Correlation Between SentinelOne and Agora
Can any of the company-specific risk be diversified away by investing in both SentinelOne and Agora 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 SentinelOne and Agora into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SentinelOne and Agora Inc, you can compare the effects of market volatilities on SentinelOne and Agora 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 Agora. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and Agora.
Diversification Opportunities for SentinelOne and Agora
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between SentinelOne and Agora is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and Agora Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agora Inc 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 Agora. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Agora Inc has no effect on the direction of SentinelOne i.e., SentinelOne and Agora go up and down completely randomly.
Pair Corralation between SentinelOne and Agora
Taking into account the 90-day investment horizon SentinelOne is expected to generate 3.55 times less return on investment than Agora. But when comparing it to its historical volatility, SentinelOne is 1.23 times less risky than Agora. It trades about 0.05 of its potential returns per unit of risk. Agora Inc is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 319.00 in Agora Inc on April 26, 2025 and sell it today you would earn a total of 84.00 from holding Agora Inc or generate 26.33% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
SentinelOne vs. Agora Inc
Performance |
Timeline |
SentinelOne |
Agora Inc |
SentinelOne and Agora Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with SentinelOne and Agora
The main advantage of trading using opposite SentinelOne and Agora positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, Agora 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 Agora will offset losses from the drop in Agora's long position.SentinelOne vs. Affirm Holdings | SentinelOne vs. Arqit Quantum | SentinelOne vs. GigaCloud Technology Class | SentinelOne vs. Getty Images Holdings |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
Other Complementary Tools
Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios |