Correlation Between Boyd Gaming and FMGAU
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By analyzing existing cross correlation between Boyd Gaming and FMGAU 6125 15 APR 32, you can compare the effects of market volatilities on Boyd Gaming and FMGAU 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 FMGAU. Check out your portfolio center. Please also check ongoing floating volatility patterns of Boyd Gaming and FMGAU.
Diversification Opportunities for Boyd Gaming and FMGAU
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Boyd and FMGAU is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding Boyd Gaming and FMGAU 6125 15 APR 32 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FMGAU 6125 15 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 FMGAU. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FMGAU 6125 15 has no effect on the direction of Boyd Gaming i.e., Boyd Gaming and FMGAU go up and down completely randomly.
Pair Corralation between Boyd Gaming and FMGAU
Considering the 90-day investment horizon Boyd Gaming is expected to generate 2.55 times more return on investment than FMGAU. However, Boyd Gaming is 2.55 times more volatile than FMGAU 6125 15 APR 32. It trades about 0.06 of its potential returns per unit of risk. FMGAU 6125 15 APR 32 is currently generating about -0.03 per unit of risk. If you would invest 5,837 in Boyd Gaming on September 2, 2024 and sell it today you would earn a total of 1,548 from holding Boyd Gaming or generate 26.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.16% |
| Values | Daily Returns |
Boyd Gaming vs. FMGAU 6125 15 APR 32
Performance |
| Timeline |
| Boyd Gaming |
| FMGAU 6125 15 |
Boyd Gaming and FMGAU Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Boyd Gaming and FMGAU
The main advantage of trading using opposite Boyd Gaming and FMGAU positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Boyd Gaming position performs unexpectedly, FMGAU 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 FMGAU will offset losses from the drop in FMGAU'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 |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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