Correlation Between ACG Metals and Boyd Gaming

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both ACG Metals and Boyd Gaming 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 ACG Metals and Boyd Gaming into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ACG Metals Limited and Boyd Gaming, you can compare the effects of market volatilities on ACG Metals and Boyd Gaming 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 ACG Metals with a short position of Boyd Gaming. Check out your portfolio center. Please also check ongoing floating volatility patterns of ACG Metals and Boyd Gaming.

Diversification Opportunities for ACG Metals and Boyd Gaming

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between ACG and Boyd is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding ACG Metals Limited and Boyd Gaming in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Boyd Gaming and ACG Metals 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 ACG Metals Limited are associated (or correlated) with Boyd Gaming. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Boyd Gaming has no effect on the direction of ACG Metals i.e., ACG Metals and Boyd Gaming go up and down completely randomly.

Pair Corralation between ACG Metals and Boyd Gaming

If you would invest  7,179  in Boyd Gaming on September 19, 2024 and sell it today you would earn a total of  209.00  from holding Boyd Gaming or generate 2.91% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

ACG Metals Limited  vs.  Boyd Gaming

 Performance 
       Timeline  
ACG Metals Limited 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days ACG Metals Limited has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable basic indicators, ACG Metals is not utilizing all of its potentials. The current stock price disturbance, may contribute to mid-run losses for the stockholders.
Boyd Gaming 

Risk-Adjusted Performance

12 of 100

 
Weak
 
Strong
Good
Compared to the overall equity markets, risk-adjusted returns on investments in Boyd Gaming are ranked lower than 12 (%) of all global equities and portfolios over the last 90 days. In spite of rather unfluctuating basic indicators, Boyd Gaming exhibited solid returns over the last few months and may actually be approaching a breakup point.

ACG Metals and Boyd Gaming Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with ACG Metals and Boyd Gaming

The main advantage of trading using opposite ACG Metals and Boyd Gaming positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ACG Metals position performs unexpectedly, Boyd Gaming 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 Boyd Gaming will offset losses from the drop in Boyd Gaming's long position.
ACG Metals vs. Legacy Education
ACG Metals vs. Apple Inc
ACG Metals vs. NVIDIA
ACG Metals vs. Microsoft
The idea behind ACG Metals Limited and Boyd Gaming pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
Boyd Gaming vs. MGM Resorts International
Boyd Gaming vs. Las Vegas Sands
Boyd Gaming vs. Wynn Resorts Limited
Boyd Gaming vs. Penn National Gaming
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.

Other Complementary Tools

Portfolio Suggestion
Get suggestions outside of your existing asset allocation including your own model portfolios
Watchlist Optimization
Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm
Portfolio Diagnostics
Use generated alerts and portfolio events aggregator to diagnose current holdings
Latest Portfolios
Quick portfolio dashboard that showcases your latest portfolios
Crypto Correlations
Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins


 
Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions
 
Feedback Blog
Made with optimal in San Francisco
2024 Macroaxis LLC
COMMON DESTINATIONS
MAIN CATEGORIES
COMPANY