Correlation Between SentinelOne and Carillon Scout
Can any of the company-specific risk be diversified away by investing in both SentinelOne and Carillon Scout 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 Carillon Scout into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SentinelOne and Carillon Scout Mid, you can compare the effects of market volatilities on SentinelOne and Carillon Scout 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 Carillon Scout. Check out your portfolio center. Please also check ongoing floating volatility patterns of SentinelOne and Carillon Scout.
Diversification Opportunities for SentinelOne and Carillon Scout
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between SentinelOne and Carillon is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding SentinelOne and Carillon Scout Mid in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Carillon Scout Mid 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 Carillon Scout. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Carillon Scout Mid has no effect on the direction of SentinelOne i.e., SentinelOne and Carillon Scout go up and down completely randomly.
Pair Corralation between SentinelOne and Carillon Scout
Taking into account the 90-day investment horizon SentinelOne is expected to under-perform the Carillon Scout. In addition to that, SentinelOne is 3.4 times more volatile than Carillon Scout Mid. It trades about -0.09 of its total potential returns per unit of risk. Carillon Scout Mid is currently generating about 0.1 per unit of volatility. If you would invest 2,520 in Carillon Scout Mid on May 31, 2025 and sell it today you would earn a total of 49.00 from holding Carillon Scout Mid or generate 1.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
SentinelOne vs. Carillon Scout Mid
Performance |
| Timeline |
| SentinelOne |
| Carillon Scout Mid |
SentinelOne and Carillon Scout Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SentinelOne and Carillon Scout
The main advantage of trading using opposite SentinelOne and Carillon Scout positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SentinelOne position performs unexpectedly, Carillon Scout 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 Carillon Scout will offset losses from the drop in Carillon Scout's long position.| SentinelOne vs. Crowdstrike Holdings | SentinelOne vs. Oracle | SentinelOne vs. CoreWeave, Class A | SentinelOne vs. Palo Alto Networks |
| Carillon Scout vs. Foundry Partners Fundamental | Carillon Scout vs. Lord Abbett Small | Carillon Scout vs. Heartland Value Plus | Carillon Scout vs. Small Cap Value Fund |
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 the Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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