John Hancock into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SentinelOne and John Hancock Variable, you can compare the effects of market volatilities on SentinelOne and John Hancock 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 John Hancock. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and John Hancock.
Diversification Opportunities for SentinelOne and John Hancock
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between SentinelOne and John is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and John Hancock Variable in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on John Hancock Variable 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 John Hancock. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of John Hancock Variable has no effect on the direction of SentinelOne i.e., SentinelOne and John Hancock go up and down completely randomly.
Pair Corralation between SentinelOne and John Hancock
Taking into account the 90-day investment horizon SentinelOne is expected to under-perform the John Hancock. In addition to that, SentinelOne is 3.19 times more volatile than John Hancock Variable. It trades about -0.12 of its total potential returns per unit of risk. John Hancock Variable is currently generating about 0.0 per unit of volatility. If you would invest 2,068 in John Hancock Variable on November 27, 2024 and sell it today you would lose (2.00) from holding John Hancock Variable or give up 0.1% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
SentinelOne vs. John Hancock Variable
Performance |
| Timeline |
| SentinelOne |
| John Hancock Variable |
SentinelOne and John Hancock Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SentinelOne and John Hancock
The main advantage of trading using opposite SentinelOne and John Hancock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, John Hancock 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 John Hancock will offset losses from the drop in John Hancock's long position.| SentinelOne vs. Crowdstrike Holdings | SentinelOne vs. Okta Inc | SentinelOne vs. Cloudflare | SentinelOne vs. MongoDB |
| John Hancock vs. Manning Napier Diversified | John Hancock vs. Diversified Bond Fund | John Hancock vs. Guidepath Conservative Income | John Hancock vs. Prudential Core Conservative |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
Other Complementary Tools
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device |