Correlation Between Boyd Gaming and Outfront
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By analyzing existing cross correlation between Boyd Gaming and Outfront Media Capital, you can compare the effects of market volatilities on Boyd Gaming and Outfront 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 Outfront. Check out your portfolio center. Please also check ongoing floating volatility patterns of Boyd Gaming and Outfront.
Diversification Opportunities for Boyd Gaming and Outfront
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Boyd and Outfront is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding Boyd Gaming and Outfront Media Capital in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Outfront Media Capital 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 Outfront. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Outfront Media Capital has no effect on the direction of Boyd Gaming i.e., Boyd Gaming and Outfront go up and down completely randomly.
Pair Corralation between Boyd Gaming and Outfront
Considering the 90-day investment horizon Boyd Gaming is expected to generate 1.59 times more return on investment than Outfront. However, Boyd Gaming is 1.59 times more volatile than Outfront Media Capital. It trades about 0.25 of its potential returns per unit of risk. Outfront Media Capital is currently generating about -0.11 per unit of risk. If you would invest 7,292 in Boyd Gaming on November 4, 2024 and sell it today you would earn a total of 373.00 from holding Boyd Gaming or generate 5.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.0% |
| Values | Daily Returns |
Boyd Gaming vs. Outfront Media Capital
Performance |
| Timeline |
| Boyd Gaming |
| Outfront Media Capital |
Boyd Gaming and Outfront Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Boyd Gaming and Outfront
The main advantage of trading using opposite Boyd Gaming and Outfront positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Boyd Gaming position performs unexpectedly, Outfront 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 Outfront will offset losses from the drop in Outfront'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 |
| Outfront vs. Tandy Leather Factory | Outfront vs. Gannett Co | Outfront vs. The Gap, | Outfront vs. Graham Holdings Co |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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