Correlation Between Rush Street and Huatian Hotel
Specify exactly 2 symbols:
By analyzing existing cross correlation between Rush Street Interactive and Huatian Hotel Group, you can compare the effects of market volatilities on Rush Street and Huatian Hotel 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 Rush Street with a short position of Huatian Hotel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rush Street and Huatian Hotel.
Diversification Opportunities for Rush Street and Huatian Hotel
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Rush and Huatian is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Rush Street Interactive and Huatian Hotel Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Huatian Hotel Group and Rush Street 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 Rush Street Interactive are associated (or correlated) with Huatian Hotel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Huatian Hotel Group has no effect on the direction of Rush Street i.e., Rush Street and Huatian Hotel go up and down completely randomly.
Pair Corralation between Rush Street and Huatian Hotel
Considering the 90-day investment horizon Rush Street Interactive is expected to generate 1.23 times more return on investment than Huatian Hotel. However, Rush Street is 1.23 times more volatile than Huatian Hotel Group. It trades about 0.4 of its potential returns per unit of risk. Huatian Hotel Group is currently generating about 0.03 per unit of risk. If you would invest 1,040 in Rush Street Interactive on August 29, 2024 and sell it today you would earn a total of 411.00 from holding Rush Street Interactive or generate 39.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Rush Street Interactive vs. Huatian Hotel Group
Performance |
| Timeline |
| Rush Street Interactive |
| Huatian Hotel Group |
Rush Street and Huatian Hotel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Rush Street and Huatian Hotel
The main advantage of trading using opposite Rush Street and Huatian Hotel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rush Street position performs unexpectedly, Huatian Hotel 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 Huatian Hotel will offset losses from the drop in Huatian Hotel's long position.| Rush Street vs. Genius Sports | Rush Street vs. Gan | Rush Street vs. Ballys Corp | Rush Street vs. Hims Hers Health |
| Huatian Hotel vs. Agricultural Bank of | Huatian Hotel vs. Industrial and Commercial | Huatian Hotel vs. Bank of China | Huatian Hotel vs. China Construction Bank |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
Other Complementary Tools
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| CEOs Directory Screen CEOs from public companies around the world |