Boyd Gaming Correlations

BYD Stock

USD 69.08 1.00 1.43%

The current 90-days correlation between Boyd Gaming and MGM Resorts International is -0.13 (i.e., Good 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

Good diversification

The correlation between Boyd Gaming and DJI is -0.05 (i.e., Good 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.

Build AI portfolio with Boyd Stock

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

0.9	H	Hyatt Hotels	Pair Corr
0.81	BH	Biglari Holdings Earnings Call Today	Pair Corr
0.93	WH	Wyndham Hotels Resorts Sell-off Trend	Pair Corr
0.64	WING	Wingstop	Pair Corr
0.91	CHH	Choice Hotels Intern	Pair Corr
0.71	DIN	Dine Brands Global	Pair Corr
0.95	HLT	Hilton Worldwide Holdings	Pair Corr
0.94	IHG	InterContinental Hotels	Pair Corr
0.94	MAR	Marriott International	Pair Corr
0.85	KRUS	Kura Sushi USA	Pair Corr
0.9	LIND	Lindblad Expeditions	Pair Corr
0.83	LOCO	El Pollo Loco	Pair Corr
0.72	MLCO	Melco Resorts Entert	Pair Corr
0.89	NDLS	Noodles Company Earnings Call This Week	Pair Corr
0.85	PLAY	Dave Busters Enterta	Pair Corr
0.78	PTLO	Portillos Buyout Trend	Pair Corr
0.89	RICK	RCI Hospitality Holdings	Pair Corr
0.86	SBET	Sharplink Gaming	Pair Corr
0.84	SBUX	Starbucks Sell-off Trend	Pair Corr
0.81	ARKR	Ark Restaurants Corp Earnings Call This Week	Pair Corr
0.92	SHAK	Shake Shack	Pair Corr
0.71	STKS	One Group Hospitality	Pair Corr
0.71	BJRI	BJs Restaurants	Pair Corr
0.85	BTBD	Bt Brands	Pair Corr
0.81	CAKE	The Cheesecake Factory	Pair Corr
0.87	DENN	Dennys Corp Upward Rally	Pair Corr
0.83	FL	Foot Locker	Pair Corr
0.91	HD	Home Depot Earnings Call This Week	Pair Corr

Moving against Boyd Stock

0.6	EJH	E Home Household	Pair Corr
0.43	MCD	McDonalds	Pair Corr
0.39	PLYA	Playa Hotels Resorts	Pair Corr
0.37	GV	Visionary Education	Pair Corr
0.37	IH	Ihuman Inc	Pair Corr

Related Correlations Analysis

	MGM	LVS	WYNN	PENN	MLCO	CZR	MCRI	GDEN	BALY	CNTY
MGM		0.71	0.7	0.89	0.81	0.94	0.88	0.86	0.34	0.8	MGM
LVS	0.71		0.86	0.79	0.88	0.66	0.88	0.71	0.37	0.8	LVS
WYNN	0.7	0.86		0.61	0.87	0.53	0.77	0.53	0.3	0.57	WYNN
PENN	0.89	0.79	0.61		0.75	0.94	0.92	0.96	0.3	0.95	PENN
MLCO	0.81	0.88	0.87	0.75		0.68	0.84	0.69	0.3	0.7	MLCO
CZR	0.94	0.66	0.53	0.94	0.68		0.86	0.94	0.32	0.89	CZR
MCRI	0.88	0.88	0.77	0.92	0.84	0.86		0.87	0.41	0.91	MCRI
GDEN	0.86	0.71	0.53	0.96	0.69	0.94	0.87		0.28	0.95	GDEN
BALY	0.34	0.37	0.3	0.3	0.3	0.32	0.41	0.28		0.35	BALY
CNTY	0.8	0.8	0.57	0.95	0.7	0.89	0.91	0.95	0.35		CNTY
	MGM	LVS	WYNN	PENN	MLCO	CZR	MCRI	GDEN	BALY	CNTY

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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	2.39	0.14	0.00	(0.03)	0.00	0.00	4.70	(4.37)	26.73
LVS	2.09	0.00	0.00	(0.12)	0.00	0.00	3.42	(5.32)	15.84
WYNN	2.09	0.22	0.06	0.04	2.80	(2.22)	3.54	(3.83)	21.00
PENN	2.83	(0.08)	0.00	(0.15)	0.00	0.00	6.38	(7.51)	28.17
MLCO	2.28	0.17	0.05	0.04	2.76	(2.84)	5.13	(4.33)	18.82
CZR	2.56	(0.15)	0.00	(0.20)	0.00	0.00	5.80	(5.27)	24.96
MCRI	1.37	0.00	0.00	(0.11)	0.00	0.00	2.35	(2.91)	13.54
GDEN	1.80	(0.33)	0.00	(14.04)	0.00	0.00	3.70	(3.77)	13.27
BALY	6.31	0.09	0.00	(0.05)	0.00	0.00	10.95	(10.95)	56.48
CNTY	2.66	(0.98)	0.00	(1.19)	0.00	0.00	7.35	(6.43)	29.41

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