Correlation Between Rush Street and Amplify
Can any of the company-specific risk be diversified away by investing in both Rush Street and Amplify 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 Amplify 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 Amplify, you can compare the effects of market volatilities on Rush Street and Amplify 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 Amplify. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rush Street and Amplify.
Diversification Opportunities for Rush Street and Amplify
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Rush and Amplify is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding Rush Street Interactive and Amplify in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amplify 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 Amplify. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Amplify has no effect on the direction of Rush Street i.e., Rush Street and Amplify go up and down completely randomly.
Pair Corralation between Rush Street and Amplify
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 | Very Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
Rush Street Interactive vs. Amplify
Performance |
| Timeline |
| Rush Street Interactive |
| Amplify |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Rush Street and Amplify Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Rush Street and Amplify
The main advantage of trading using opposite Rush Street and Amplify positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rush Street position performs unexpectedly, Amplify 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 Amplify will offset losses from the drop in Amplify's long position.| Rush Street vs. Genius Sports | Rush Street vs. Gan | Rush Street vs. Ballys Corp | Rush Street vs. Hims Hers Health |
| Amplify vs. Global X Clean | Amplify vs. Global X Renewable | Amplify vs. Global X Thematic | Amplify vs. Global X AgTech |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Stocks Directory Find actively traded stocks across global markets |