Correlation Between SentinelOne and American
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By analyzing existing cross correlation between SentinelOne and American Airlines 4, you can compare the effects of market volatilities on SentinelOne and American 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 American. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and American.
Diversification Opportunities for SentinelOne and American
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between SentinelOne and American is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and American Airlines 4 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on American Airlines 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 American. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of American Airlines has no effect on the direction of SentinelOne i.e., SentinelOne and American go up and down completely randomly.
Pair Corralation between SentinelOne and American
Taking into account the 90-day investment horizon SentinelOne is expected to generate 0.66 times more return on investment than American. However, SentinelOne is 1.52 times less risky than American. It trades about 0.16 of its potential returns per unit of risk. American Airlines 4 is currently generating about -0.02 per unit of risk. If you would invest 1,722 in SentinelOne on September 1, 2024 and sell it today you would earn a total of 1,073 from holding SentinelOne or generate 62.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 38.1% |
| Values | Daily Returns |
SentinelOne vs. American Airlines 4
Performance |
| Timeline |
| SentinelOne |
| American Airlines |
SentinelOne and American Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SentinelOne and American
The main advantage of trading using opposite SentinelOne and American positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, American 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 American will offset losses from the drop in American's long position.| SentinelOne vs. Palo Alto Networks | SentinelOne vs. Uipath Inc | SentinelOne vs. Block Inc | SentinelOne vs. Adobe Systems Incorporated |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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