Correlation Between Rush Street and CI Group
Can any of the company-specific risk be diversified away by investing in both Rush Street and CI Group 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 CI Group 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 CI Group Public, you can compare the effects of market volatilities on Rush Street and CI Group 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 CI Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rush Street and CI Group.
Diversification Opportunities for Rush Street and CI Group
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Rush and CIG is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding Rush Street Interactive and CI Group Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CI Group Public 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 CI Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CI Group Public has no effect on the direction of Rush Street i.e., Rush Street and CI Group go up and down completely randomly.
Pair Corralation between Rush Street and CI Group
Considering the 90-day investment horizon Rush Street Interactive is expected to generate 0.31 times more return on investment than CI Group. However, Rush Street Interactive is 3.21 times less risky than CI Group. It trades about 0.33 of its potential returns per unit of risk. CI Group Public is currently generating about 0.06 per unit of risk. If you would invest 1,032 in Rush Street Interactive on August 26, 2024 and sell it today you would earn a total of 300.00 from holding Rush Street Interactive or generate 29.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Rush Street Interactive vs. CI Group Public
Performance |
| Timeline |
| Rush Street Interactive |
| CI Group Public |
Rush Street and CI Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Rush Street and CI Group
The main advantage of trading using opposite Rush Street and CI Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rush Street position performs unexpectedly, CI Group 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 CI Group will offset losses from the drop in CI Group's long position.| Rush Street vs. Genius Sports | Rush Street vs. Gan | Rush Street vs. Ballys Corp | Rush Street vs. Hims Hers Health |
| CI Group vs. Jay Mart Public | CI Group vs. KCE Electronics Public | CI Group vs. Hana Microelectronics Public | CI Group vs. Energy Absolute Public |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
Other Complementary Tools
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Fundamental Analysis View fundamental data based on most recent published financial statements |