Correlation Between SentinelOne and Mainstay High
Can any of the company-specific risk be diversified away by investing in both SentinelOne and Mainstay High 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 Mainstay High into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SentinelOne and Mainstay High Yield, you can compare the effects of market volatilities on SentinelOne and Mainstay High 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 Mainstay High. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and Mainstay High.
Diversification Opportunities for SentinelOne and Mainstay High
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between SentinelOne and Mainstay is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and Mainstay High Yield in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mainstay High Yield 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 Mainstay High. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mainstay High Yield has no effect on the direction of SentinelOne i.e., SentinelOne and Mainstay High go up and down completely randomly.
Pair Corralation between SentinelOne and Mainstay High
Taking into account the 90-day investment horizon SentinelOne is expected to generate 17.37 times more return on investment than Mainstay High. However, SentinelOne is 17.37 times more volatile than Mainstay High Yield. It trades about 0.04 of its potential returns per unit of risk. Mainstay High Yield is currently generating about 0.15 per unit of risk. If you would invest 1,552 in SentinelOne on November 27, 2024 and sell it today you would earn a total of 636.00 from holding SentinelOne or generate 40.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.8% |
| Values | Daily Returns |
SentinelOne vs. Mainstay High Yield
Performance |
| Timeline |
| SentinelOne |
| Mainstay High Yield |
SentinelOne and Mainstay High Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SentinelOne and Mainstay High
The main advantage of trading using opposite SentinelOne and Mainstay High positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, Mainstay High 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 Mainstay High will offset losses from the drop in Mainstay High's long position.| SentinelOne vs. Crowdstrike Holdings | SentinelOne vs. Okta Inc | SentinelOne vs. Cloudflare | SentinelOne vs. MongoDB |
| Mainstay High vs. Mainstay Sp 500 | Mainstay High vs. Mainstay Balanced Fund | Mainstay High vs. Mainstay Balanced Fund | Mainstay High vs. Mainstay Tax Advantaged |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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