Correlation Between Rush Street and New You
Can any of the company-specific risk be diversified away by investing in both Rush Street and New You 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 New You 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 New You, you can compare the effects of market volatilities on Rush Street and New You 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 New You. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rush Street and New You.
Diversification Opportunities for Rush Street and New You
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Rush and New is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Rush Street Interactive and New You in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on New You 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 New You. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of New You has no effect on the direction of Rush Street i.e., Rush Street and New You go up and down completely randomly.
Pair Corralation between Rush Street and New You
If you would invest 1,060 in Rush Street Interactive on August 25, 2024 and sell it today you would earn a total of 272.00 from holding Rush Street Interactive or generate 25.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 2.22% |
| Values | Daily Returns |
Rush Street Interactive vs. New You
Performance |
| Timeline |
| Rush Street Interactive |
| New You |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Rush Street and New You Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Rush Street and New You
The main advantage of trading using opposite Rush Street and New You positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rush Street position performs unexpectedly, New You 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 New You will offset losses from the drop in New You's long position.| Rush Street vs. Genius Sports | Rush Street vs. Gan | Rush Street vs. Ballys Corp | Rush Street vs. Hims Hers Health |
| New You vs. OrganiGram Holdings | New You vs. Aurora Cannabis | New You vs. Tilray Inc | New You vs. FutureWorld Corp |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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