Correlation Between Boyd Gaming and NATIONAL
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By analyzing existing cross correlation between Boyd Gaming and NATIONAL FUEL GAS, you can compare the effects of market volatilities on Boyd Gaming and NATIONAL 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 NATIONAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Boyd Gaming and NATIONAL.
Diversification Opportunities for Boyd Gaming and NATIONAL
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Boyd and NATIONAL is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding Boyd Gaming and NATIONAL FUEL GAS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NATIONAL FUEL GAS 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 NATIONAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NATIONAL FUEL GAS has no effect on the direction of Boyd Gaming i.e., Boyd Gaming and NATIONAL go up and down completely randomly.
Pair Corralation between Boyd Gaming and NATIONAL
Considering the 90-day investment horizon Boyd Gaming is expected to generate 2.6 times more return on investment than NATIONAL. However, Boyd Gaming is 2.6 times more volatile than NATIONAL FUEL GAS. It trades about 0.16 of its potential returns per unit of risk. NATIONAL FUEL GAS is currently generating about 0.03 per unit of risk. If you would invest 5,362 in Boyd Gaming on August 31, 2024 and sell it today you would earn a total of 2,023 from holding Boyd Gaming or generate 37.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 75.59% |
| Values | Daily Returns |
Boyd Gaming vs. NATIONAL FUEL GAS
Performance |
| Timeline |
| Boyd Gaming |
| NATIONAL FUEL GAS |
Boyd Gaming and NATIONAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Boyd Gaming and NATIONAL
The main advantage of trading using opposite Boyd Gaming and NATIONAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Boyd Gaming position performs unexpectedly, NATIONAL 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 NATIONAL will offset losses from the drop in NATIONAL'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 |
| NATIONAL vs. Centessa Pharmaceuticals PLC | NATIONAL vs. BioNTech SE | NATIONAL vs. Simpson Manufacturing | NATIONAL vs. Valneva SE ADR |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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