Correlation Between SentinelOne and Thai Coating
Can any of the company-specific risk be diversified away by investing in both SentinelOne and Thai Coating 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 Thai Coating into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SentinelOne and Thai Coating Industrial, you can compare the effects of market volatilities on SentinelOne and Thai Coating 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 Thai Coating. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and Thai Coating.
Diversification Opportunities for SentinelOne and Thai Coating
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between SentinelOne and Thai is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and Thai Coating Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thai Coating Industrial 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 Thai Coating. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thai Coating Industrial has no effect on the direction of SentinelOne i.e., SentinelOne and Thai Coating go up and down completely randomly.
Pair Corralation between SentinelOne and Thai Coating
Taking into account the 90-day investment horizon SentinelOne is expected to generate 1.19 times more return on investment than Thai Coating. However, SentinelOne is 1.19 times more volatile than Thai Coating Industrial. It trades about 0.06 of its potential returns per unit of risk. Thai Coating Industrial is currently generating about 0.01 per unit of risk. If you would invest 1,397 in SentinelOne on August 28, 2024 and sell it today you would earn a total of 1,391 from holding SentinelOne or generate 99.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 96.97% |
| Values | Daily Returns |
SentinelOne vs. Thai Coating Industrial
Performance |
| Timeline |
| SentinelOne |
| Thai Coating Industrial |
SentinelOne and Thai Coating Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SentinelOne and Thai Coating
The main advantage of trading using opposite SentinelOne and Thai Coating positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, Thai Coating 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 Thai Coating will offset losses from the drop in Thai Coating's long position.| SentinelOne vs. GigaCloud Technology Class | SentinelOne vs. Arqit Quantum | SentinelOne vs. Cemtrex | SentinelOne vs. Paysafe |
| Thai Coating vs. PTT Public | Thai Coating vs. PTT Exploration and | Thai Coating vs. CP ALL Public | Thai Coating vs. Kasikornbank Public |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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