Correlation Between Sentinelone Inc and Halliburton

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

Diversification Opportunities for Sentinelone Inc and Halliburton

0.27
  Correlation Coefficient

Modest diversification

The 3 months correlation between Sentinelone and Halliburton is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding Sentinelone Inc Cl and Halliburton in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Halliburton and Sentinelone Inc 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 Inc Cl are associated (or correlated) with Halliburton. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Halliburton has no effect on the direction of Sentinelone Inc i.e., Sentinelone Inc and Halliburton go up and down completely randomly.

Pair Corralation between Sentinelone Inc and Halliburton

Taking into account the 90-day investment horizon Sentinelone Inc Cl is expected to generate 1.23 times more return on investment than Halliburton. However, Sentinelone Inc is 1.23 times more volatile than Halliburton. It trades about 0.04 of its potential returns per unit of risk. Halliburton is currently generating about -0.34 per unit of risk. If you would invest  2,307  in Sentinelone Inc Cl on April 5, 2022 and sell it today you would earn a total of  41.00  from holding Sentinelone Inc Cl or generate 1.78% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthVery Weak
Accuracy100.0%
ValuesDaily Returns

Sentinelone Inc Cl  vs.  Halliburton

 Performance (%) 
      Timeline 
Sentinelone Inc 
Sentinelone Performance
0 of 100
Over the last 90 days Sentinelone Inc Cl has generated negative risk-adjusted returns adding no value to investors with long positions. Even with inconsistent performance in the last few months, the Stock's basic indicators remain relatively invariable which may send shares a bit higher in August 2022. The latest agitation may also be a sign of long-running up-swing for the enterprise retail investors.

Structure and Payout Changes

Last Split Factor
2:1
Last Split Date
1999-06-07

Sentinelone Price Channel

Halliburton 
Halliburton Performance
0 of 100
Over the last 90 days Halliburton has generated negative risk-adjusted returns adding no value to investors with long positions. Even with fragile performance in the last few months, the Stock's basic indicators remain relatively steady which may send shares a bit higher in August 2022. The new chaos may also be a sign of medium-term up-swing for the company stakeholders.

Structure and Payout Changes

Forward Annual Dividend Yield
0.0153
Payout Ratio
0.26
Last Split Factor
2:1
Forward Annual Dividend Rate
0.48
Dividend Date
2022-06-22
Ex Dividend Date
2022-05-31
Last Split Date
2006-07-17

Halliburton Price Channel

Sentinelone Inc and Halliburton Volatility Contrast

 Predicted Return Density 
      Returns 

Pair Trading with Sentinelone Inc and Halliburton

The main advantage of trading using opposite Sentinelone Inc and Halliburton positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sentinelone Inc position performs unexpectedly, Halliburton 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 Halliburton will offset losses from the drop in Halliburton's long position.
The idea behind Sentinelone Inc Cl and Halliburton 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.
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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.

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