Boyd Gaming Correlations

BYD Stock

USD 63.85 1.86 2.83%

The current 90-days correlation between Boyd Gaming and MGM Resorts International is 0.48 (i.e., Very weak diversification). The correlation of Boyd Gaming is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Boyd Gaming Correlation With Market

Significant diversification

The correlation between Boyd Gaming and DJI is 0.02 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Boyd Gaming and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Boyd Gaming. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in manufacturing.

For information on how to trade Boyd Stock refer to our How to Trade Boyd Stock guide.

Moving together with Boyd Stock

0.72	H	Hyatt Hotels	Pair Corr
0.96	WH	Wyndham Hotels Resorts	Pair Corr
0.8	DKNG	DraftKings	Pair Corr
0.68	DNUT	Krispy Kreme	Pair Corr
0.64	WING	Wingstop	Pair Corr
0.94	FLUT	Flutter Entertainment plc	Pair Corr
0.87	CCL	Carnival	Pair Corr
0.91	CHH	Choice Hotels Intern	Pair Corr
0.88	CSV	Carriage Services	Pair Corr
0.83	CUK	Carnival Plc ADS	Pair Corr
0.96	CZR	Caesars Entertainment	Pair Corr
0.71	FAT	FAT Brands	Pair Corr
0.85	FLL	Full House Resorts	Pair Corr
0.69	FUN	Six Flags Entertainment	Pair Corr
0.66	GHG	GreenTree Hospitality	Pair Corr
0.81	FTDR	Frontdoor	Pair Corr
0.88	HGV	Hilton Grand Vacations	Pair Corr
0.92	HLT	Hilton Worldwide Holdings	Pair Corr
0.9	IHG	InterContinental Hotels	Pair Corr

Moving against Boyd Stock

0.66	EJH	E Home Household	Pair Corr
0.57	QSR	Restaurant Brands	Pair Corr
0.34	MCD	McDonalds	Pair Corr

Related Correlations Analysis

	MGM	LVS	WYNN	PENN	MLCO	CZR	MCRI	GDEN	BALY	CNTY
MGM		0.24	0.3	0.78	0.63	0.86	0.57	0.74	0.11	0.66	MGM
LVS	0.24		0.25	0.1	0.41	0.25	-0.31	0.29	0.5	0.56	LVS
WYNN	0.3	0.25		0.02	0.64	0.06	0.25	-0.04	-0.03	0.04	WYNN
PENN	0.78	0.1	0.02		0.36	0.92	0.67	0.91	0.07	0.8	PENN
MLCO	0.63	0.41	0.64	0.36		0.49	0.27	0.4	0.22	0.39	MLCO
CZR	0.86	0.25	0.06	0.92	0.49		0.53	0.95	0.24	0.87	CZR
MCRI	0.57	-0.31	0.25	0.67	0.27	0.53		0.4	-0.12	0.32	MCRI
GDEN	0.74	0.29	-0.04	0.91	0.4	0.95	0.4		0.26	0.9	GDEN
BALY	0.11	0.5	-0.03	0.07	0.22	0.24	-0.12	0.26		0.37	BALY
CNTY	0.66	0.56	0.04	0.8	0.39	0.87	0.32	0.9	0.37		CNTY
	MGM	LVS	WYNN	PENN	MLCO	CZR	MCRI	GDEN	BALY	CNTY

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

GDEN	+ 0.95	CZR
CZR	+ 0.92	PENN
GDEN	+ 0.91	PENN
CNTY	+ 0.9	GDEN
CNTY	+ 0.87	CZR
CZR	+ 0.86	MGM

High negative correlations

MCRI	- 0.31	LVS
BALY	- 0.12	MCRI
GDEN	- 0.04	WYNN
BALY	- 0.03	WYNN

Risk-Adjusted Indicators

There is a big difference between Boyd Stock performing well and Boyd Gaming Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Boyd Gaming's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
MGM	1.75	(0.21)	0.00	0.63	0.00	0.00	2.61	(3.95)	23.46
LVS	1.71	(0.43)	0.00	0.65	0.00	0.00	2.22	(3.99)	16.38
WYNN	1.64	(0.11)	0.00	0.17	0.00	0.00	3.54	(3.19)	14.81
PENN	2.35	(0.11)	0.00	(0.22)	0.00	0.00	5.26	(4.23)	15.28
MLCO	2.13	(0.18)	0.00	0.42	0.00	0.00	4.55	(4.66)	13.37
CZR	1.91	(0.41)	0.00	(2.12)	0.00	0.00	3.49	(4.81)	15.59
MCRI	1.06	0.05	0.05	0.03	1.32	(1.09)	1.58	(2.53)	11.31
GDEN	1.49	(0.22)	0.00	1.58	0.00	0.00	3.22	(3.29)	7.94
BALY	4.28	(0.27)	0.00	0.10	0.00	0.00	8.32	(9.33)	56.48
CNTY	2.62	(0.92)	0.00	0.86	0.00	0.00	5.32	(6.34)	30.49

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