Gray Television Correlations

GTN-A Stock

USD 7.27 0.35 4.59%

The current 90-days correlation between Gray Television and Haverty Furniture Companies is 0.06 (i.e., Significant diversification). The correlation of Gray Television 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.

Gray Television Correlation With Market

Good diversification

The correlation between Gray Television and DJI is -0.11 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Gray Television and DJI in the same portfolio, assuming nothing else is changed.

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

For information on how to trade Gray Stock refer to our How to Trade Gray Stock guide.

Moving against Gray Stock

0.41	FLNT	Fluent Inc	Pair Corr
0.37	CCO	Clear Channel Outdoor	Pair Corr
0.35	FOXA	Fox Corp Class	Pair Corr
0.32	SE	Sea	Pair Corr
0.4	ZG	Zillow Group	Pair Corr
0.39	Z	Zillow Group Class	Pair Corr
0.33	YY	YY Inc Class Earnings Call Tomorrow	Pair Corr

Related Correlations Analysis

	LSXMB	HVT-A	LBTYB	GTN	GEF-B
LSXMB		-0.39	-0.14	0.04	0.65	LSXMB
HVT-A	-0.39		-0.09	0.07	-0.15	HVT-A
LBTYB	-0.14	-0.09		0.6	-0.42	LBTYB
GTN	0.04	0.07	0.6		-0.14	GTN
GEF-B	0.65	-0.15	-0.42	-0.14		GEF-B
	LSXMB	HVT-A	LBTYB	GTN	GEF-B

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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

GEF-B	+ 0.65	LSXMB
GTN	+ 0.6	LBTYB
GTN	+ 0.07	HVT-A
GTN	+ 0.04	LSXMB

High negative correlations

GEF-B	- 0.42	LBTYB
HVT-A	- 0.39	LSXMB
GEF-B	- 0.15	HVT-A
GEF-B	- 0.14	GTN
LBTYB	- 0.14	LSXMB
LBTYB	- 0.09	HVT-A

Risk-Adjusted Indicators

There is a big difference between Gray Stock performing well and Gray Television 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 Gray Television'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
LSXMB	1.05	0.14	0.00	(0.72)	2.02	(2.44)	3.74	(1.60)	20.01
HVT-A	1.77	(0.27)	0.00	38.63	0.00	0.00	4.79	(6.64)	18.61
LBTYB	2.15	(0.32)	0.00	10.76	0.00	0.00	4.93	(3.89)	48.50
GTN	2.66	(0.22)	0.00	(0.03)	0.00	0.00	5.37	(4.44)	36.50
GEF-B	1.32	0.06	0.10	0.17	1.03	(1.64)	2.60	(1.88)	7.69

Gray Television Corporate Management

Meg Little	Group Services	Profile
Becky Meyer	Senior Sales	Profile
Robert Smith	Ex COO	Profile
Kevin Latek	Chief VP	Profile

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