Correlation Between Rush Street and Shenzhen Hifuture
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By analyzing existing cross correlation between Rush Street Interactive and Shenzhen Hifuture Electric, you can compare the effects of market volatilities on Rush Street and Shenzhen Hifuture 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 Shenzhen Hifuture. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rush Street and Shenzhen Hifuture.
Diversification Opportunities for Rush Street and Shenzhen Hifuture
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Rush and Shenzhen is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding Rush Street Interactive and Shenzhen Hifuture Electric in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Hifuture 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 Shenzhen Hifuture. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Hifuture has no effect on the direction of Rush Street i.e., Rush Street and Shenzhen Hifuture go up and down completely randomly.
Pair Corralation between Rush Street and Shenzhen Hifuture
Considering the 90-day investment horizon Rush Street Interactive is expected to generate 0.87 times more return on investment than Shenzhen Hifuture. However, Rush Street Interactive is 1.15 times less risky than Shenzhen Hifuture. It trades about 0.25 of its potential returns per unit of risk. Shenzhen Hifuture Electric is currently generating about 0.05 per unit of risk. If you would invest 892.00 in Rush Street Interactive on August 28, 2024 and sell it today you would earn a total of 488.00 from holding Rush Street Interactive or generate 54.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 88.89% |
| Values | Daily Returns |
Rush Street Interactive vs. Shenzhen Hifuture Electric
Performance |
| Timeline |
| Rush Street Interactive |
| Shenzhen Hifuture |
Rush Street and Shenzhen Hifuture Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Rush Street and Shenzhen Hifuture
The main advantage of trading using opposite Rush Street and Shenzhen Hifuture positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rush Street position performs unexpectedly, Shenzhen Hifuture 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 Shenzhen Hifuture will offset losses from the drop in Shenzhen Hifuture's long position.| Rush Street vs. Genius Sports | Rush Street vs. Gan | Rush Street vs. Ballys Corp | Rush Street vs. Hims Hers Health |
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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 the Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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