Correlation Between Boyd Gaming and Wicket Gaming
Can any of the company-specific risk be diversified away by investing in both Boyd Gaming and Wicket Gaming at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Boyd Gaming and Wicket Gaming into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Boyd Gaming and Wicket Gaming AB, you can compare the effects of market volatilities on Boyd Gaming and Wicket Gaming 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 Wicket Gaming. Check out your portfolio center. Please also check ongoing floating volatility patterns of Boyd Gaming and Wicket Gaming.
Diversification Opportunities for Boyd Gaming and Wicket Gaming
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Boyd and Wicket is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Boyd Gaming and Wicket Gaming AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wicket Gaming AB 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 Wicket Gaming. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wicket Gaming AB has no effect on the direction of Boyd Gaming i.e., Boyd Gaming and Wicket Gaming go up and down completely randomly.
Pair Corralation between Boyd Gaming and Wicket Gaming
If you would invest 6,400 in Boyd Gaming on August 24, 2024 and sell it today you would earn a total of 752.00 from holding Boyd Gaming or generate 11.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 78.26% |
| Values | Daily Returns |
Boyd Gaming vs. Wicket Gaming AB
Performance |
| Timeline |
| Boyd Gaming |
| Wicket Gaming AB |
Boyd Gaming and Wicket Gaming Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Boyd Gaming and Wicket Gaming
The main advantage of trading using opposite Boyd Gaming and Wicket Gaming positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Boyd Gaming position performs unexpectedly, Wicket Gaming 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 Wicket Gaming will offset losses from the drop in Wicket Gaming'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 |
| Wicket Gaming vs. GDEV Inc | Wicket Gaming vs. Doubledown Interactive Co | Wicket Gaming vs. Playstudios | Wicket Gaming vs. SohuCom |
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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