Correlation Between ATMOS and Boyd Gaming
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By analyzing existing cross correlation between ATMOS ENERGY P and Boyd Gaming, you can compare the effects of market volatilities on ATMOS 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 ATMOS with a short position of Boyd Gaming. Check out your portfolio center. Please also check ongoing floating volatility patterns of ATMOS and Boyd Gaming.
Diversification Opportunities for ATMOS and Boyd Gaming
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between ATMOS and Boyd is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding ATMOS ENERGY P and Boyd Gaming in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Boyd Gaming and ATMOS 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 ATMOS ENERGY P 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 ATMOS i.e., ATMOS and Boyd Gaming go up and down completely randomly.
Pair Corralation between ATMOS and Boyd Gaming
Assuming the 90 days trading horizon ATMOS ENERGY P is expected to under-perform the Boyd Gaming. But the bond apears to be less risky and, when comparing its historical volatility, ATMOS ENERGY P is 1.48 times less risky than Boyd Gaming. The bond trades about -0.24 of its potential returns per unit of risk. The Boyd Gaming is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 6,474 in Boyd Gaming on September 26, 2024 and sell it today you would earn a total of 694.00 from holding Boyd Gaming or generate 10.72% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 41.27% |
Values | Daily Returns |
ATMOS ENERGY P vs. Boyd Gaming
Performance |
Timeline |
ATMOS ENERGY P |
Boyd Gaming |
ATMOS and Boyd Gaming Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with ATMOS and Boyd Gaming
The main advantage of trading using opposite ATMOS and Boyd Gaming positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ATMOS 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.ATMOS vs. Boyd Gaming | ATMOS vs. Sweetgreen | ATMOS vs. Canada Goose Holdings | ATMOS vs. Oasis Hotel Resort |
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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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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