Correlation Between SentinelOne and Plug Power
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By analyzing existing cross correlation between SentinelOne and Plug Power, you can compare the effects of market volatilities on SentinelOne and Plug Power 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 Plug Power. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and Plug Power.
Diversification Opportunities for SentinelOne and Plug Power
-0.76 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between SentinelOne and Plug is -0.76. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and Plug Power in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Plug Power 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 Plug Power. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Plug Power has no effect on the direction of SentinelOne i.e., SentinelOne and Plug Power go up and down completely randomly.
Pair Corralation between SentinelOne and Plug Power
Taking into account the 90-day investment horizon SentinelOne is expected to generate 0.16 times more return on investment than Plug Power. However, SentinelOne is 6.42 times less risky than Plug Power. It trades about 0.14 of its potential returns per unit of risk. Plug Power is currently generating about -0.02 per unit of risk. If you would invest 2,246 in SentinelOne on October 29, 2024 and sell it today you would earn a total of 70.00 from holding SentinelOne or generate 3.12% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 94.74% |
Values | Daily Returns |
SentinelOne vs. Plug Power
Performance |
Timeline |
SentinelOne |
Plug Power |
SentinelOne and Plug Power Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with SentinelOne and Plug Power
The main advantage of trading using opposite SentinelOne and Plug Power positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, Plug Power 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 Plug Power will offset losses from the drop in Plug Power's long position.SentinelOne vs. Palo Alto Networks | SentinelOne vs. BLOCK INC | SentinelOne vs. Adobe Systems Incorporated | SentinelOne vs. Crowdstrike Holdings |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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