Correlation Between LLOYDS and Boyd Gaming
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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
-0.36 | Correlation Coefficient |
Very good diversification
The 3 months correlation between LLOYDS and Boyd is -0.36. 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 under-perform the Boyd Gaming. In addition to that, LLOYDS is 1.03 times more volatile than Boyd Gaming. It trades about -0.14 of its total potential returns per unit of risk. Boyd Gaming is currently generating about 0.03 per unit of volatility. If you would invest 7,488 in Boyd Gaming on December 2, 2024 and sell it today you would earn a total of 138.00 from holding Boyd Gaming or generate 1.84% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 54.1% |
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. AEP TEX INC | LLOYDS vs. KORE Mining | LLOYDS vs. iShares Global Consumer | LLOYDS vs. Exxon Mobil Corp |
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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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