Correlation Between SentinelOne and Singer Thailand
Can any of the company-specific risk be diversified away by investing in both SentinelOne and Singer Thailand 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 Singer Thailand into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SentinelOne and Singer Thailand Public, you can compare the effects of market volatilities on SentinelOne and Singer Thailand 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 Singer Thailand. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and Singer Thailand.
Diversification Opportunities for SentinelOne and Singer Thailand
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between SentinelOne and Singer is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and Singer Thailand Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Singer Thailand Public 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 Singer Thailand. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Singer Thailand Public has no effect on the direction of SentinelOne i.e., SentinelOne and Singer Thailand go up and down completely randomly.
Pair Corralation between SentinelOne and Singer Thailand
Taking into account the 90-day investment horizon SentinelOne is expected to generate 0.97 times more return on investment than Singer Thailand. However, SentinelOne is 1.03 times less risky than Singer Thailand. It trades about 0.19 of its potential returns per unit of risk. Singer Thailand Public is currently generating about -0.31 per unit of risk. If you would invest 2,597 in SentinelOne on August 25, 2024 and sell it today you would earn a total of 257.00 from holding SentinelOne or generate 9.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
SentinelOne vs. Singer Thailand Public
Performance |
| Timeline |
| SentinelOne |
| Singer Thailand Public |
SentinelOne and Singer Thailand Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SentinelOne and Singer Thailand
The main advantage of trading using opposite SentinelOne and Singer Thailand positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, Singer Thailand 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 Singer Thailand will offset losses from the drop in Singer Thailand's long position.| SentinelOne vs. GigaCloud Technology Class | SentinelOne vs. Arqit Quantum | SentinelOne vs. Cemtrex | SentinelOne vs. Rapid7 Inc |
| Singer Thailand vs. Jay Mart Public | Singer Thailand vs. JMT Network Services | Singer Thailand vs. KCE Electronics Public | Singer Thailand vs. Srisawad Power 1979 |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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