Correlation Between SentinelOne and Mainstay Floating
Can any of the company-specific risk be diversified away by investing in both SentinelOne and Mainstay Floating 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 Floating into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SentinelOne and Mainstay Floating Rate, you can compare the effects of market volatilities on SentinelOne and Mainstay Floating 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 Floating. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and Mainstay Floating.
Diversification Opportunities for SentinelOne and Mainstay Floating
-0.62 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between SentinelOne and Mainstay is -0.62. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and Mainstay Floating Rate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mainstay Floating Rate 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 Floating. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mainstay Floating Rate has no effect on the direction of SentinelOne i.e., SentinelOne and Mainstay Floating go up and down completely randomly.
Pair Corralation between SentinelOne and Mainstay Floating
Taking into account the 90-day investment horizon SentinelOne is expected to generate 20.49 times more return on investment than Mainstay Floating. However, SentinelOne is 20.49 times more volatile than Mainstay Floating Rate. It trades about 0.04 of its potential returns per unit of risk. Mainstay Floating Rate is currently generating about 0.2 per unit of risk. If you would invest 1,599 in SentinelOne on November 19, 2024 and sell it today you would earn a total of 881.00 from holding SentinelOne or generate 55.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 99.8% |
| Values | Daily Returns |
SentinelOne vs. Mainstay Floating Rate
Performance |
| Timeline |
| SentinelOne |
| Mainstay Floating Rate |
SentinelOne and Mainstay Floating Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SentinelOne and Mainstay Floating
The main advantage of trading using opposite SentinelOne and Mainstay Floating positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, Mainstay Floating 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 Floating will offset losses from the drop in Mainstay Floating's long position.| SentinelOne vs. Alarum Technologies | SentinelOne vs. Arqit Quantum | SentinelOne vs. Nutanix | SentinelOne vs. Palo Alto Networks |
| Mainstay Floating vs. Small Pany Growth | Mainstay Floating vs. Fwnhtx | Mainstay Floating vs. Arrow Managed Futures | Mainstay Floating vs. Rbb Fund |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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