Correlation Between Boyd Gaming and Amkor Technology
Can any of the company-specific risk be diversified away by investing in both Boyd Gaming and Amkor Technology 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 Amkor Technology into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Boyd Gaming and Amkor Technology, you can compare the effects of market volatilities on Boyd Gaming and Amkor Technology 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 Amkor Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Boyd Gaming and Amkor Technology.
Diversification Opportunities for Boyd Gaming and Amkor Technology
-0.76 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Boyd and Amkor is -0.76. Overlapping area represents the amount of risk that can be diversified away by holding Boyd Gaming and Amkor Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amkor Technology 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 Amkor Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Amkor Technology has no effect on the direction of Boyd Gaming i.e., Boyd Gaming and Amkor Technology go up and down completely randomly.
Pair Corralation between Boyd Gaming and Amkor Technology
Considering the 90-day investment horizon Boyd Gaming is expected to generate 0.59 times more return on investment than Amkor Technology. However, Boyd Gaming is 1.7 times less risky than Amkor Technology. It trades about 0.36 of its potential returns per unit of risk. Amkor Technology is currently generating about 0.06 per unit of risk. If you would invest 6,831 in Boyd Gaming on September 5, 2024 and sell it today you would earn a total of 641.00 from holding Boyd Gaming or generate 9.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Boyd Gaming vs. Amkor Technology
Performance |
| Timeline |
| Boyd Gaming |
| Amkor Technology |
Boyd Gaming and Amkor Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Boyd Gaming and Amkor Technology
The main advantage of trading using opposite Boyd Gaming and Amkor Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Boyd Gaming position performs unexpectedly, Amkor Technology 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 Amkor Technology will offset losses from the drop in Amkor Technology's long position.| Boyd Gaming vs. MGM Resorts International | Boyd Gaming vs. Las Vegas Sands | Boyd Gaming vs. Wynn Resorts Limited | Boyd Gaming vs. Penn National Gaming |
| Amkor Technology vs. NXP Semiconductors NV | Amkor Technology vs. Monolithic Power Systems | Amkor Technology vs. ON Semiconductor | Amkor Technology vs. GSI Technology |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital |