Correlation Between Boyd Gaming and TSOGO SUN
Can any of the company-specific risk be diversified away by investing in both Boyd Gaming and TSOGO SUN 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 Boyd Gaming and TSOGO SUN into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Boyd Gaming and TSOGO SUN GAMING, you can compare the effects of market volatilities on Boyd Gaming and TSOGO SUN 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 Boyd Gaming with a short position of TSOGO SUN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Boyd Gaming and TSOGO SUN.
Diversification Opportunities for Boyd Gaming and TSOGO SUN
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between Boyd and TSOGO is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Boyd Gaming and TSOGO SUN GAMING in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TSOGO SUN GAMING and Boyd Gaming 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 Boyd Gaming are associated (or correlated) with TSOGO SUN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TSOGO SUN GAMING has no effect on the direction of Boyd Gaming i.e., Boyd Gaming and TSOGO SUN go up and down completely randomly.
Pair Corralation between Boyd Gaming and TSOGO SUN
Assuming the 90 days horizon Boyd Gaming is expected to generate 0.92 times more return on investment than TSOGO SUN. However, Boyd Gaming is 1.08 times less risky than TSOGO SUN. It trades about 0.13 of its potential returns per unit of risk. TSOGO SUN GAMING is currently generating about 0.0 per unit of risk. If you would invest 5,017 in Boyd Gaming on September 3, 2024 and sell it today you would earn a total of 1,883 from holding Boyd Gaming or generate 37.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Boyd Gaming vs. TSOGO SUN GAMING
Performance |
| Timeline |
| Boyd Gaming |
| TSOGO SUN GAMING |
Boyd Gaming and TSOGO SUN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Boyd Gaming and TSOGO SUN
The main advantage of trading using opposite Boyd Gaming and TSOGO SUN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Boyd Gaming position performs unexpectedly, TSOGO SUN 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 TSOGO SUN will offset losses from the drop in TSOGO SUN's long position.| Boyd Gaming vs. National Beverage Corp | Boyd Gaming vs. COFCO Joycome Foods | Boyd Gaming vs. Cal Maine Foods | Boyd Gaming vs. MOLSON RS BEVERAGE |
| TSOGO SUN vs. Las Vegas Sands | TSOGO SUN vs. ENTAIN PLC UNSPADR1 | TSOGO SUN vs. GENTING SG LTD | TSOGO SUN vs. Boyd 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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
Other Complementary Tools
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories |