Correlation Between Boyd Gaming and GENERAL
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By analyzing existing cross correlation between Boyd Gaming and GENERAL MTRS 515, you can compare the effects of market volatilities on Boyd Gaming and GENERAL 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 GENERAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Boyd Gaming and GENERAL.
Diversification Opportunities for Boyd Gaming and GENERAL
-0.14 | Correlation Coefficient |
Good diversification
The 3 months correlation between Boyd and GENERAL is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding Boyd Gaming and GENERAL MTRS 515 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GENERAL MTRS 515 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 GENERAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GENERAL MTRS 515 has no effect on the direction of Boyd Gaming i.e., Boyd Gaming and GENERAL go up and down completely randomly.
Pair Corralation between Boyd Gaming and GENERAL
Considering the 90-day investment horizon Boyd Gaming is expected to generate 362.0 times less return on investment than GENERAL. In addition to that, Boyd Gaming is 2.26 times more volatile than GENERAL MTRS 515. It trades about 0.0 of its total potential returns per unit of risk. GENERAL MTRS 515 is currently generating about 0.13 per unit of volatility. If you would invest 9,240 in GENERAL MTRS 515 on November 28, 2024 and sell it today you would earn a total of 145.00 from holding GENERAL MTRS 515 or generate 1.57% 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. GENERAL MTRS 515
Performance |
| Timeline |
| Boyd Gaming |
| GENERAL MTRS 515 |
Boyd Gaming and GENERAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Boyd Gaming and GENERAL
The main advantage of trading using opposite Boyd Gaming and GENERAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Boyd Gaming position performs unexpectedly, GENERAL 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 GENERAL will offset losses from the drop in GENERAL'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 |
| GENERAL vs. Highway Holdings Limited | GENERAL vs. Perseus Mining Limited | GENERAL vs. Griffon | GENERAL vs. Where Food Comes |
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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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