Correlation Between Rush Street and GENERAL
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By analyzing existing cross correlation between Rush Street Interactive and GENERAL ELEC CAP, you can compare the effects of market volatilities on Rush Street and GENERAL 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 GENERAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rush Street and GENERAL.
Diversification Opportunities for Rush Street and GENERAL
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Rush and GENERAL is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding Rush Street Interactive and GENERAL ELEC CAP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GENERAL ELEC CAP 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 GENERAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GENERAL ELEC CAP has no effect on the direction of Rush Street i.e., Rush Street and GENERAL go up and down completely randomly.
Pair Corralation between Rush Street and GENERAL
Considering the 90-day investment horizon Rush Street Interactive is expected to generate 4.34 times more return on investment than GENERAL. However, Rush Street is 4.34 times more volatile than GENERAL ELEC CAP. It trades about 0.34 of its potential returns per unit of risk. GENERAL ELEC CAP is currently generating about 0.15 per unit of risk. If you would invest 1,076 in Rush Street Interactive on August 31, 2024 and sell it today you would earn a total of 345.00 from holding Rush Street Interactive or generate 32.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 36.36% |
| Values | Daily Returns |
Rush Street Interactive vs. GENERAL ELEC CAP
Performance |
| Timeline |
| Rush Street Interactive |
| GENERAL ELEC CAP |
Rush Street and GENERAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Rush Street and GENERAL
The main advantage of trading using opposite Rush Street and GENERAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rush Street position performs unexpectedly, GENERAL 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 GENERAL will offset losses from the drop in GENERAL's long position.| Rush Street vs. Genius Sports | Rush Street vs. Gan | Rush Street vs. Ballys Corp | Rush Street vs. Hims Hers Health |
| GENERAL vs. RCI Hospitality Holdings | GENERAL vs. The Wendys Co | GENERAL vs. BJs Restaurants | GENERAL vs. Diamond Estates Wines |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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