Correlation Between LLOYDS and Boyd Gaming
Specify exactly 2 symbols:
By analyzing existing cross correlation between LLOYDS 8 and Boyd Gaming, you can compare the effects of market volatilities on LLOYDS and Boyd 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 LLOYDS with a short position of Boyd Gaming. Check out your portfolio center. Please also check ongoing floating volatility patterns of LLOYDS and Boyd Gaming.
Diversification Opportunities for LLOYDS and Boyd Gaming
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between LLOYDS and Boyd is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding LLOYDS 8 and Boyd Gaming in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Boyd Gaming and LLOYDS 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 LLOYDS 8 are associated (or correlated) with Boyd Gaming. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Boyd Gaming has no effect on the direction of LLOYDS i.e., LLOYDS and Boyd Gaming go up and down completely randomly.
Pair Corralation between LLOYDS and Boyd Gaming
Assuming the 90 days trading horizon LLOYDS 8 is expected to generate 1.47 times more return on investment than Boyd Gaming. However, LLOYDS is 1.47 times more volatile than Boyd Gaming. It trades about -0.05 of its potential returns per unit of risk. Boyd Gaming is currently generating about -0.08 per unit of risk. If you would invest 10,381 in LLOYDS 8 on December 30, 2024 and sell it today you would lose (531.00) from holding LLOYDS 8 or give up 5.12% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 61.29% |
Values | Daily Returns |
LLOYDS 8 vs. Boyd Gaming
Performance |
Timeline |
LLOYDS 8 |
Boyd Gaming |
LLOYDS and Boyd Gaming Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with LLOYDS and Boyd Gaming
The main advantage of trading using opposite LLOYDS and Boyd Gaming positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if LLOYDS position performs unexpectedly, Boyd 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 Boyd Gaming will offset losses from the drop in Boyd Gaming's long position.LLOYDS vs. Alphatec Holdings | LLOYDS vs. National Vision Holdings | LLOYDS vs. Highway Holdings Limited | LLOYDS vs. East Africa Metals |
Boyd Gaming vs. MGM Resorts International | Boyd Gaming vs. Las Vegas Sands | Boyd Gaming vs. Wynn Resorts Limited | Boyd Gaming vs. Penn National Gaming |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
Other Complementary Tools
Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
Bonds Directory Find actively traded corporate debentures issued by US companies | |
Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance |