Correlation Between SentinelOne and Calamos Strategic

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

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

Diversification Opportunities for SentinelOne and Calamos Strategic

-0.25

Correlation Coefficient

SentinelOne  Calamos Strategic

Very good diversification

The 3 months correlation between SentinelOne and Calamos is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and Calamos Strategic Total in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Strategic Total 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 Calamos Strategic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Strategic Total has no effect on the direction of SentinelOne i.e., SentinelOne and Calamos Strategic go up and down completely randomly.

Pair Corralation between SentinelOne and Calamos Strategic

Taking into account the 90-day investment horizon SentinelOne is expected to under-perform the Calamos Strategic. In addition to that, SentinelOne is 3.58 times more volatile than Calamos Strategic Total. It trades about 0.0 of its total potential returns per unit of risk. Calamos Strategic Total is currently generating about 0.27 per unit of volatility. If you would invest  1,619  in Calamos Strategic Total on May 3, 2025 and sell it today you would earn a total of  215.00  from holding Calamos Strategic Total or generate 13.28% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Insignificant
Accuracy	100.0%
Values	Daily Returns

SentinelOne  vs.  Calamos Strategic Total

SentinelOne

Risk-Adjusted Performance

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 comparatively stable basic indicators, SentinelOne is not utilizing all of its potentials. The latest stock price uproar, may contribute to short-horizon losses for the private investors.

Calamos Strategic Total

Risk-Adjusted Performance

Solid

Compared to the overall equity markets, risk-adjusted returns on investments in Calamos Strategic Total are ranked lower than 21 (%) of all funds and portfolios of funds over the last 90 days. Even with relatively weak basic indicators, Calamos Strategic reported solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with SentinelOne and Calamos Strategic

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

The idea behind SentinelOne and Calamos Strategic Total 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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.