Correlation Between Rush Street and Jeffersonville Bancorp
Can any of the company-specific risk be diversified away by investing in both Rush Street and Jeffersonville Bancorp 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 Jeffersonville Bancorp 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 Jeffersonville Bancorp, you can compare the effects of market volatilities on Rush Street and Jeffersonville Bancorp 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 Jeffersonville Bancorp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rush Street and Jeffersonville Bancorp.
Diversification Opportunities for Rush Street and Jeffersonville Bancorp
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Rush and Jeffersonville is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Rush Street Interactive and Jeffersonville Bancorp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jeffersonville Bancorp 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 Jeffersonville Bancorp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jeffersonville Bancorp has no effect on the direction of Rush Street i.e., Rush Street and Jeffersonville Bancorp go up and down completely randomly.
Pair Corralation between Rush Street and Jeffersonville Bancorp
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 | 4.55% |
| Values | Daily Returns |
Rush Street Interactive vs. Jeffersonville Bancorp
Performance |
| Timeline |
| Rush Street Interactive |
| Jeffersonville Bancorp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Rush Street and Jeffersonville Bancorp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Rush Street and Jeffersonville Bancorp
The main advantage of trading using opposite Rush Street and Jeffersonville Bancorp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rush Street position performs unexpectedly, Jeffersonville Bancorp 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 Jeffersonville Bancorp will offset losses from the drop in Jeffersonville Bancorp's long position.| Rush Street vs. Genius Sports | Rush Street vs. Gan | Rush Street vs. Ballys Corp | Rush Street vs. Hims Hers Health |
| Jeffersonville Bancorp vs. Heritage NOLA Bancorp | Jeffersonville Bancorp vs. Rhinebeck Bancorp | Jeffersonville Bancorp vs. Bridgewater Bancshares Depositary | Jeffersonville Bancorp vs. Bank of Marin |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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