Correlation Between Rush Street and STRYKER
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By analyzing existing cross correlation between Rush Street Interactive and STRYKER P 41, you can compare the effects of market volatilities on Rush Street and STRYKER 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 STRYKER. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rush Street and STRYKER.
Diversification Opportunities for Rush Street and STRYKER
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between Rush and STRYKER is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding Rush Street Interactive and STRYKER P 41 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on STRYKER P 41 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 STRYKER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of STRYKER P 41 has no effect on the direction of Rush Street i.e., Rush Street and STRYKER go up and down completely randomly.
Pair Corralation between Rush Street and STRYKER
Considering the 90-day investment horizon Rush Street is expected to generate 32.44 times less return on investment than STRYKER. But when comparing it to its historical volatility, Rush Street Interactive is 35.25 times less risky than STRYKER. It trades about 0.13 of its potential returns per unit of risk. STRYKER P 41 is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 8,438 in STRYKER P 41 on August 31, 2024 and sell it today you would earn a total of 0.00 from holding STRYKER P 41 or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 45.99% |
| Values | Daily Returns |
Rush Street Interactive vs. STRYKER P 41
Performance |
| Timeline |
| Rush Street Interactive |
| STRYKER P 41 |
Rush Street and STRYKER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Rush Street and STRYKER
The main advantage of trading using opposite Rush Street and STRYKER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rush Street position performs unexpectedly, STRYKER 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 STRYKER will offset losses from the drop in STRYKER's long position.| Rush Street vs. Genius Sports | Rush Street vs. Gan | Rush Street vs. Ballys Corp | Rush Street vs. Hims Hers Health |
| STRYKER vs. Sensient Technologies | STRYKER vs. Luxfer Holdings PLC | STRYKER vs. Sealed Air | STRYKER vs. Beyond Meat |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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