Correlation Between SentinelOne and Oxford Industries

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

Diversification Opportunities for SentinelOne and Oxford Industries

-0.8
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between SentinelOne and Oxford is -0.8. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and Oxford Industries in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oxford Industries 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 Oxford Industries. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oxford Industries has no effect on the direction of SentinelOne i.e., SentinelOne and Oxford Industries go up and down completely randomly.

Pair Corralation between SentinelOne and Oxford Industries

Taking into account the 90-day investment horizon SentinelOne is expected to under-perform the Oxford Industries. In addition to that, SentinelOne is 1.97 times more volatile than Oxford Industries. It trades about -0.08 of its total potential returns per unit of risk. Oxford Industries is currently generating about 0.03 per unit of volatility. If you would invest  9,920  in Oxford Industries on September 6, 2022 and sell it today you would earn a total of  1,640  from holding Oxford Industries or generate 16.53% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

SentinelOne  vs.  Oxford Industries

 Performance (%) 
       Timeline  
SentinelOne 
SentinelOne Performance
0 of 100
Over the last 90 days SentinelOne has generated negative risk-adjusted returns adding no value to investors with long positions. Even with conflicting performance in the last few months, the Stock's basic indicators remain relatively invariable which may send shares a bit higher in January 2023. The latest agitation may also be a sign of long-running up-swing for the enterprise retail investors.

SentinelOne Price Channel

Oxford Industries 
Oxford Performance
11 of 100
Compared to the overall equity markets, risk-adjusted returns on investments in Oxford Industries are ranked lower than 11 (%) of all global equities and portfolios over the last 90 days. Even with relatively weak basic indicators, Oxford Industries revealed solid returns over the last few months and may actually be approaching a breakup point.

Oxford Price Channel

SentinelOne and Oxford Industries Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with SentinelOne and Oxford Industries

The main advantage of trading using opposite SentinelOne and Oxford Industries positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, Oxford Industries 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 Oxford Industries will offset losses from the drop in Oxford Industries' long position.
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The idea behind SentinelOne and Oxford Industries 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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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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.

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