Correlation Between SentinelOne and NATION MEDIA
Can any of the company-specific risk be diversified away by investing in both SentinelOne and NATION MEDIA 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 NATION MEDIA into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SentinelOne and NATION MEDIA GROUP, you can compare the effects of market volatilities on SentinelOne and NATION MEDIA 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 NATION MEDIA. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and NATION MEDIA.
Diversification Opportunities for SentinelOne and NATION MEDIA
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between SentinelOne and NATION is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and NATION MEDIA GROUP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NATION MEDIA GROUP 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 NATION MEDIA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NATION MEDIA GROUP has no effect on the direction of SentinelOne i.e., SentinelOne and NATION MEDIA go up and down completely randomly.
Pair Corralation between SentinelOne and NATION MEDIA
Taking into account the 90-day investment horizon SentinelOne is expected to under-perform the NATION MEDIA. But the stock apears to be less risky and, when comparing its historical volatility, SentinelOne is 1.17 times less risky than NATION MEDIA. The stock trades about -0.02 of its potential returns per unit of risk. The NATION MEDIA GROUP is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 27,000 in NATION MEDIA GROUP on December 11, 2024 and sell it today you would earn a total of 3,000 from holding NATION MEDIA GROUP or generate 11.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 98.37% |
| Values | Daily Returns |
SentinelOne vs. NATION MEDIA GROUP
Performance |
| Timeline |
| SentinelOne |
| NATION MEDIA GROUP |
SentinelOne and NATION MEDIA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SentinelOne and NATION MEDIA
The main advantage of trading using opposite SentinelOne and NATION MEDIA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, NATION MEDIA 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 NATION MEDIA will offset losses from the drop in NATION MEDIA's long position.| SentinelOne vs. Palo Alto Networks | ||
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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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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