Correlation Between SentinelOne and Manulife Fin
Can any of the company-specific risk be diversified away by investing in both SentinelOne and Manulife Fin 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 Manulife Fin into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SentinelOne and Manulife Fin Non, you can compare the effects of market volatilities on SentinelOne and Manulife Fin 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 Manulife Fin. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and Manulife Fin.
Diversification Opportunities for SentinelOne and Manulife Fin
-0.69 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between SentinelOne and Manulife is -0.69. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and Manulife Fin Non in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Manulife Fin Non 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 Manulife Fin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Manulife Fin Non has no effect on the direction of SentinelOne i.e., SentinelOne and Manulife Fin go up and down completely randomly.
Pair Corralation between SentinelOne and Manulife Fin
Taking into account the 90-day investment horizon SentinelOne is expected to generate 4.37 times more return on investment than Manulife Fin. However, SentinelOne is 4.37 times more volatile than Manulife Fin Non. It trades about 0.04 of its potential returns per unit of risk. Manulife Fin Non is currently generating about -0.02 per unit of risk. If you would invest 2,273 in SentinelOne on November 22, 2024 and sell it today you would earn a total of 37.00 from holding SentinelOne or generate 1.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
SentinelOne vs. Manulife Fin Non
Performance |
| Timeline |
| SentinelOne |
| Manulife Fin Non |
SentinelOne and Manulife Fin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SentinelOne and Manulife Fin
The main advantage of trading using opposite SentinelOne and Manulife Fin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, Manulife Fin 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 Manulife Fin will offset losses from the drop in Manulife Fin's long position.| SentinelOne vs. Alarum Technologies | SentinelOne vs. Arqit Quantum | SentinelOne vs. Nutanix | SentinelOne vs. Palo Alto Networks |
| Manulife Fin vs. Westshore Terminals Investment | Manulife Fin vs. Andlauer Healthcare Gr | Manulife Fin vs. NorthWest Healthcare Properties | Manulife Fin vs. Partners Value Investments |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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