Correlation Between Rush Street and Glimpse
Can any of the company-specific risk be diversified away by investing in both Rush Street and Glimpse at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Rush Street and Glimpse into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Rush Street Interactive and Glimpse Group, you can compare the effects of market volatilities on Rush Street and Glimpse 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 Glimpse. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rush Street and Glimpse.
Diversification Opportunities for Rush Street and Glimpse
-0.8 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Rush and Glimpse is -0.8. Overlapping area represents the amount of risk that can be diversified away by holding Rush Street Interactive and Glimpse Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Glimpse Group 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 Glimpse. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Glimpse Group has no effect on the direction of Rush Street i.e., Rush Street and Glimpse go up and down completely randomly.
Pair Corralation between Rush Street and Glimpse
Considering the 90-day investment horizon Rush Street Interactive is expected to generate 0.58 times more return on investment than Glimpse. However, Rush Street Interactive is 1.73 times less risky than Glimpse. It trades about 0.37 of its potential returns per unit of risk. Glimpse Group is currently generating about 0.11 per unit of risk. If you would invest 1,040 in Rush Street Interactive on August 28, 2024 and sell it today you would earn a total of 340.00 from holding Rush Street Interactive or generate 32.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Rush Street Interactive vs. Glimpse Group
Performance |
| Timeline |
| Rush Street Interactive |
| Glimpse Group |
Rush Street and Glimpse Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Rush Street and Glimpse
The main advantage of trading using opposite Rush Street and Glimpse positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rush Street position performs unexpectedly, Glimpse 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 Glimpse will offset losses from the drop in Glimpse's long position.| Rush Street vs. Genius Sports | Rush Street vs. Gan | Rush Street vs. Ballys Corp | Rush Street vs. Hims Hers Health |
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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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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