Correlation Between Rush Street and Grinm Advanced
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By analyzing existing cross correlation between Rush Street Interactive and Grinm Advanced Materials, you can compare the effects of market volatilities on Rush Street and Grinm Advanced 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 Grinm Advanced. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rush Street and Grinm Advanced.
Diversification Opportunities for Rush Street and Grinm Advanced
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Rush and Grinm is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Rush Street Interactive and Grinm Advanced Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Grinm Advanced Materials 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 Grinm Advanced. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Grinm Advanced Materials has no effect on the direction of Rush Street i.e., Rush Street and Grinm Advanced go up and down completely randomly.
Pair Corralation between Rush Street and Grinm Advanced
Considering the 90-day investment horizon Rush Street is expected to generate 2.25 times less return on investment than Grinm Advanced. But when comparing it to its historical volatility, Rush Street Interactive is 1.75 times less risky than Grinm Advanced. It trades about 0.34 of its potential returns per unit of risk. Grinm Advanced Materials is currently generating about 0.44 of returns per unit of risk over similar time horizon. If you would invest 1,114 in Grinm Advanced Materials on August 31, 2024 and sell it today you would earn a total of 929.00 from holding Grinm Advanced Materials or generate 83.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Rush Street Interactive vs. Grinm Advanced Materials
Performance |
| Timeline |
| Rush Street Interactive |
| Grinm Advanced Materials |
Rush Street and Grinm Advanced Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Rush Street and Grinm Advanced
The main advantage of trading using opposite Rush Street and Grinm Advanced positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rush Street position performs unexpectedly, Grinm Advanced 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 Grinm Advanced will offset losses from the drop in Grinm Advanced's long position.| Rush Street vs. Genius Sports | Rush Street vs. Gan | Rush Street vs. Ballys Corp | Rush Street vs. Hims Hers Health |
| Grinm Advanced vs. Kweichow Moutai Co | Grinm Advanced vs. NAURA Technology Group | Grinm Advanced vs. APT Medical | Grinm Advanced vs. Contemporary Amperex Technology |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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