Boyd Gaming Correlations

BYD Stock

USD 82.81 0.43 0.52%

The current 90-days correlation between Boyd Gaming and Light Wonder is -0.12 (i.e., Good diversification). The correlation of Boyd Gaming is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Boyd Gaming Correlation With Market

Poor diversification

The correlation between Boyd Gaming and DJI is 0.74 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Boyd Gaming and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Boyd Stock

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Boyd Gaming. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in private.

For information on how to trade Boyd Stock refer to our How to Trade Boyd Stock guide.

Moving together with Boyd Stock

0.75	SGR	The Star Entertainment	Pair Corr
0.81	CMG	Chipotle Mexican Grill Earnings Call Today	Pair Corr
0.68	DRI	Darden Restaurants	Pair Corr
0.62	YUM	Yum Brands	Pair Corr
0.7	CEH	Coast Entertainment	Pair Corr
0.74	JACK	Jack In Downward Rally	Pair Corr
0.62	SKC	Skycity Entertainment	Pair Corr
0.63	BET	Betmakers Technology	Pair Corr
0.76	BROS	Dutch Bros	Pair Corr

Moving against Boyd Stock

0.75	FATBB	FAT Brands	Pair Corr
0.72	ARKR	Ark Restaurants Corp	Pair Corr
0.36	PZZA	Papa Johns International	Pair Corr
0.76	GLABF	Gemina Laboratories	Pair Corr
0.65	ZTLLF	Zonetail	Pair Corr
0.39	T	ATT Inc Sell-off Trend	Pair Corr
0.31	MSFT	Microsoft	Pair Corr

Related Correlations Analysis

	LNW	CHDN	SGHC	KMX	MTN	HRB	MGM	ALSN	URBN	MNSO
LNW		-0.85	-0.51	0.18	-0.22	-0.48	-0.41	0.12	-0.59	-0.05	LNW
CHDN	-0.85		0.41	-0.12	0.35	0.25	0.6	-0.04	0.73	-0.12	CHDN
SGHC	-0.51	0.41		-0.84	0.34	0.73	-0.11	-0.81	-0.13	0.62	SGHC
KMX	0.18	-0.12	-0.84		-0.17	-0.59	0.32	0.91	0.33	-0.58	KMX
MTN	-0.22	0.35	0.34	-0.17		0.33	0.27	-0.18	0.22	0.46	MTN
HRB	-0.48	0.25	0.73	-0.59	0.33		-0.34	-0.7	-0.18	0.69	HRB
MGM	-0.41	0.6	-0.11	0.32	0.27	-0.34		0.5	0.83	-0.45	MGM
ALSN	0.12	-0.04	-0.81	0.91	-0.18	-0.7	0.5		0.44	-0.71	ALSN
URBN	-0.59	0.73	-0.13	0.33	0.22	-0.18	0.83	0.44		-0.46	URBN
MNSO	-0.05	-0.12	0.62	-0.58	0.46	0.69	-0.45	-0.71	-0.46		MNSO
	LNW	CHDN	SGHC	KMX	MTN	HRB	MGM	ALSN	URBN	MNSO

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

ALSN	+ 0.91	KMX
URBN	+ 0.83	MGM
URBN	+ 0.73	CHDN
HRB	+ 0.73	SGHC
MNSO	+ 0.69	HRB
MNSO	+ 0.62	SGHC

High negative correlations

CHDN	- 0.85	LNW
KMX	- 0.84	SGHC
ALSN	- 0.81	SGHC
MNSO	- 0.71	ALSN
ALSN	- 0.7	HRB
HRB	- 0.59	KMX

Risk-Adjusted Indicators

There is a big difference between Boyd Stock performing well and Boyd Gaming Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Boyd Gaming's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
LNW	1.62	0.25	0.08	(2.79)	1.62	(1.76)	3.55	(2.94)	14.31
CHDN	1.10	(0.09)	0.00	(0.33)	0.00	0.00	2.22	(2.89)	8.26
SGHC	1.96	(0.50)	0.00	(0.25)	0.00	0.00	3.43	(5.92)	15.45
KMX	2.33	0.11	0.03	0.15	5.18	(2.20)	5.33	(3.79)	24.48
MTN	1.64	(0.06)	(0.03)	0.03	1.81	(1.85)	3.85	(2.81)	13.29
HRB	1.59	(0.65)	0.00	(1.37)	0.00	0.00	1.90	(3.93)	10.41
MGM	1.57	0.15	0.11	0.19	1.50	(1.85)	3.65	(2.18)	10.35
ALSN	1.23	0.49	0.40	0.61	0.67	(1.52)	3.31	(1.43)	7.29
URBN	2.33	0.13	0.04	0.20	3.12	(2.37)	5.28	(4.20)	25.85
MNSO	1.43	(0.21)	0.00	(0.20)	0.00	0.00	3.59	(3.58)	9.84

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