Boyd Gaming Correlations

BYD Stock  USD 62.66  0.27  0.43%   
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 perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Boyd Gaming moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Boyd Gaming moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Very weak diversification

The correlation between Boyd Gaming and NYA is 0.54 (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 NYA 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 tightly coupled 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.
  
The ability to find closely correlated positions to Boyd Gaming could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Boyd Gaming 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 Boyd Gaming - 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 Boyd Gaming to buy it.

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   
WYNNLVS
CZRPENN
GDENPENN
GDENCZR
CNTYPENN
BALYMCRI
  
High negative correlations   
BALYMLCO
BALYPENN
CNTYWYNN
PENNWYNN
MCRIMLCO
MCRIPENN

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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
MGM  1.16 (0.06)(0.02) 0.03  2.15 
 2.95 
 10.09 
LVS  1.39 (0.15) 0.00 (0.08) 0.00 
 2.28 
 12.60 
WYNN  1.24 (0.01) 0.00  0.07  1.38 
 3.03 
 10.09 
PENN  2.31 (0.53) 0.00 (0.47) 0.00 
 3.70 
 17.52 
MLCO  2.48 (0.32) 0.00 (0.23) 0.00 
 5.53 
 16.69 
CZR  1.79 (0.37) 0.00 (0.10) 0.00 
 3.56 
 10.93 
MCRI  0.91 (0.05)(0.03) 0.03  1.37 
 2.07 
 6.68 
GDEN  1.74 (0.26) 0.00 (0.15) 0.00 
 3.00 
 12.41 
BALY  2.70  0.44  0.18  0.28  2.54 
 4.88 
 31.06 
CNTY  3.55 (0.53) 0.00 (0.36) 0.00 
 7.72 
 18.98 

Be your own money manager

Our tools can tell you how much better you can do entering a position in Boyd Gaming 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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Boyd Gaming Corporate Directors

Boyd Gaming corporate directors refer to members of a Boyd Gaming board of directors. The board of directors generally takes responsibility for the Boyd Gaming's affairs and long-term direction of the entity. A corporate director does not make decisions for the corporation on his own. As a member of the board of directors, she or he must function as a part of a group that makes decisions on behalf of the business only by the board of directors' meetings. To pass a resolution, a majority of Boyd Gaming's board members must vote for the resolution. The Boyd Gaming board of directors' duties also include the election, removal, and supervision of officers, including the adoption, amendment, and repeal of bylaws.
Billy McCoyIndependent DirectorProfile
Veronica WilsonIndependent DirectorProfile
Peter ThomasPresiding Independent DirectorProfile
Robert BoughnerChief Bus. Devel. Officer, Executive VP and DirectorProfile

Already Invested in Boyd Gaming?

The danger of trading Boyd Gaming is mainly related to its market volatility and Company specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of Boyd Gaming is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than Boyd Gaming. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile Boyd Gaming is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
When determining whether Boyd Gaming is a strong investment it is important to analyze Boyd Gaming's competitive position within its industry, examining market share, product or service uniqueness, and competitive advantages. Beyond financials and market position, potential investors should also consider broader economic conditions, industry trends, and any regulatory or geopolitical factors that may impact Boyd Gaming's future performance. For an informed investment choice regarding Boyd Stock, refer to the following important reports:
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 tightly coupled 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.
You can also try the Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.

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When running Boyd Gaming's price analysis, check to measure Boyd Gaming's market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy Boyd Gaming is operating at the current time. Most of Boyd Gaming's value examination focuses on studying past and present price action to predict the probability of Boyd Gaming's future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move Boyd Gaming's price. Additionally, you may evaluate how the addition of Boyd Gaming to your portfolios can decrease your overall portfolio volatility.
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Is Boyd Gaming's industry expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of Boyd Gaming. If investors know Boyd will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about Boyd Gaming listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
Quarterly Earnings Growth
(0.43)
Dividend Share
0.64
Earnings Share
6.12
Revenue Per Share
36.896
Quarterly Revenue Growth
0.034
The market value of Boyd Gaming is measured differently than its book value, which is the value of Boyd that is recorded on the company's balance sheet. Investors also form their own opinion of Boyd Gaming's value that differs from its market value or its book value, called intrinsic value, which is Boyd Gaming's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Boyd Gaming's market value can be influenced by many factors that don't directly affect Boyd Gaming's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between Boyd Gaming's value and its price as these two are different measures arrived at by different means. Investors typically determine if Boyd Gaming is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Boyd Gaming's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.