Correlation Between SentinelOne and Amundi Index
Can any of the company-specific risk be diversified away by investing in both SentinelOne and Amundi Index 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 Amundi Index into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SentinelOne and Amundi Index Solutions, you can compare the effects of market volatilities on SentinelOne and Amundi Index 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 Amundi Index. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and Amundi Index.
Diversification Opportunities for SentinelOne and Amundi Index
0.06 | Correlation Coefficient |
Significant diversification
The 3 months correlation between SentinelOne and Amundi is 0.06. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and Amundi Index Solutions in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amundi Index Solutions 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 Amundi Index. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Amundi Index Solutions has no effect on the direction of SentinelOne i.e., SentinelOne and Amundi Index go up and down completely randomly.
Pair Corralation between SentinelOne and Amundi Index
Taking into account the 90-day investment horizon SentinelOne is expected to generate 2.57 times more return on investment than Amundi Index. However, SentinelOne is 2.57 times more volatile than Amundi Index Solutions. It trades about 0.15 of its potential returns per unit of risk. Amundi Index Solutions is currently generating about -0.13 per unit of risk. If you would invest 2,601 in SentinelOne on September 2, 2024 and sell it today you would earn a total of 194.00 from holding SentinelOne or generate 7.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
SentinelOne vs. Amundi Index Solutions
Performance |
| Timeline |
| SentinelOne |
| Amundi Index Solutions |
SentinelOne and Amundi Index Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SentinelOne and Amundi Index
The main advantage of trading using opposite SentinelOne and Amundi Index positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, Amundi Index 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 Amundi Index will offset losses from the drop in Amundi Index's long position.| SentinelOne vs. Crowdstrike Holdings | SentinelOne vs. Okta Inc | SentinelOne vs. Cloudflare | SentinelOne vs. MongoDB |
| Amundi Index vs. Vanguard FTSE Developed | Amundi Index vs. Leverage Shares 2x | Amundi Index vs. Amundi Index Solutions | Amundi Index vs. Amundi Index Solutions |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
Other Complementary Tools
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Commodity Directory Find actively traded commodities issued by global exchanges |