Correlation Between SentinelOne and United
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By analyzing existing cross correlation between SentinelOne and United Airlines Holdings, you can compare the effects of market volatilities on SentinelOne and United 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 United. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and United.
Diversification Opportunities for SentinelOne and United
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between SentinelOne and United is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and United Airlines Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on United Airlines Holdings 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 United. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of United Airlines Holdings has no effect on the direction of SentinelOne i.e., SentinelOne and United go up and down completely randomly.
Pair Corralation between SentinelOne and United
Taking into account the 90-day investment horizon SentinelOne is expected to generate 3.86 times more return on investment than United. However, SentinelOne is 3.86 times more volatile than United Airlines Holdings. It trades about 0.17 of its potential returns per unit of risk. United Airlines Holdings is currently generating about -0.21 per unit of risk. If you would invest 2,579 in SentinelOne on September 1, 2024 and sell it today you would earn a total of 216.00 from holding SentinelOne or generate 8.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
SentinelOne vs. United Airlines Holdings
Performance |
| Timeline |
| SentinelOne |
| United Airlines Holdings |
SentinelOne and United Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SentinelOne and United
The main advantage of trading using opposite SentinelOne and United positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, United 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 United will offset losses from the drop in United'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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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