Correlation Between Rush Street and Gan Yuan
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By analyzing existing cross correlation between Rush Street Interactive and Gan Yuan Foods, you can compare the effects of market volatilities on Rush Street and Gan Yuan 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 Gan Yuan. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rush Street and Gan Yuan.
Diversification Opportunities for Rush Street and Gan Yuan
0.71 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Rush and Gan is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding Rush Street Interactive and Gan Yuan Foods in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gan Yuan Foods 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 Gan Yuan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gan Yuan Foods has no effect on the direction of Rush Street i.e., Rush Street and Gan Yuan go up and down completely randomly.
Pair Corralation between Rush Street and Gan Yuan
Considering the 90-day investment horizon Rush Street Interactive is expected to generate 1.75 times more return on investment than Gan Yuan. However, Rush Street is 1.75 times more volatile than Gan Yuan Foods. It trades about 0.35 of its potential returns per unit of risk. Gan Yuan Foods is currently generating about 0.18 per unit of risk. If you would invest 1,076 in Rush Street Interactive on August 31, 2024 and sell it today you would earn a total of 366.00 from holding Rush Street Interactive or generate 34.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Rush Street Interactive vs. Gan Yuan Foods
Performance |
| Timeline |
| Rush Street Interactive |
| Gan Yuan Foods |
Rush Street and Gan Yuan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Rush Street and Gan Yuan
The main advantage of trading using opposite Rush Street and Gan Yuan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rush Street position performs unexpectedly, Gan Yuan 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 Gan Yuan will offset losses from the drop in Gan Yuan's long position.| Rush Street vs. Genius Sports | Rush Street vs. Gan | Rush Street vs. Ballys Corp | Rush Street vs. Hims Hers Health |
| Gan Yuan vs. JCHX Mining Management | Gan Yuan vs. Chengdu Spaceon Electronics | Gan Yuan vs. Western Metal Materials | Gan Yuan vs. Jiaozuo Wanfang Aluminum |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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