Correlation Between Rush Street and OpGen
Can any of the company-specific risk be diversified away by investing in both Rush Street and OpGen 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 OpGen 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 OpGen Inc, you can compare the effects of market volatilities on Rush Street and OpGen 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 OpGen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rush Street and OpGen.
Diversification Opportunities for Rush Street and OpGen
-0.6 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Rush and OpGen is -0.6. Overlapping area represents the amount of risk that can be diversified away by holding Rush Street Interactive and OpGen Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OpGen Inc 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 OpGen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OpGen Inc has no effect on the direction of Rush Street i.e., Rush Street and OpGen go up and down completely randomly.
Pair Corralation between Rush Street and OpGen
If you would invest 1,072 in Rush Street Interactive on August 28, 2024 and sell it today you would earn a total of 379.00 from holding Rush Street Interactive or generate 35.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 2.33% |
| Values | Daily Returns |
Rush Street Interactive vs. OpGen Inc
Performance |
| Timeline |
| Rush Street Interactive |
| OpGen Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Rush Street and OpGen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Rush Street and OpGen
The main advantage of trading using opposite Rush Street and OpGen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rush Street position performs unexpectedly, OpGen 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 OpGen will offset losses from the drop in OpGen's long position.| Rush Street vs. Genius Sports | Rush Street vs. Gan | Rush Street vs. Ballys Corp | Rush Street vs. Hims Hers Health |
| OpGen vs. Bone Biologics Corp | OpGen vs. NanoVibronix | OpGen vs. Bluejay Diagnostics | OpGen vs. Vivos Therapeutics |
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 Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
Other Complementary Tools
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets |