Correlation Between SentinelOne and WESTLAKE
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By analyzing existing cross correlation between SentinelOne and WESTLAKE CHEM P, you can compare the effects of market volatilities on SentinelOne and WESTLAKE 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 WESTLAKE. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and WESTLAKE.
Diversification Opportunities for SentinelOne and WESTLAKE
-0.25 | Correlation Coefficient |
Very good diversification
The 3 months correlation between SentinelOne and WESTLAKE is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and WESTLAKE CHEM P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on WESTLAKE CHEM P 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 WESTLAKE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of WESTLAKE CHEM P has no effect on the direction of SentinelOne i.e., SentinelOne and WESTLAKE go up and down completely randomly.
Pair Corralation between SentinelOne and WESTLAKE
Taking into account the 90-day investment horizon SentinelOne is expected to generate 1.94 times more return on investment than WESTLAKE. However, SentinelOne is 1.94 times more volatile than WESTLAKE CHEM P. It trades about 0.07 of its potential returns per unit of risk. WESTLAKE CHEM P is currently generating about 0.01 per unit of risk. If you would invest 1,909 in SentinelOne on August 25, 2024 and sell it today you would earn a total of 945.00 from holding SentinelOne or generate 49.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 53.2% |
| Values | Daily Returns |
SentinelOne vs. WESTLAKE CHEM P
Performance |
| Timeline |
| SentinelOne |
| WESTLAKE CHEM P |
SentinelOne and WESTLAKE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SentinelOne and WESTLAKE
The main advantage of trading using opposite SentinelOne and WESTLAKE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, WESTLAKE 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 WESTLAKE will offset losses from the drop in WESTLAKE's long position.| SentinelOne vs. GigaCloud Technology Class | SentinelOne vs. Arqit Quantum | SentinelOne vs. Cemtrex | SentinelOne vs. Rapid7 Inc |
| WESTLAKE vs. Flexible Solutions International | WESTLAKE vs. GMS Inc | WESTLAKE vs. Griffon | WESTLAKE vs. Jacobs Solutions |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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