Correlation Between Rush Street and Calamos ETF
Can any of the company-specific risk be diversified away by investing in both Rush Street and Calamos ETF 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 Calamos ETF 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 Calamos ETF Trust, you can compare the effects of market volatilities on Rush Street and Calamos ETF 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 Calamos ETF. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rush Street and Calamos ETF.
Diversification Opportunities for Rush Street and Calamos ETF
-0.22 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Rush and Calamos is -0.22. Overlapping area represents the amount of risk that can be diversified away by holding Rush Street Interactive and Calamos ETF Trust in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos ETF Trust 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 Calamos ETF. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos ETF Trust has no effect on the direction of Rush Street i.e., Rush Street and Calamos ETF go up and down completely randomly.
Pair Corralation between Rush Street and Calamos ETF
Considering the 90-day investment horizon Rush Street Interactive is expected to generate 29.62 times more return on investment than Calamos ETF. However, Rush Street is 29.62 times more volatile than Calamos ETF Trust. It trades about 0.09 of its potential returns per unit of risk. Calamos ETF Trust is currently generating about 0.13 per unit of risk. If you would invest 353.00 in Rush Street Interactive on August 30, 2024 and sell it today you would earn a total of 1,068 from holding Rush Street Interactive or generate 302.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 8.48% |
| Values | Daily Returns |
Rush Street Interactive vs. Calamos ETF Trust
Performance |
| Timeline |
| Rush Street Interactive |
| Calamos ETF Trust |
Rush Street and Calamos ETF Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Rush Street and Calamos ETF
The main advantage of trading using opposite Rush Street and Calamos ETF positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rush Street position performs unexpectedly, Calamos ETF 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 Calamos ETF will offset losses from the drop in Calamos ETF's long position.| Rush Street vs. Genius Sports | Rush Street vs. Gan | Rush Street vs. Ballys Corp | Rush Street vs. Hims Hers Health |
| Calamos ETF vs. Vanguard Total Stock | Calamos ETF vs. SPDR SP 500 | Calamos ETF vs. iShares Core SP | Calamos ETF vs. Vanguard Total Bond |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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