| IGT Stock | | | USD 18.99 0.24 1.28% |
The current 90-days correlation between International Game and Genius Sports is 0.23 (i.e., Modest diversification). The correlation of International Game 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. If the correlation is 0, the equities are not correlated; they are entirely random.
International Game Correlation With Market
Poor diversification
The correlation between International Game Technology and DJI is 0.64 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding International Game Technology and DJI in the same portfolio, assuming nothing else is changed.
Check out
Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in International Game Technology. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as
signals in price.