Correlation Between Boyd Gaming and JPMORGAN
Specify exactly 2 symbols:
By analyzing existing cross correlation between Boyd Gaming and JPMORGAN CHASE 64, you can compare the effects of market volatilities on Boyd Gaming and JPMORGAN 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 JPMORGAN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Boyd Gaming and JPMORGAN.
Diversification Opportunities for Boyd Gaming and JPMORGAN
-0.7 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Boyd and JPMORGAN is -0.7. Overlapping area represents the amount of risk that can be diversified away by holding Boyd Gaming and JPMORGAN CHASE 64 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JPMORGAN CHASE 64 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 JPMORGAN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JPMORGAN CHASE 64 has no effect on the direction of Boyd Gaming i.e., Boyd Gaming and JPMORGAN go up and down completely randomly.
Pair Corralation between Boyd Gaming and JPMORGAN
Considering the 90-day investment horizon Boyd Gaming is expected to generate 2.33 times more return on investment than JPMORGAN. However, Boyd Gaming is 2.33 times more volatile than JPMORGAN CHASE 64. It trades about 0.13 of its potential returns per unit of risk. JPMORGAN CHASE 64 is currently generating about 0.04 per unit of risk. If you would invest 5,459 in Boyd Gaming on September 3, 2024 and sell it today you would earn a total of 1,926 from holding Boyd Gaming or generate 35.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 98.63% |
| Values | Daily Returns |
Boyd Gaming vs. JPMORGAN CHASE 64
Performance |
| Timeline |
| Boyd Gaming |
| JPMORGAN CHASE 64 |
Boyd Gaming and JPMORGAN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Boyd Gaming and JPMORGAN
The main advantage of trading using opposite Boyd Gaming and JPMORGAN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Boyd Gaming position performs unexpectedly, JPMORGAN 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 JPMORGAN will offset losses from the drop in JPMORGAN'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 |
| JPMORGAN vs. Boyd Gaming | JPMORGAN vs. Sligro Food Group | JPMORGAN vs. Beyond Meat | JPMORGAN vs. AMCON Distributing |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency |