Correlation Between SentinelOne and JMT Network
Can any of the company-specific risk be diversified away by investing in both SentinelOne and JMT Network 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 JMT Network into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SentinelOne and JMT Network Services, you can compare the effects of market volatilities on SentinelOne and JMT Network 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 JMT Network. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and JMT Network.
Diversification Opportunities for SentinelOne and JMT Network
0.51 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between SentinelOne and JMT is 0.51. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and JMT Network Services in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JMT Network Services 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 JMT Network. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JMT Network Services has no effect on the direction of SentinelOne i.e., SentinelOne and JMT Network go up and down completely randomly.
Pair Corralation between SentinelOne and JMT Network
Taking into account the 90-day investment horizon SentinelOne is expected to under-perform the JMT Network. But the stock apears to be less risky and, when comparing its historical volatility, SentinelOne is 1.76 times less risky than JMT Network. The stock trades about -0.39 of its potential returns per unit of risk. The JMT Network Services is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 1,400 in JMT Network Services on December 9, 2024 and sell it today you would earn a total of 20.00 from holding JMT Network Services or generate 1.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
SentinelOne vs. JMT Network Services
Performance |
| Timeline |
| SentinelOne |
| JMT Network Services |
SentinelOne and JMT Network Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SentinelOne and JMT Network
The main advantage of trading using opposite SentinelOne and JMT Network positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, JMT Network 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 JMT Network will offset losses from the drop in JMT Network's long position.| SentinelOne vs. Palo Alto Networks | ||
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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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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