Churchill Downs Correlations

Stocks . Germany . 
Stock . Churchill Downs Incorporated
CHR Stock   112.00  3.00  2.75%   
The current 90-days correlation between Churchill Downs and Boyd Gaming is 0.44 (i.e., Very weak diversification). The correlation of Churchill Downs 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Churchill Downs Correlation With Market

Good diversification

The correlation between Churchill Downs Incorporated and DJI is -0.02 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Churchill Downs Incorporated and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Churchill Downs could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Churchill Downs when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Churchill Downs - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Churchill Downs Incorporated to buy it.

Moving together with Churchill Stock

  0.79E3G1 Evolution ABPairCorr
  0.98CHR Churchill DownsPairCorr
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Moving against Churchill Stock

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  0.5KGHA KGHM Polska MiedzPairCorr
  0.41SOK Sankyo CoPairCorr
  0.92BNP BNP Paribas SAPairCorr
  0.9MLP MLP SE Earnings Call This WeekPairCorr
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  0.82CON Continental Aktiengesellscha Earnings Call This WeekPairCorr
  0.82VOS Vossloh AGPairCorr
  0.8ACE1 ACERINOXPairCorr
  0.79TKA1 thyssenkrupp AGPairCorr
  0.77DTE Deutsche TelekomPairCorr
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Related Correlations Analysis

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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   
6C2
+ 0.94
AIL
AIL
+ 0.83
BO5
6C2
+ 0.8
BO5
BO5
+ 0.69
2LH
6C2
+ 0.66
2LH
AIL
+ 0.65
2LH
  
High negative correlations   
M8G
- 0.37
2U0
M8G
- 0.16
2LH
10N
- 0.04
2U0

Risk-Adjusted Indicators

There is a big difference between Churchill Stock performing well and Churchill Downs 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 Churchill Downs' 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.

Be your own money manager

Our tools can tell you how much better you can do entering a position in Churchill Downs without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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Churchill Downs Corporate Management

Elected by the shareholders, the Churchill Downs' board of directors comprises two types of representatives: Churchill Downs inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Churchill. The board's role is to monitor Churchill Downs' management team and ensure that shareholders' interests are well served. Churchill Downs' inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Churchill Downs' outside directors are responsible for providing unbiased perspectives on the board's policies.
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