Correlation Between SentinelOne and Mainstay Map
Can any of the company-specific risk be diversified away by investing in both SentinelOne and Mainstay Map 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 Map into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SentinelOne and Mainstay Map Equity, you can compare the effects of market volatilities on SentinelOne and Mainstay Map 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 Map. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and Mainstay Map.
Diversification Opportunities for SentinelOne and Mainstay Map
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between SentinelOne and Mainstay is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and Mainstay Map Equity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mainstay Map Equity 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 Map. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mainstay Map Equity has no effect on the direction of SentinelOne i.e., SentinelOne and Mainstay Map go up and down completely randomly.
Pair Corralation between SentinelOne and Mainstay Map
Taking into account the 90-day investment horizon SentinelOne is expected to generate 3.12 times more return on investment than Mainstay Map. However, SentinelOne is 3.12 times more volatile than Mainstay Map Equity. It trades about 0.17 of its potential returns per unit of risk. Mainstay Map Equity is currently generating about 0.3 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 Together |
| Strength | Very Strong |
| Accuracy | 95.45% |
| Values | Daily Returns |
SentinelOne vs. Mainstay Map Equity
Performance |
| Timeline |
| SentinelOne |
| Mainstay Map Equity |
SentinelOne and Mainstay Map Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SentinelOne and Mainstay Map
The main advantage of trading using opposite SentinelOne and Mainstay Map positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, Mainstay Map 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 Map will offset losses from the drop in Mainstay Map's long position.| SentinelOne vs. Palo Alto Networks | SentinelOne vs. Uipath Inc | SentinelOne vs. Block Inc | SentinelOne vs. Adobe Systems Incorporated |
| Mainstay Map vs. Pace High Yield | Mainstay Map vs. Alpine High Yield | Mainstay Map vs. Federated Institutional High | Mainstay Map vs. Mesirow Financial High |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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