Correlation Between SentinelOne and LOEWS
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By analyzing existing cross correlation between SentinelOne and LOEWS P 6, you can compare the effects of market volatilities on SentinelOne and LOEWS 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 LOEWS. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and LOEWS.
Diversification Opportunities for SentinelOne and LOEWS
-0.66 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between SentinelOne and LOEWS is -0.66. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and LOEWS P 6 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on LOEWS P 6 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 LOEWS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of LOEWS P 6 has no effect on the direction of SentinelOne i.e., SentinelOne and LOEWS go up and down completely randomly.
Pair Corralation between SentinelOne and LOEWS
Taking into account the 90-day investment horizon SentinelOne is expected to generate 4.72 times more return on investment than LOEWS. However, SentinelOne is 4.72 times more volatile than LOEWS P 6. It trades about 0.14 of its potential returns per unit of risk. LOEWS P 6 is currently generating about 0.04 per unit of risk. If you would invest 2,609 in SentinelOne on August 29, 2024 and sell it today you would earn a total of 199.00 from holding SentinelOne or generate 7.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 78.26% |
| Values | Daily Returns |
SentinelOne vs. LOEWS P 6
Performance |
| Timeline |
| SentinelOne |
| LOEWS P 6 |
SentinelOne and LOEWS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SentinelOne and LOEWS
The main advantage of trading using opposite SentinelOne and LOEWS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, LOEWS 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 LOEWS will offset losses from the drop in LOEWS's long position.| SentinelOne vs. Crowdstrike Holdings | SentinelOne vs. Okta Inc | SentinelOne vs. Cloudflare | SentinelOne vs. MongoDB |
| LOEWS vs. Empresa Distribuidora y | LOEWS vs. Stevanato Group SpA | LOEWS vs. Suburban Propane Partners | LOEWS vs. Acco Brands |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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