Correlation Between Rush Street and FEDEX
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By analyzing existing cross correlation between Rush Street Interactive and FEDEX P 34, you can compare the effects of market volatilities on Rush Street and FEDEX 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 FEDEX. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rush Street and FEDEX.
Diversification Opportunities for Rush Street and FEDEX
-0.55 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Rush and FEDEX is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding Rush Street Interactive and FEDEX P 34 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FEDEX P 34 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 FEDEX. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FEDEX P 34 has no effect on the direction of Rush Street i.e., Rush Street and FEDEX go up and down completely randomly.
Pair Corralation between Rush Street and FEDEX
Considering the 90-day investment horizon Rush Street Interactive is expected to generate 6.78 times more return on investment than FEDEX. However, Rush Street is 6.78 times more volatile than FEDEX P 34. It trades about 0.33 of its potential returns per unit of risk. FEDEX P 34 is currently generating about -0.16 per unit of risk. If you would invest 1,032 in Rush Street Interactive on August 26, 2024 and sell it today you would earn a total of 300.00 from holding Rush Street Interactive or generate 29.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Rush Street Interactive vs. FEDEX P 34
Performance |
| Timeline |
| Rush Street Interactive |
| FEDEX P 34 |
Rush Street and FEDEX Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Rush Street and FEDEX
The main advantage of trading using opposite Rush Street and FEDEX positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rush Street position performs unexpectedly, FEDEX 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 FEDEX will offset losses from the drop in FEDEX's long position.| Rush Street vs. Genius Sports | Rush Street vs. Gan | Rush Street vs. Ballys Corp | Rush Street vs. Hims Hers Health |
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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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