Correlation Between Rush Street and CFG BANK
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By analyzing existing cross correlation between Rush Street Interactive and CFG BANK, you can compare the effects of market volatilities on Rush Street and CFG BANK 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 CFG BANK. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rush Street and CFG BANK.
Diversification Opportunities for Rush Street and CFG BANK
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Rush and CFG is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Rush Street Interactive and CFG BANK in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CFG BANK 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 CFG BANK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CFG BANK has no effect on the direction of Rush Street i.e., Rush Street and CFG BANK go up and down completely randomly.
Pair Corralation between Rush Street and CFG BANK
Considering the 90-day investment horizon Rush Street Interactive is expected to generate 2.17 times more return on investment than CFG BANK. However, Rush Street is 2.17 times more volatile than CFG BANK. It trades about 0.33 of its potential returns per unit of risk. CFG BANK is currently generating about 0.39 per unit of risk. If you would invest 1,040 in Rush Street Interactive on August 27, 2024 and sell it today you would earn a total of 292.00 from holding Rush Street Interactive or generate 28.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 90.48% |
| Values | Daily Returns |
Rush Street Interactive vs. CFG BANK
Performance |
| Timeline |
| Rush Street Interactive |
| CFG BANK |
Rush Street and CFG BANK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Rush Street and CFG BANK
The main advantage of trading using opposite Rush Street and CFG BANK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rush Street position performs unexpectedly, CFG BANK 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 CFG BANK will offset losses from the drop in CFG BANK's long position.| Rush Street vs. Genius Sports | Rush Street vs. Gan | Rush Street vs. Ballys Corp | Rush Street vs. Hims Hers Health |
| CFG BANK vs. BMCI | CFG BANK vs. AGMA LAHLOU TAZI | CFG BANK vs. CREDIT IMMOBILIER ET | CFG BANK vs. MAROC LEASING |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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