Correlation Between SentinelOne and MOGU
Can any of the company-specific risk be diversified away by investing in both SentinelOne and MOGU 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 MOGU into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SentinelOne and MOGU Inc, you can compare the effects of market volatilities on SentinelOne and MOGU 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 MOGU. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and MOGU.
Diversification Opportunities for SentinelOne and MOGU
-0.02 | Correlation Coefficient |
Good diversification
The 3 months correlation between SentinelOne and MOGU is -0.02. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and MOGU Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MOGU Inc 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 MOGU. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MOGU Inc has no effect on the direction of SentinelOne i.e., SentinelOne and MOGU go up and down completely randomly.
Pair Corralation between SentinelOne and MOGU
Taking into account the 90-day investment horizon SentinelOne is expected to generate 0.67 times more return on investment than MOGU. However, SentinelOne is 1.5 times less risky than MOGU. It trades about 0.18 of its potential returns per unit of risk. MOGU Inc is currently generating about 0.01 per unit of risk. If you would invest 2,609 in SentinelOne on August 27, 2024 and sell it today you would earn a total of 245.00 from holding SentinelOne or generate 9.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
SentinelOne vs. MOGU Inc
Performance |
| Timeline |
| SentinelOne |
| MOGU Inc |
SentinelOne and MOGU Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SentinelOne and MOGU
The main advantage of trading using opposite SentinelOne and MOGU positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, MOGU 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 MOGU will offset losses from the drop in MOGU's long position.| SentinelOne vs. GigaCloud Technology Class | SentinelOne vs. Arqit Quantum | SentinelOne vs. Cemtrex | SentinelOne vs. Paysafe |
| MOGU vs. iPower Inc | MOGU vs. LightInTheBox Holding Co | MOGU vs. Qurate Retail Series | MOGU vs. Kidpik Corp |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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