Correlation Between SentinelOne and Sabre Insurance
Can any of the company-specific risk be diversified away by investing in both SentinelOne and Sabre Insurance 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 Sabre Insurance into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SentinelOne and Sabre Insurance Group, you can compare the effects of market volatilities on SentinelOne and Sabre Insurance 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 Sabre Insurance. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and Sabre Insurance.
Diversification Opportunities for SentinelOne and Sabre Insurance
0.04 | Correlation Coefficient |
Significant diversification
The 3 months correlation between SentinelOne and Sabre is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and Sabre Insurance Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sabre Insurance 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 Sabre Insurance. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sabre Insurance Group has no effect on the direction of SentinelOne i.e., SentinelOne and Sabre Insurance go up and down completely randomly.
Pair Corralation between SentinelOne and Sabre Insurance
If you would invest 2,609 in SentinelOne on August 28, 2024 and sell it today you would earn a total of 179.00 from holding SentinelOne or generate 6.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
SentinelOne vs. Sabre Insurance Group
Performance |
| Timeline |
| SentinelOne |
| Sabre Insurance Group |
SentinelOne and Sabre Insurance Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SentinelOne and Sabre Insurance
The main advantage of trading using opposite SentinelOne and Sabre Insurance positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, Sabre Insurance 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 Sabre Insurance will offset losses from the drop in Sabre Insurance's long position.| SentinelOne vs. GigaCloud Technology Class | SentinelOne vs. Arqit Quantum | SentinelOne vs. Cemtrex | SentinelOne vs. Paysafe |
| Sabre Insurance vs. Kaiser Aluminum | Sabre Insurance vs. Maanshan Iron Steel | Sabre Insurance vs. Century Aluminum | Sabre Insurance vs. Oasis Hotel Resort |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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