Correlation Between SentinelOne and COMCAST
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By analyzing existing cross correlation between SentinelOne and COMCAST P NEW, you can compare the effects of market volatilities on SentinelOne and COMCAST 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 COMCAST. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and COMCAST.
Diversification Opportunities for SentinelOne and COMCAST
-0.74 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between SentinelOne and COMCAST is -0.74. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and COMCAST P NEW in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COMCAST P NEW 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 COMCAST. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of COMCAST P NEW has no effect on the direction of SentinelOne i.e., SentinelOne and COMCAST go up and down completely randomly.
Pair Corralation between SentinelOne and COMCAST
Taking into account the 90-day investment horizon SentinelOne is expected to generate 1.52 times more return on investment than COMCAST. However, SentinelOne is 1.52 times more volatile than COMCAST P NEW. It trades about 0.11 of its potential returns per unit of risk. COMCAST P NEW is currently generating about -0.15 per unit of risk. If you would invest 2,654 in SentinelOne on August 30, 2024 and sell it today you would earn a total of 154.00 from holding SentinelOne or generate 5.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 73.91% |
| Values | Daily Returns |
SentinelOne vs. COMCAST P NEW
Performance |
| Timeline |
| SentinelOne |
| COMCAST P NEW |
SentinelOne and COMCAST Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SentinelOne and COMCAST
The main advantage of trading using opposite SentinelOne and COMCAST positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, COMCAST 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 COMCAST will offset losses from the drop in COMCAST's long position.| SentinelOne vs. Crowdstrike Holdings | SentinelOne vs. Okta Inc | SentinelOne vs. Cloudflare | SentinelOne vs. MongoDB |
| COMCAST vs. Harmony Gold Mining | COMCAST vs. Exchange Bankshares | COMCAST vs. Juniata Valley Financial | COMCAST vs. Avient Corp |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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