Granite Ridge Correlations

GRNT Stock

USD 4.92 0.14 2.93%

The current 90-days correlation between Granite Ridge Resources and Kosmos Energy is 0.21 (i.e., Modest diversification). The correlation of Granite Ridge 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Granite Ridge Correlation With Market

Excellent diversification

The correlation between Granite Ridge Resources and DJI is -0.67 (i.e., Excellent diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Granite Ridge Resources and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Granite Stock

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Granite Ridge Resources. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in inflation.

Moving together with Granite Stock

0.79	HPK	Highpeak Energy Acqu	Pair Corr
0.82	KEI	Kolibri Global Energy	Pair Corr
0.85	VTS	Vitesse Energy	Pair Corr
0.65	HME	Hemisphere Energy	Pair Corr

Moving against Granite Stock

0.73	KKC	KKR Credit Income	Pair Corr
0.7	RECO	Reconnaissance Energy	Pair Corr
0.61	BNE	Bonterra Energy Corp	Pair Corr
0.51	SOC	Sable Offshore Corp	Pair Corr
0.49	CDR	Condor Energies	Pair Corr
0.45	GASX	Ngx Energy International	Pair Corr
0.73	RF1	Regal Investment	Pair Corr
0.72	APMRF	Amper SA	Pair Corr
0.56	BORR	Borr Drilling	Pair Corr
0.48	HLFN	Home Loan Financial	Pair Corr
0.39	LONE	Lithium One Metals Split	Pair Corr
0.38	FEC	Frontera Energy Corp	Pair Corr

Related Correlations Analysis

	KOS	TXO	VTS	HPK	VTLE	CLB	TNP	SOC	CAPL	REPX
KOS		0.71	0.47	0.46	0.15	-0.03	0.0	0.18	0.18	0.0	KOS
TXO	0.71		0.75	0.83	-0.45	-0.6	0.0	-0.42	-0.3	-0.11	TXO
VTS	0.47	0.75		0.72	-0.52	-0.36	0.0	-0.31	-0.3	0.18	VTS
HPK	0.46	0.83	0.72		-0.56	-0.67	0.0	-0.39	-0.59	-0.06	HPK
VTLE	0.15	-0.45	-0.52	-0.56		0.66	0.0	0.66	0.52	0.0	VTLE
CLB	-0.03	-0.6	-0.36	-0.67	0.66		0.0	0.67	0.75	0.47	CLB
TNP	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	TNP
SOC	0.18	-0.42	-0.31	-0.39	0.66	0.67	0.0		0.39	0.15	SOC
CAPL	0.18	-0.3	-0.3	-0.59	0.52	0.75	0.0	0.39		0.53	CAPL
REPX	0.0	-0.11	0.18	-0.06	0.0	0.47	0.0	0.15	0.53		REPX
	KOS	TXO	VTS	HPK	VTLE	CLB	TNP	SOC	CAPL	REPX

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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

HPK	+ 0.83	TXO
VTS	+ 0.75	TXO
CAPL	+ 0.75	CLB
HPK	+ 0.72	VTS
TXO	+ 0.71	KOS
SOC	+ 0.67	CLB

High negative correlations

CLB	- 0.67	HPK
CLB	- 0.6	TXO
CAPL	- 0.59	HPK
VTLE	- 0.56	HPK
VTLE	- 0.52	VTS
VTLE	- 0.45	TXO

Risk-Adjusted Indicators

There is a big difference between Granite Stock performing well and Granite Ridge 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 Granite Ridge'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
KOS	3.83	0.15	0.02	(1.35)	3.79	(5.21)	10.75	(5.99)	25.11
TXO	1.24	(0.12)	0.00	(3.60)	0.00	0.00	2.35	(2.78)	6.59
VTS	1.27	(0.04)	0.00	6.55	0.00	0.00	2.80	(2.74)	6.95
HPK	4.09	(0.53)	0.00	(1.18)	0.00	0.00	8.28	(8.90)	21.96
VTLE	2.59	0.22	0.04	(0.33)	3.23	(2.79)	6.39	(5.94)	16.09
CLB	1.96	0.16	0.08	0.14	2.22	(2.16)	5.51	(4.32)	11.70
TNP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
SOC	8.96	0.13	0.03	0.08	10.89	(9.60)	20.50	(18.47)	72.14
CAPL	0.82	0.15	0.09	5.44	0.90	(0.89)	1.86	(1.85)	4.92
REPX	1.69	0.09	0.03	0.24	2.01	(1.72)	4.57	(3.28)	10.71

Granite Ridge Corporate Management

Matthew CFA	CoFounder CoChairman	Profile
Griffin Perry	CoFounder CoChairman	Profile
Michael Ott	Vice Relations	Profile
James Masters	Vice Relations	Profile
Tyler Farquharson	Chief Officer	Profile
Adam Brandau	Controller	Profile

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