Correlation Between Rush Street and LOEWS
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By analyzing existing cross correlation between Rush Street Interactive and LOEWS P 6, you can compare the effects of market volatilities on Rush Street and LOEWS 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 LOEWS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rush Street and LOEWS.
Diversification Opportunities for Rush Street and LOEWS
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Rush and LOEWS is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding Rush Street Interactive and LOEWS P 6 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on LOEWS P 6 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 LOEWS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of LOEWS P 6 has no effect on the direction of Rush Street i.e., Rush Street and LOEWS go up and down completely randomly.
Pair Corralation between Rush Street and LOEWS
Considering the 90-day investment horizon Rush Street Interactive is expected to generate 7.38 times more return on investment than LOEWS. However, Rush Street is 7.38 times more volatile than LOEWS P 6. It trades about 0.37 of its potential returns per unit of risk. LOEWS P 6 is currently generating about 0.04 per unit of risk. If you would invest 1,040 in Rush Street Interactive on August 29, 2024 and sell it today you would earn a total of 381.00 from holding Rush Street Interactive or generate 36.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 78.26% |
| Values | Daily Returns |
Rush Street Interactive vs. LOEWS P 6
Performance |
| Timeline |
| Rush Street Interactive |
| LOEWS P 6 |
Rush Street and LOEWS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Rush Street and LOEWS
The main advantage of trading using opposite Rush Street and LOEWS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rush Street position performs unexpectedly, LOEWS 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 LOEWS will offset losses from the drop in LOEWS's long position.| Rush Street vs. Genius Sports | Rush Street vs. Gan | Rush Street vs. Ballys Corp | Rush Street vs. Hims Hers Health |
| LOEWS vs. Empresa Distribuidora y | LOEWS vs. Stevanato Group SpA | LOEWS vs. Suburban Propane Partners | LOEWS vs. Acco Brands |
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.
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