Correlation Between SentinelOne and Cibc Atlas

Can any of the company-specific risk be diversified away by investing in both SentinelOne and Cibc Atlas 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 Cibc Atlas into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between SentinelOne and Cibc Atlas International, you can compare the effects of market volatilities on SentinelOne and Cibc Atlas 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 Cibc Atlas. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and Cibc Atlas.

Diversification Opportunities for SentinelOne and Cibc Atlas

-0.24

Correlation Coefficient

SentinelOne  Cibc Atlas

Very good diversification

The 3 months correlation between SentinelOne and Cibc is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and Cibc Atlas International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cibc Atlas International 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 Cibc Atlas. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cibc Atlas International has no effect on the direction of SentinelOne i.e., SentinelOne and Cibc Atlas go up and down completely randomly.

Pair Corralation between SentinelOne and Cibc Atlas

Taking into account the 90-day investment horizon SentinelOne is expected to generate 1.41 times less return on investment than Cibc Atlas. In addition to that, SentinelOne is 3.56 times more volatile than Cibc Atlas International. It trades about 0.04 of its total potential returns per unit of risk. Cibc Atlas International is currently generating about 0.19 per unit of volatility. If you would invest  1,428  in Cibc Atlas International on April 29, 2025 and sell it today you would earn a total of  126.00  from holding Cibc Atlas International or generate 8.82% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Insignificant
Accuracy	98.41%
Values	Daily Returns

SentinelOne  vs.  Cibc Atlas International

SentinelOne

Risk-Adjusted Performance

Weak

Compared to the overall equity markets, risk-adjusted returns on investments in SentinelOne are ranked lower than 2 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively stable basic indicators, SentinelOne is not utilizing all of its potentials. The newest stock price uproar, may contribute to short-horizon losses for the private investors.

Cibc Atlas International

Risk-Adjusted Performance

Good

Compared to the overall equity markets, risk-adjusted returns on investments in Cibc Atlas International are ranked lower than 14 (%) of all funds and portfolios of funds over the last 90 days. In spite of fairly weak forward indicators, Cibc Atlas may actually be approaching a critical reversion point that can send shares even higher in August 2025.

Pair Trading with SentinelOne and Cibc Atlas

The main advantage of trading using opposite SentinelOne and Cibc Atlas positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, Cibc Atlas 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 Cibc Atlas will offset losses from the drop in Cibc Atlas' long position.

The idea behind SentinelOne and Cibc Atlas International 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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.