Correlation Between SentinelOne and MONA

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Can any of the company-specific risk be diversified away by investing in both SentinelOne and MONA 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 MONA into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SentinelOne and MONA, you can compare the effects of market volatilities on SentinelOne and MONA 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 MONA. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and MONA.

Diversification Opportunities for SentinelOne and MONA

0.72
  Correlation Coefficient

Poor diversification

The 3 months correlation between SentinelOne and MONA is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and MONA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MONA 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 MONA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MONA has no effect on the direction of SentinelOne i.e., SentinelOne and MONA go up and down completely randomly.

Pair Corralation between SentinelOne and MONA

Taking into account the 90-day investment horizon SentinelOne is expected to under-perform the MONA. But the stock apears to be less risky and, when comparing its historical volatility, SentinelOne is 1.94 times less risky than MONA. The stock trades about -0.12 of its potential returns per unit of risk. The MONA is currently generating about -0.06 of returns per unit of risk over similar time horizon. If you would invest  26.00  in MONA on November 27, 2024 and sell it today you would lose (2.00) from holding MONA or give up 7.69% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthSignificant
Accuracy95.24%
ValuesDaily Returns

SentinelOne  vs.  MONA

 Performance 
       Timeline  
SentinelOne 

Risk-Adjusted Performance

Very Weak

 
Weak
 
Strong
Over the last 90 days SentinelOne has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of unsteady performance in the last few months, the Stock's basic indicators remain comparatively stable which may send shares a bit higher in March 2025. The newest uproar may also be a sign of mid-term up-swing for the firm private investors.
MONA 

Risk-Adjusted Performance

Very Weak

 
Weak
 
Strong
Over the last 90 days MONA has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of unsteady performance in the last few months, the Crypto's fundamental indicators remain rather sound which may send shares a bit higher in March 2025. The latest tumult may also be a sign of longer-term up-swing for MONA shareholders.

SentinelOne and MONA Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with SentinelOne and MONA

The main advantage of trading using opposite SentinelOne and MONA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, MONA 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 MONA will offset losses from the drop in MONA's long position.
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The idea behind SentinelOne and MONA pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.

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