Correlation Between Rush Street and CITIGROUP
Specify exactly 2 symbols:
By analyzing existing cross correlation between Rush Street Interactive and CITIGROUP INC 585, you can compare the effects of market volatilities on Rush Street and CITIGROUP 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 CITIGROUP. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rush Street and CITIGROUP.
Diversification Opportunities for Rush Street and CITIGROUP
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Rush and CITIGROUP is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding Rush Street Interactive and CITIGROUP INC 585 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CITIGROUP INC 585 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 CITIGROUP. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CITIGROUP INC 585 has no effect on the direction of Rush Street i.e., Rush Street and CITIGROUP go up and down completely randomly.
Pair Corralation between Rush Street and CITIGROUP
Considering the 90-day investment horizon Rush Street Interactive is expected to generate 2.71 times more return on investment than CITIGROUP. However, Rush Street is 2.71 times more volatile than CITIGROUP INC 585. It trades about 0.29 of its potential returns per unit of risk. CITIGROUP INC 585 is currently generating about -0.05 per unit of risk. If you would invest 1,058 in Rush Street Interactive on August 25, 2024 and sell it today you would earn a total of 274.00 from holding Rush Street Interactive or generate 25.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 50.0% |
| Values | Daily Returns |
Rush Street Interactive vs. CITIGROUP INC 585
Performance |
| Timeline |
| Rush Street Interactive |
| CITIGROUP INC 585 |
Rush Street and CITIGROUP Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Rush Street and CITIGROUP
The main advantage of trading using opposite Rush Street and CITIGROUP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rush Street position performs unexpectedly, CITIGROUP 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 CITIGROUP will offset losses from the drop in CITIGROUP's long position.| Rush Street vs. Genius Sports | Rush Street vs. Gan | Rush Street vs. Ballys Corp | Rush Street vs. Hims Hers Health |
| CITIGROUP vs. Ironveld Plc | CITIGROUP vs. Employers Holdings | CITIGROUP vs. NI Holdings | CITIGROUP vs. ICC Holdings |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
Other Complementary Tools
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments |