Correlation Between Rush Street and Nantong Jiangshan
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By analyzing existing cross correlation between Rush Street Interactive and Nantong Jiangshan Agrochemical, you can compare the effects of market volatilities on Rush Street and Nantong Jiangshan 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 Nantong Jiangshan. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rush Street and Nantong Jiangshan.
Diversification Opportunities for Rush Street and Nantong Jiangshan
0.76 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Rush and Nantong is 0.76. Overlapping area represents the amount of risk that can be diversified away by holding Rush Street Interactive and Nantong Jiangshan Agrochemical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nantong Jiangshan 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 Nantong Jiangshan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nantong Jiangshan has no effect on the direction of Rush Street i.e., Rush Street and Nantong Jiangshan go up and down completely randomly.
Pair Corralation between Rush Street and Nantong Jiangshan
Considering the 90-day investment horizon Rush Street Interactive is expected to generate 1.69 times more return on investment than Nantong Jiangshan. However, Rush Street is 1.69 times more volatile than Nantong Jiangshan Agrochemical. It trades about 0.41 of its potential returns per unit of risk. Nantong Jiangshan Agrochemical is currently generating about 0.06 per unit of risk. If you would invest 1,040 in Rush Street Interactive on August 28, 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. Nantong Jiangshan Agrochemical
Performance |
| Timeline |
| Rush Street Interactive |
| Nantong Jiangshan |
Rush Street and Nantong Jiangshan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Rush Street and Nantong Jiangshan
The main advantage of trading using opposite Rush Street and Nantong Jiangshan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rush Street position performs unexpectedly, Nantong Jiangshan 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 Nantong Jiangshan will offset losses from the drop in Nantong Jiangshan's long position.| Rush Street vs. Genius Sports | Rush Street vs. Gan | Rush Street vs. Ballys Corp | Rush Street vs. Hims Hers Health |
| Nantong Jiangshan vs. Zijin Mining Group | Nantong Jiangshan vs. Wanhua Chemical Group | Nantong Jiangshan vs. Baoshan Iron Steel | Nantong Jiangshan vs. Shandong Gold Mining |
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 Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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