Correlation Between SentinelOne and DEERE
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By analyzing existing cross correlation between SentinelOne and DEERE CO, you can compare the effects of market volatilities on SentinelOne and DEERE 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 DEERE. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and DEERE.
Diversification Opportunities for SentinelOne and DEERE
-0.57 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between SentinelOne and DEERE is -0.57. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and DEERE CO in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DEERE CO 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 DEERE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DEERE CO has no effect on the direction of SentinelOne i.e., SentinelOne and DEERE go up and down completely randomly.
Pair Corralation between SentinelOne and DEERE
Taking into account the 90-day investment horizon SentinelOne is expected to generate 2.37 times more return on investment than DEERE. However, SentinelOne is 2.37 times more volatile than DEERE CO. It trades about 0.18 of its potential returns per unit of risk. DEERE CO is currently generating about 0.04 per unit of risk. If you would invest 2,609 in SentinelOne on August 27, 2024 and sell it today you would earn a total of 245.00 from holding SentinelOne or generate 9.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 85.71% |
| Values | Daily Returns |
SentinelOne vs. DEERE CO
Performance |
| Timeline |
| SentinelOne |
| DEERE CO |
SentinelOne and DEERE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SentinelOne and DEERE
The main advantage of trading using opposite SentinelOne and DEERE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, DEERE 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 DEERE will offset losses from the drop in DEERE's long position.| SentinelOne vs. GigaCloud Technology Class | SentinelOne vs. Arqit Quantum | SentinelOne vs. Cemtrex | SentinelOne vs. Paysafe |
| DEERE vs. United States Steel | DEERE vs. LB Foster | DEERE vs. Lindblad Expeditions Holdings | DEERE vs. Century Aluminum |
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 CEOs Directory module to screen CEOs from public companies around the world.
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