BYD vs CZR: Correlation
Measured on weekly returns over the past three years, Boyd Gaming Corporation (BYD) and Caesars Entertainment, Inc. (CZR) carry a correlation of 0.53, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BYD and CZR?
Across a 3-year window, the weekly returns of BYD and CZR correlate at 0.53, moderate. The past 12 months show a weaker link (0.32) than the 3-year average (0.53). Stretching to 5 years gives 0.64, with an annualized covariance of 557.2 %².
Within BYD's tracked universe of 11 assets, CZR comes in at #6 by 3-year correlation. The last year tells two different stories: CZR led by 17.9 percentage points, -8.0% for BYD against +9.9% for CZR. Note the risk asymmetry: CZR runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
BYD vs CZR: side by side
| BYD (Boyd Gaming Corporation) | CZR (Caesars Entertainment, Inc.) | |
|---|---|---|
| 1-year return | -8.0% | +9.9% |
| 5-year return | +34.3% | -71.0% |
| Volatility (ann.) | 25.2% | 41.8% |
| Beta vs S&P 500 | 0.73 | 1.43 |
| Max drawdown (3Y) | -25.6% | -67.5% |
| Market cap | $5.8B | $6.0B |
| P/E (trailing) | 3.6 | – |
| Dividend yield | 0.94% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BYD | CZR |
|---|---|---|
| 2022 | -15.9% | -55.5% |
| 2023 | +16.0% | +12.7% |
| 2024 | +17.1% | -28.7% |
| 2025 | +18.6% | -30.0% |
| 2026 | -6.1% | +26.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BYD and CZR good diversifiers for each other?
To a limited degree. At 0.53 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between BYD and CZR?
Using weekly returns as of 2026-08-27: 0.53 over 3 years, with 0.32 over the last year and 0.64 over 5 years.
Is CZR a good diversifier for BYD?
To a limited degree. At 0.53 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.53 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/byd-vs-czr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/byd-vs-czr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BYD correlations · CZR correlations
