Correlation Between SentinelOne and Mahachai Hospital
Can any of the company-specific risk be diversified away by investing in both SentinelOne and Mahachai Hospital 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 Mahachai Hospital into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SentinelOne and Mahachai Hospital Public, you can compare the effects of market volatilities on SentinelOne and Mahachai Hospital 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 Mahachai Hospital. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and Mahachai Hospital.
Diversification Opportunities for SentinelOne and Mahachai Hospital
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between SentinelOne and Mahachai is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and Mahachai Hospital Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mahachai Hospital Public 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 Mahachai Hospital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mahachai Hospital Public has no effect on the direction of SentinelOne i.e., SentinelOne and Mahachai Hospital go up and down completely randomly.
Pair Corralation between SentinelOne and Mahachai Hospital
Taking into account the 90-day investment horizon SentinelOne is expected to generate 1.48 times more return on investment than Mahachai Hospital. However, SentinelOne is 1.48 times more volatile than Mahachai Hospital Public. It trades about 0.17 of its potential returns per unit of risk. Mahachai Hospital Public is currently generating about -0.28 per unit of risk. If you would invest 2,579 in SentinelOne on September 1, 2024 and sell it today you would earn a total of 216.00 from holding SentinelOne or generate 8.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
SentinelOne vs. Mahachai Hospital Public
Performance |
| Timeline |
| SentinelOne |
| Mahachai Hospital Public |
SentinelOne and Mahachai Hospital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SentinelOne and Mahachai Hospital
The main advantage of trading using opposite SentinelOne and Mahachai Hospital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, Mahachai Hospital 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 Mahachai Hospital will offset losses from the drop in Mahachai Hospital's long position.| SentinelOne vs. Palo Alto Networks | SentinelOne vs. Uipath Inc | SentinelOne vs. Block Inc | SentinelOne vs. Adobe Systems Incorporated |
| Mahachai Hospital vs. AP Public | Mahachai Hospital vs. Advanced Information Technology | Mahachai Hospital vs. AJ Plast Public | Mahachai Hospital vs. Berli Jucker Public |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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