Correlation Between SentinelOne and ACADIA
Specify exactly 2 symbols:
By analyzing existing cross correlation between SentinelOne and ACADIA HEALTHCARE INC, you can compare the effects of market volatilities on SentinelOne and ACADIA 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 ACADIA. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and ACADIA.
Diversification Opportunities for SentinelOne and ACADIA
-0.73 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between SentinelOne and ACADIA is -0.73. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and ACADIA HEALTHCARE INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ACADIA HEALTHCARE INC 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 ACADIA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ACADIA HEALTHCARE INC has no effect on the direction of SentinelOne i.e., SentinelOne and ACADIA go up and down completely randomly.
Pair Corralation between SentinelOne and ACADIA
Taking into account the 90-day investment horizon SentinelOne is expected to generate 28.38 times less return on investment than ACADIA. But when comparing it to its historical volatility, SentinelOne is 22.21 times less risky than ACADIA. It trades about 0.06 of its potential returns per unit of risk. ACADIA HEALTHCARE INC is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 9,289 in ACADIA HEALTHCARE INC on August 27, 2024 and sell it today you would earn a total of 0.00 from holding ACADIA HEALTHCARE INC or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 89.11% |
| Values | Daily Returns |
SentinelOne vs. ACADIA HEALTHCARE INC
Performance |
| Timeline |
| SentinelOne |
| ACADIA HEALTHCARE INC |
SentinelOne and ACADIA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SentinelOne and ACADIA
The main advantage of trading using opposite SentinelOne and ACADIA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, ACADIA 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 ACADIA will offset losses from the drop in ACADIA's long position.| SentinelOne vs. GigaCloud Technology Class | SentinelOne vs. Arqit Quantum | SentinelOne vs. Cemtrex | SentinelOne vs. Rapid7 Inc |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
Other Complementary Tools
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA |