Correlation Between SentinelOne and BANK MANDIRI
Can any of the company-specific risk be diversified away by investing in both SentinelOne and BANK MANDIRI 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 BANK MANDIRI into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SentinelOne and BANK MANDIRI, you can compare the effects of market volatilities on SentinelOne and BANK MANDIRI 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 BANK MANDIRI. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and BANK MANDIRI.
Diversification Opportunities for SentinelOne and BANK MANDIRI
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between SentinelOne and BANK is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and BANK MANDIRI in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BANK MANDIRI 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 BANK MANDIRI. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BANK MANDIRI has no effect on the direction of SentinelOne i.e., SentinelOne and BANK MANDIRI go up and down completely randomly.
Pair Corralation between SentinelOne and BANK MANDIRI
Taking into account the 90-day investment horizon SentinelOne is expected to generate 1.77 times more return on investment than BANK MANDIRI. However, SentinelOne is 1.77 times more volatile than BANK MANDIRI. It trades about 0.14 of its potential returns per unit of risk. BANK MANDIRI is currently generating about -0.3 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 199.00 from holding SentinelOne or generate 7.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
SentinelOne vs. BANK MANDIRI
Performance |
| Timeline |
| SentinelOne |
| BANK MANDIRI |
SentinelOne and BANK MANDIRI Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SentinelOne and BANK MANDIRI
The main advantage of trading using opposite SentinelOne and BANK MANDIRI positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, BANK MANDIRI 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 BANK MANDIRI will offset losses from the drop in BANK MANDIRI's long position.| SentinelOne vs. Crowdstrike Holdings | SentinelOne vs. Okta Inc | SentinelOne vs. Cloudflare | SentinelOne vs. MongoDB |
| BANK MANDIRI vs. Apple Inc | BANK MANDIRI vs. Apple Inc | BANK MANDIRI vs. Superior Plus Corp | BANK MANDIRI vs. SIVERS SEMICONDUCTORS AB |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
Other Complementary Tools
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios |