Correlation Between SentinelOne and Greengro Tech

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

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

Diversification Opportunities for SentinelOne and Greengro Tech

-0.05

Correlation Coefficient

SentinelOne  Greengro Tech

Good diversification

The 3 months correlation between SentinelOne and Greengro is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and Greengro Tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Greengro Tech 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 Greengro Tech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Greengro Tech has no effect on the direction of SentinelOne i.e., SentinelOne and Greengro Tech go up and down completely randomly.

Pair Corralation between SentinelOne and Greengro Tech

Taking into account the 90-day investment horizon SentinelOne is expected to under-perform the Greengro Tech. But the stock apears to be less risky and, when comparing its historical volatility, SentinelOne is 47.37 times less risky than Greengro Tech. The stock trades about -0.02 of its potential returns per unit of risk. The Greengro Tech is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest  0.00  in Greengro Tech on May 5, 2025 and sell it today you would earn a total of  0.00  from holding Greengro Tech or generate 0.0% return on investment over 90 days.

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

SentinelOne  vs.  Greengro Tech

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.

Greengro Tech

Risk-Adjusted Performance

OK

Compared to the overall equity markets, risk-adjusted returns on investments in Greengro Tech are ranked lower than 8 (%) of all global equities and portfolios over the last 90 days. Despite fairly inconsistent basic indicators, Greengro Tech demonstrated solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with SentinelOne and Greengro Tech

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

The idea behind SentinelOne and Greengro Tech 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.