Correlation Between Rush Street and Sinclair
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By analyzing existing cross correlation between Rush Street Interactive and Sinclair Television Group, you can compare the effects of market volatilities on Rush Street and Sinclair 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 Sinclair. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rush Street and Sinclair.
Diversification Opportunities for Rush Street and Sinclair
-0.25 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Rush and Sinclair is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding Rush Street Interactive and Sinclair Television Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sinclair Television 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 Sinclair. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sinclair Television has no effect on the direction of Rush Street i.e., Rush Street and Sinclair go up and down completely randomly.
Pair Corralation between Rush Street and Sinclair
Considering the 90-day investment horizon Rush Street Interactive is expected to generate 3.46 times more return on investment than Sinclair. However, Rush Street is 3.46 times more volatile than Sinclair Television Group. It trades about 0.18 of its potential returns per unit of risk. Sinclair Television Group is currently generating about -0.03 per unit of risk. If you would invest 1,066 in Rush Street Interactive on August 26, 2024 and sell it today you would earn a total of 266.00 from holding Rush Street Interactive or generate 24.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 56.82% |
| Values | Daily Returns |
Rush Street Interactive vs. Sinclair Television Group
Performance |
| Timeline |
| Rush Street Interactive |
| Sinclair Television |
Rush Street and Sinclair Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Rush Street and Sinclair
The main advantage of trading using opposite Rush Street and Sinclair positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rush Street position performs unexpectedly, Sinclair 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 Sinclair will offset losses from the drop in Sinclair's long position.| Rush Street vs. Genius Sports | Rush Street vs. Gan | Rush Street vs. Ballys Corp | Rush Street vs. Hims Hers Health |
| Sinclair vs. Planet Fitness | Sinclair vs. Sealed Air | Sinclair vs. Playtika Holding Corp | Sinclair vs. Hawkins |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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