Correlation Between Rush Street and TEN SQUARE
Can any of the company-specific risk be diversified away by investing in both Rush Street and TEN SQUARE 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 TEN SQUARE 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 TEN SQUARE GAMES, you can compare the effects of market volatilities on Rush Street and TEN SQUARE 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 TEN SQUARE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rush Street and TEN SQUARE.
Diversification Opportunities for Rush Street and TEN SQUARE
-0.61 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Rush and TEN is -0.61. Overlapping area represents the amount of risk that can be diversified away by holding Rush Street Interactive and TEN SQUARE GAMES in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TEN SQUARE GAMES 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 TEN SQUARE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TEN SQUARE GAMES has no effect on the direction of Rush Street i.e., Rush Street and TEN SQUARE go up and down completely randomly.
Pair Corralation between Rush Street and TEN SQUARE
Considering the 90-day investment horizon Rush Street Interactive is expected to generate 1.57 times more return on investment than TEN SQUARE. However, Rush Street is 1.57 times more volatile than TEN SQUARE GAMES. It trades about 0.35 of its potential returns per unit of risk. TEN SQUARE GAMES is currently generating about -0.09 per unit of risk. If you would invest 1,061 in Rush Street Interactive on August 30, 2024 and sell it today you would earn a total of 360.00 from holding Rush Street Interactive or generate 33.93% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 91.3% |
| Values | Daily Returns |
Rush Street Interactive vs. TEN SQUARE GAMES
Performance |
| Timeline |
| Rush Street Interactive |
| TEN SQUARE GAMES |
Rush Street and TEN SQUARE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Rush Street and TEN SQUARE
The main advantage of trading using opposite Rush Street and TEN SQUARE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rush Street position performs unexpectedly, TEN SQUARE 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 TEN SQUARE will offset losses from the drop in TEN SQUARE's long position.| Rush Street vs. Genius Sports | Rush Street vs. Gan | Rush Street vs. Ballys Corp | Rush Street vs. Hims Hers Health |
| TEN SQUARE vs. Creotech Instruments SA | TEN SQUARE vs. GreenX Metals | TEN SQUARE vs. ING Bank lski | TEN SQUARE vs. UniCredit SpA |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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