Correlation Between Rush Street and Immutep
Can any of the company-specific risk be diversified away by investing in both Rush Street and Immutep 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 Immutep 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 Immutep, you can compare the effects of market volatilities on Rush Street and Immutep 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 Immutep. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rush Street and Immutep.
Diversification Opportunities for Rush Street and Immutep
-0.66 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Rush and Immutep is -0.66. Overlapping area represents the amount of risk that can be diversified away by holding Rush Street Interactive and Immutep in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Immutep 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 Immutep. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Immutep has no effect on the direction of Rush Street i.e., Rush Street and Immutep go up and down completely randomly.
Pair Corralation between Rush Street and Immutep
Considering the 90-day investment horizon Rush Street is expected to generate 6.03 times less return on investment than Immutep. But when comparing it to its historical volatility, Rush Street Interactive is 12.1 times less risky than Immutep. It trades about 0.09 of its potential returns per unit of risk. Immutep is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 22.00 in Immutep on August 27, 2024 and sell it today you would lose (3.00) from holding Immutep or give up 13.64% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 98.22% |
| Values | Daily Returns |
Rush Street Interactive vs. Immutep
Performance |
| Timeline |
| Rush Street Interactive |
| Immutep |
Rush Street and Immutep Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Rush Street and Immutep
The main advantage of trading using opposite Rush Street and Immutep positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rush Street position performs unexpectedly, Immutep 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 Immutep will offset losses from the drop in Immutep's long position.| Rush Street vs. Genius Sports | Rush Street vs. Gan | Rush Street vs. Ballys Corp | Rush Street vs. Hims Hers Health |
| Immutep vs. Ribbon Communications | Immutep vs. ANTA SPORTS PRODUCT | Immutep vs. Consolidated Communications Holdings | Immutep vs. Iridium Communications |
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 CEOs Directory module to screen CEOs from public companies around the world.
Other Complementary Tools
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Equity Valuation Check real value of public entities based on technical and fundamental data |