Correlation Between Rush Street and Yonghui Superstores
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By analyzing existing cross correlation between Rush Street Interactive and Yonghui Superstores Co, you can compare the effects of market volatilities on Rush Street and Yonghui Superstores 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 Yonghui Superstores. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rush Street and Yonghui Superstores.
Diversification Opportunities for Rush Street and Yonghui Superstores
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Rush and Yonghui is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding Rush Street Interactive and Yonghui Superstores Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yonghui Superstores 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 Yonghui Superstores. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yonghui Superstores has no effect on the direction of Rush Street i.e., Rush Street and Yonghui Superstores go up and down completely randomly.
Pair Corralation between Rush Street and Yonghui Superstores
Considering the 90-day investment horizon Rush Street Interactive is expected to generate 1.2 times more return on investment than Yonghui Superstores. However, Rush Street is 1.2 times more volatile than Yonghui Superstores Co. It trades about 0.12 of its potential returns per unit of risk. Yonghui Superstores Co is currently generating about 0.04 per unit of risk. If you would invest 313.00 in Rush Street Interactive on August 26, 2024 and sell it today you would earn a total of 1,019 from holding Rush Street Interactive or generate 325.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 96.45% |
| Values | Daily Returns |
Rush Street Interactive vs. Yonghui Superstores Co
Performance |
| Timeline |
| Rush Street Interactive |
| Yonghui Superstores |
Rush Street and Yonghui Superstores Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Rush Street and Yonghui Superstores
The main advantage of trading using opposite Rush Street and Yonghui Superstores positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rush Street position performs unexpectedly, Yonghui Superstores 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 Yonghui Superstores will offset losses from the drop in Yonghui Superstores' long position.| Rush Street vs. Genius Sports | Rush Street vs. Gan | Rush Street vs. Ballys Corp | Rush Street vs. Hims Hers Health |
| Yonghui Superstores vs. Industrial and Commercial | Yonghui Superstores vs. Agricultural Bank of | Yonghui Superstores vs. China Construction Bank | Yonghui Superstores vs. Bank of China |
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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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