Correlation Between Rush Street and Jinhui Mining
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By analyzing existing cross correlation between Rush Street Interactive and Jinhui Mining Co, you can compare the effects of market volatilities on Rush Street and Jinhui Mining 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 Jinhui Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rush Street and Jinhui Mining.
Diversification Opportunities for Rush Street and Jinhui Mining
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Rush and Jinhui is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Rush Street Interactive and Jinhui Mining Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinhui Mining 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 Jinhui Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jinhui Mining has no effect on the direction of Rush Street i.e., Rush Street and Jinhui Mining go up and down completely randomly.
Pair Corralation between Rush Street and Jinhui Mining
Considering the 90-day investment horizon Rush Street Interactive is expected to generate 1.73 times more return on investment than Jinhui Mining. However, Rush Street is 1.73 times more volatile than Jinhui Mining Co. It trades about 0.09 of its potential returns per unit of risk. Jinhui Mining Co is currently generating about 0.0 per unit of risk. If you would invest 364.00 in Rush Street Interactive on August 25, 2024 and sell it today you would earn a total of 968.00 from holding Rush Street Interactive or generate 265.93% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 96.18% |
| Values | Daily Returns |
Rush Street Interactive vs. Jinhui Mining Co
Performance |
| Timeline |
| Rush Street Interactive |
| Jinhui Mining |
Rush Street and Jinhui Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Rush Street and Jinhui Mining
The main advantage of trading using opposite Rush Street and Jinhui Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rush Street position performs unexpectedly, Jinhui Mining 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 Jinhui Mining will offset losses from the drop in Jinhui Mining's long position.| Rush Street vs. Genius Sports | Rush Street vs. Gan | Rush Street vs. Ballys Corp | Rush Street vs. Hims Hers Health |
| Jinhui Mining vs. Changchun UP Optotech | Jinhui Mining vs. Cultural Investment Holdings | Jinhui Mining vs. Harbin Hatou Investment | Jinhui Mining vs. Kuangda Technology Group |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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