Correlation Between Frontier Communications and SentinelOne

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Can any of the company-specific risk be diversified away by investing in both Frontier Communications 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 Frontier Communications and SentinelOne into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Frontier Communications and SentinelOne, you can compare the effects of market volatilities on Frontier Communications 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 Frontier Communications with a short position of SentinelOne. Check out your portfolio center. Please also check ongoing floating volatility patterns of Frontier Communications and SentinelOne.

Diversification Opportunities for Frontier Communications and SentinelOne

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  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between Frontier and SentinelOne is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Frontier Communications and SentinelOne in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SentinelOne and Frontier Communications 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 Frontier Communications 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 Frontier Communications i.e., Frontier Communications and SentinelOne go up and down completely randomly.

Pair Corralation between Frontier Communications and SentinelOne

If you would invest (100.00) in Frontier Communications on December 29, 2023 and sell it today you would earn a total of  100.00  from holding Frontier Communications or generate -100.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

Frontier Communications  vs.  SentinelOne

 Performance 
       Timeline  
Frontier Communications 

Risk-Adjusted Performance

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Over the last 90 days Frontier Communications has generated negative risk-adjusted returns adding no value to investors with long positions. Even with relatively invariable basic indicators, Frontier Communications is not utilizing all of its potentials. The latest stock price agitation, may contribute to short-term losses for the retail investors.
SentinelOne 

Risk-Adjusted Performance

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Low
 
High
Very Weak
Over the last 90 days SentinelOne has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of weak performance in the last few months, the Stock's basic indicators remain comparatively stable which may send shares a bit higher in April 2024. The newest uproar may also be a sign of mid-term up-swing for the firm private investors.

Frontier Communications and SentinelOne Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Frontier Communications and SentinelOne

The main advantage of trading using opposite Frontier Communications and SentinelOne positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Frontier Communications 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.
The idea behind Frontier Communications and SentinelOne pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.

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