Boyd Gaming Correlations

BYD Stock

USD 73.10 0.05 0.07%

The current 90-days correlation between Boyd Gaming and MGM Resorts International is 0.46 (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

Very weak diversification

The correlation between Boyd Gaming and DJI is 0.43 (i.e., Very weak 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

0.67	DIN	Dine Brands Global	Pair Corr
0.93	EAT	Brinker International	Pair Corr
0.71	PBPB	Potbelly	Pair Corr
0.82	BJRI	BJs Restaurants	Pair Corr
0.78	WEYS	Weyco Group	Pair Corr
0.68	ADT	ADT Inc	Pair Corr
0.84	WWW	Wolverine World Wide	Pair Corr
0.68	ONON	On Holding Sell-off Trend	Pair Corr
0.69	SSNLF	Samsung Electronics	Pair Corr
0.76	HPQ	HP Inc	Pair Corr
0.8	T	ATT Inc Aggressive Push	Pair Corr
0.85	AA	Alcoa Corp Fiscal Year End 15th of January 2025	Pair Corr
0.9	CSCO	Cisco Systems Aggressive Push	Pair Corr

Moving against Boyd Stock

0.83	BKRKY	Bank Rakyat	Pair Corr
0.82	NDLS	Noodles Company	Pair Corr
0.82	TLK	Telkom Indonesia Tbk	Pair Corr
0.8	PPERF	Bank Mandiri Persero	Pair Corr
0.79	PPERY	Bank Mandiri Persero	Pair Corr
0.76	SKX	Skechers USA	Pair Corr
0.75	BKRKF	PT Bank Rakyat	Pair Corr
0.69	BLMN	Bloomin Brands	Pair Corr
0.67	LOCO	El Pollo Loco	Pair Corr
0.57	NKE	Nike Inc Aggressive Push	Pair Corr
0.45	STKS	One Group Hospitality	Pair Corr
0.9	KO	Coca Cola Sell-off Trend	Pair Corr
0.9	MRK	Merck Company Fiscal Year End 6th of February 2025	Pair Corr
0.87	JNJ	Johnson Johnson Fiscal Year End 28th of January 2025	Pair Corr
0.83	EC	Ecopetrol SA ADR	Pair Corr
0.75	BA	Boeing Fiscal Year End 29th of January 2025	Pair Corr
0.47	PBCRY	Bank Central Asia	Pair Corr
0.43	PBCRF	PT Bank Central	Pair Corr
0.35	PG	Procter Gamble	Pair Corr

Related Correlations Analysis

	MGM	LVS	WYNN	PENN	MLCO	CZR	MCRI	GDEN	BALY	CNTY
MGM		0.69	0.8	0.03	0.7	0.86	-0.04	-0.31	0.14	-0.08	MGM
LVS	0.69		0.91	0.25	0.81	0.67	0.48	-0.25	0.65	0.48	LVS
WYNN	0.8	0.91		0.02	0.88	0.78	0.18	-0.38	0.44	0.16	WYNN
PENN	0.03	0.25	0.02		-0.14	-0.08	0.76	0.58	0.62	0.72	PENN
MLCO	0.7	0.81	0.88	-0.14		0.8	0.07	-0.44	0.29	-0.02	MLCO
CZR	0.86	0.67	0.78	-0.08	0.8		-0.14	-0.49	0.11	-0.19	CZR
MCRI	-0.04	0.48	0.18	0.76	0.07	-0.14		0.55	0.83	0.91	MCRI
GDEN	-0.31	-0.25	-0.38	0.58	-0.44	-0.49	0.55		0.34	0.42	GDEN
BALY	0.14	0.65	0.44	0.62	0.29	0.11	0.83	0.34		0.88	BALY
CNTY	-0.08	0.48	0.16	0.72	-0.02	-0.19	0.91	0.42	0.88		CNTY
	MGM	LVS	WYNN	PENN	MLCO	CZR	MCRI	GDEN	BALY	CNTY

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Please upgrade your account to get full access to Macroaxis premium features

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

WYNN	+ 0.91	LVS
CNTY	+ 0.91	MCRI
MLCO	+ 0.88	WYNN
CNTY	+ 0.88	BALY
CZR	+ 0.86	MGM
BALY	+ 0.83	MCRI

High negative correlations

GDEN	- 0.49	CZR
GDEN	- 0.44	MLCO
GDEN	- 0.38	WYNN
GDEN	- 0.31	MGM
GDEN	- 0.25	LVS
CNTY	- 0.19	CZR

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	1.49	(0.17)	(0.05)	0.00	2.55	(1.41)	3.31	(2.60)	14.38
LVS	1.47	0.28	0.15	0.52	1.17	(1.60)	3.22	(2.31)	10.76
WYNN	1.75	0.26	0.07	1.07	2.25	(1.89)	4.93	(3.30)	17.54
PENN	1.99	0.01	0.02	0.13	2.01	(2.29)	5.04	(3.59)	12.98
MLCO	2.32	0.07	0.02	0.19	2.61	(2.75)	5.17	(5.54)	22.74
CZR	1.79	(0.10)	(0.02)	0.05	2.37	(1.76)	4.33	(3.56)	14.60
MCRI	0.88	0.13	0.09	0.30	0.79	(1.04)	1.87	(1.81)	7.86
GDEN	1.54	(0.07)	(0.01)	0.07	1.61	(1.81)	3.76	(2.62)	8.10
BALY	0.23	0.03	(0.28)	0.35	0.00	(0.32)	0.52	(0.40)	1.32
CNTY	2.93	1.04	0.29	7.30	2.41	(3.60)	7.30	(4.88)	17.01

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC