Correlation Between Amundi Index and SentinelOne
Can any of the company-specific risk be diversified away by investing in both Amundi Index and SentinelOne at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Amundi Index and SentinelOne into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Amundi Index Solutions and SentinelOne, you can compare the effects of market volatilities on Amundi Index and SentinelOne 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 Amundi Index with a short position of SentinelOne. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amundi Index and SentinelOne.
Diversification Opportunities for Amundi Index and SentinelOne
-0.66 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Amundi and SentinelOne is -0.66. Overlapping area represents the amount of risk that can be diversified away by holding Amundi Index Solutions and SentinelOne in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SentinelOne and Amundi Index 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 Amundi Index Solutions are associated (or correlated) with SentinelOne. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SentinelOne has no effect on the direction of Amundi Index i.e., Amundi Index and SentinelOne go up and down completely randomly.
Pair Corralation between Amundi Index and SentinelOne
If you would invest (100.00) in Amundi Index Solutions on January 26, 2024 and sell it today you would earn a total of 100.00 from holding Amundi Index Solutions or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 0.0% |
| Values | Daily Returns |
Amundi Index Solutions vs. SentinelOne
Performance |
| Timeline |
| Amundi Index Solutions |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
OK
| SentinelOne |
Amundi Index and SentinelOne Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amundi Index and SentinelOne
The main advantage of trading using opposite Amundi Index and SentinelOne positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amundi Index position performs unexpectedly, SentinelOne 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 SentinelOne will offset losses from the drop in SentinelOne's long position.| Amundi Index vs. Amundi Index Solutions | Amundi Index vs. Amundi Index Solutions | Amundi Index vs. Amundi Index Solutions | Amundi Index vs. Amundi Index Solutions |
| SentinelOne vs. Crowdstrike Holdings | SentinelOne vs. Block Inc | SentinelOne vs. Adobe Systems Incorporated | SentinelOne vs. Cloudflare |
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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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