Correlation Between Rush Street and ATRYS HEALTH
Can any of the company-specific risk be diversified away by investing in both Rush Street and ATRYS HEALTH at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Rush Street and ATRYS HEALTH into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Rush Street Interactive and ATRYS HEALTH SA, you can compare the effects of market volatilities on Rush Street and ATRYS HEALTH 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 ATRYS HEALTH. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rush Street and ATRYS HEALTH.
Diversification Opportunities for Rush Street and ATRYS HEALTH
-0.36 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Rush and ATRYS is -0.36. Overlapping area represents the amount of risk that can be diversified away by holding Rush Street Interactive and ATRYS HEALTH SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ATRYS HEALTH SA 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 ATRYS HEALTH. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ATRYS HEALTH SA has no effect on the direction of Rush Street i.e., Rush Street and ATRYS HEALTH go up and down completely randomly.
Pair Corralation between Rush Street and ATRYS HEALTH
Considering the 90-day investment horizon Rush Street Interactive is expected to generate 2.17 times more return on investment than ATRYS HEALTH. However, Rush Street is 2.17 times more volatile than ATRYS HEALTH SA. It trades about 0.36 of its potential returns per unit of risk. ATRYS HEALTH SA is currently generating about -0.04 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 340.00 from holding Rush Street Interactive or generate 32.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Rush Street Interactive vs. ATRYS HEALTH SA
Performance |
| Timeline |
| Rush Street Interactive |
| ATRYS HEALTH SA |
Rush Street and ATRYS HEALTH Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Rush Street and ATRYS HEALTH
The main advantage of trading using opposite Rush Street and ATRYS HEALTH positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rush Street position performs unexpectedly, ATRYS HEALTH 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 ATRYS HEALTH will offset losses from the drop in ATRYS HEALTH's long position.| Rush Street vs. Genius Sports | Rush Street vs. Gan | Rush Street vs. Ballys Corp | Rush Street vs. Hims Hers Health |
| ATRYS HEALTH vs. MeVis Medical Solutions | ATRYS HEALTH vs. AVITA Medical | ATRYS HEALTH vs. SAFETY MEDICAL PROD | ATRYS HEALTH vs. Advanced Medical Solutions |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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