Correlation Between Rush Street and Jiangsu Xinning
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By analyzing existing cross correlation between Rush Street Interactive and Jiangsu Xinning Modern, you can compare the effects of market volatilities on Rush Street and Jiangsu Xinning 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 Jiangsu Xinning. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rush Street and Jiangsu Xinning.
Diversification Opportunities for Rush Street and Jiangsu Xinning
0.71 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Rush and Jiangsu is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding Rush Street Interactive and Jiangsu Xinning Modern in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Xinning Modern 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 Jiangsu Xinning. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Xinning Modern has no effect on the direction of Rush Street i.e., Rush Street and Jiangsu Xinning go up and down completely randomly.
Pair Corralation between Rush Street and Jiangsu Xinning
Considering the 90-day investment horizon Rush Street Interactive is expected to generate 0.89 times more return on investment than Jiangsu Xinning. However, Rush Street Interactive is 1.13 times less risky than Jiangsu Xinning. It trades about 0.4 of its potential returns per unit of risk. Jiangsu Xinning Modern is currently generating about 0.23 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 | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Rush Street Interactive vs. Jiangsu Xinning Modern
Performance |
| Timeline |
| Rush Street Interactive |
| Jiangsu Xinning Modern |
Rush Street and Jiangsu Xinning Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Rush Street and Jiangsu Xinning
The main advantage of trading using opposite Rush Street and Jiangsu Xinning positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rush Street position performs unexpectedly, Jiangsu Xinning 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 Jiangsu Xinning will offset losses from the drop in Jiangsu Xinning's long position.| Rush Street vs. Genius Sports | Rush Street vs. Gan | Rush Street vs. Ballys Corp | Rush Street vs. Hims Hers Health |
| Jiangsu Xinning vs. China Sports Industry | Jiangsu Xinning vs. ZYF Lopsking Aluminum | Jiangsu Xinning vs. Sunny Loan Top | Jiangsu Xinning vs. Anhui Transport Consulting |
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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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