GraniteShares Correlations

CONI Etf

10.42 0.46 4.62%

The current 90-days correlation between GraniteShares 1x Short and Tidal Trust II is 0.13 (i.e., Average diversification). The correlation of GraniteShares 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.

GraniteShares Correlation With Market

Excellent diversification

The correlation between GraniteShares 1x Short and DJI is -0.55 (i.e., Excellent diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding GraniteShares 1x Short and DJI 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 GraniteShares 1x Short. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

Moving together with GraniteShares Etf

0.62	SH	ProShares Short SP500	Pair Corr
0.61	SPXU	ProShares UltraPro Short	Pair Corr
0.61	SDS	ProShares UltraShort	Pair Corr
0.61	SPXS	Direxion Daily SP	Pair Corr
0.75	RWM	ProShares Short Russ	Pair Corr
0.62	SPDN	Direxion Daily SP	Pair Corr
0.76	TAIL	Cambria Tail Risk	Pair Corr
0.63	DOG	ProShares Short Dow30 Potential Growth	Pair Corr
0.71	BND	Vanguard Total Bond	Pair Corr
0.76	PFE	Pfizer Inc Aggressive Push	Pair Corr
0.67	KO	Coca Cola Aggressive Push	Pair Corr
0.63	JNJ	Johnson Johnson Sell-off Trend	Pair Corr

Moving against GraniteShares Etf

0.71	VB	Vanguard Small Cap	Pair Corr
0.66	VUG	Vanguard Growth Index	Pair Corr
0.65	VTI	Vanguard Total Stock	Pair Corr
0.65	VO	Vanguard Mid Cap	Pair Corr
0.63	SPY	SPDR SP 500 Aggressive Push	Pair Corr
0.63	IVV	iShares Core SP	Pair Corr
0.57	VTV	Vanguard Value Index	Pair Corr
0.85	JPM	JPMorgan Chase Sell-off Trend	Pair Corr
0.75	CVX	Chevron Corp Sell-off Trend	Pair Corr
0.68	DIS	Walt Disney Sell-off Trend	Pair Corr
0.64	CSCO	Cisco Systems Sell-off Trend	Pair Corr
0.63	AXP	American Express Fiscal Year End 24th of January 2025	Pair Corr
0.57	HPQ	HP Inc	Pair Corr
0.56	AA	Alcoa Corp Fiscal Year End 15th of January 2025	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.27	0.55	0.04	0.55	0.04	0.64	0.28	-0.53	0.72	META
MSFT	0.27		0.22	0.15	0.18	-0.01	0.03	-0.12	0.12	-0.19	MSFT
UBER	0.55	0.22		-0.05	-0.06	0.27	-0.01	-0.14	0.08	0.35	UBER
F	0.04	0.15	-0.05		0.2	-0.4	0.47	0.69	-0.34	0.32	F
T	0.55	0.18	-0.06	0.2		-0.5	0.79	0.6	-0.78	0.38	T
A	0.04	-0.01	0.27	-0.4	-0.5		-0.47	-0.62	0.64	-0.01	A
CRM	0.64	0.03	-0.01	0.47	0.79	-0.47		0.85	-0.91	0.65	CRM
JPM	0.28	-0.12	-0.14	0.69	0.6	-0.62	0.85		-0.83	0.48	JPM
MRK	-0.53	0.12	0.08	-0.34	-0.78	0.64	-0.91	-0.83		-0.56	MRK
XOM	0.72	-0.19	0.35	0.32	0.38	-0.01	0.65	0.48	-0.56		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

JPM	+ 0.85	CRM
CRM	+ 0.79	T
XOM	+ 0.72	META
JPM	+ 0.69	F
XOM	+ 0.65	CRM
CRM	+ 0.64	META

High negative correlations

MRK	- 0.91	CRM
MRK	- 0.83	JPM
MRK	- 0.78	T
JPM	- 0.62	A
XOM	- 0.56	MRK
MRK	- 0.53	META

GraniteShares Competition Risk-Adjusted Indicators

There is a big difference between GraniteShares Etf performing well and GraniteShares ETF 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 GraniteShares' 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
META	1.06	0.06	0.02	0.20	1.40	(1.15)	2.62	(3.15)	8.02
MSFT	0.92	(0.05)	(0.05)	0.05	1.49	(0.89)	2.09	(1.85)	8.19
UBER	1.62	(0.12)	(0.05)	0.00	2.30	(1.74)	2.69	(2.53)	20.10
F	1.43	(0.15)	(0.04)	0.02	2.20	(1.42)	2.53	(2.90)	11.21
T	0.92	0.28	0.15	(7.88)	0.85	(1.05)	2.56	(1.72)	6.47
A	1.17	(0.09)	0.00	(0.05)	0.00	0.00	2.71	(2.42)	9.02
CRM	1.34	0.21	0.16	0.30	1.16	(1.53)	3.18	(1.93)	9.09
JPM	1.12	(0.01)	0.06	0.11	1.40	(1.21)	2.05	(2.00)	15.87
MRK	0.91	(0.21)	0.00	(0.74)	0.00	0.00	2.00	(2.13)	4.89
XOM	1.01	(0.05)	(0.08)	0.02	1.33	(1.07)	2.10	(2.09)	5.74

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