Correlation Between Rush Street and Nuveen Preferred
Can any of the company-specific risk be diversified away by investing in both Rush Street and Nuveen Preferred 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 Nuveen Preferred 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 Nuveen Preferred And, you can compare the effects of market volatilities on Rush Street and Nuveen Preferred 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 Nuveen Preferred. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rush Street and Nuveen Preferred.
Diversification Opportunities for Rush Street and Nuveen Preferred
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Rush and Nuveen is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding Rush Street Interactive and Nuveen Preferred And in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nuveen Preferred And 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 Nuveen Preferred. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nuveen Preferred And has no effect on the direction of Rush Street i.e., Rush Street and Nuveen Preferred go up and down completely randomly.
Pair Corralation between Rush Street and Nuveen Preferred
If you would invest 1,040 in Rush Street Interactive on August 27, 2024 and sell it today you would earn a total of 340.00 from holding Rush Street Interactive or generate 32.69% 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. Nuveen Preferred And
Performance |
| Timeline |
| Rush Street Interactive |
| Nuveen Preferred And |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Rush Street and Nuveen Preferred Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Rush Street and Nuveen Preferred
The main advantage of trading using opposite Rush Street and Nuveen Preferred positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rush Street position performs unexpectedly, Nuveen Preferred 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 Nuveen Preferred will offset losses from the drop in Nuveen Preferred's long position.| Rush Street vs. Genius Sports | Rush Street vs. Gan | Rush Street vs. Ballys Corp | Rush Street vs. Hims Hers Health |
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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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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