Scientific Games Correlations

TJW Stock  EUR 85.50  0.50  0.58%   
The current 90-days correlation between Scientific Games and DiamondRock Hospitality is 0.01 (i.e., Significant diversification). The correlation of Scientific Games 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.

Scientific Games Correlation With Market

Significant diversification

The correlation between Scientific Games and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Scientific Games and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Scientific Games could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Scientific Games when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Scientific Games - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Scientific Games to buy it.

Moving together with Scientific Stock

  0.67DBPD Xtrackers ShortDAXPairCorr

Moving against Scientific Stock

  0.64DBPE Xtrackers LevDAXPairCorr
  0.47APC Apple IncPairCorr
  0.46APC Apple IncPairCorr
  0.45APC Apple IncPairCorr
  0.45APC Apple IncPairCorr
  0.44APC Apple IncPairCorr
  0.43APC Apple IncPairCorr
  0.43E908 Lyxor 1PairCorr

Related Correlations Analysis

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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   
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High negative correlations   
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Risk-Adjusted Indicators

There is a big difference between Scientific Stock performing well and Scientific Games 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 Scientific Games' 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.

Be your own money manager

Our tools can tell you how much better you can do entering a position in Scientific Games without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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Scientific Games Corporate Management

Elected by the shareholders, the Scientific Games' board of directors comprises two types of representatives: Scientific Games inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Scientific. The board's role is to monitor Scientific Games' management team and ensure that shareholders' interests are well served. Scientific Games' inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Scientific Games' outside directors are responsible for providing unbiased perspectives on the board's policies.