Correlation Between SentinelOne and Mainstay Mackay
Can any of the company-specific risk be diversified away by investing in both SentinelOne and Mainstay Mackay 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 Mackay into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SentinelOne and Mainstay Mackay Short, you can compare the effects of market volatilities on SentinelOne and Mainstay Mackay 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 Mackay. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and Mainstay Mackay.
Diversification Opportunities for SentinelOne and Mainstay Mackay
-0.44 | Correlation Coefficient |
Very good diversification
The 3 months correlation between SentinelOne and Mainstay is -0.44. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and Mainstay Mackay Short in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mainstay Mackay Short 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 Mackay. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mainstay Mackay Short has no effect on the direction of SentinelOne i.e., SentinelOne and Mainstay Mackay go up and down completely randomly.
Pair Corralation between SentinelOne and Mainstay Mackay
Taking into account the 90-day investment horizon SentinelOne is expected to generate 17.08 times more return on investment than Mainstay Mackay. However, SentinelOne is 17.08 times more volatile than Mainstay Mackay Short. It trades about 0.13 of its potential returns per unit of risk. Mainstay Mackay Short is currently generating about 0.13 per unit of risk. If you would invest 2,609 in SentinelOne on August 29, 2024 and sell it today you would earn a total of 184.00 from holding SentinelOne or generate 7.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
SentinelOne vs. Mainstay Mackay Short
Performance |
| Timeline |
| SentinelOne |
| Mainstay Mackay Short |
SentinelOne and Mainstay Mackay Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SentinelOne and Mainstay Mackay
The main advantage of trading using opposite SentinelOne and Mainstay Mackay positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, Mainstay Mackay 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 Mackay will offset losses from the drop in Mainstay Mackay's long position.| SentinelOne vs. Crowdstrike Holdings | SentinelOne vs. Okta Inc | SentinelOne vs. Cloudflare | SentinelOne vs. MongoDB |
| Mainstay Mackay vs. Sterling Capital Short | Mainstay Mackay vs. Blrc Sgy Mnp | Mainstay Mackay vs. T Rowe Price | Mainstay Mackay vs. Mirova Global Green |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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