GraniteShares Correlations

PTIR Etf   144.41  0.49  0.34%   
The current 90-days correlation between GraniteShares 2x Long and Strategy Shares is -0.19 (i.e., Good 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. If the correlation is 0, the equities are not correlated; they are entirely random.

GraniteShares Correlation With Market

GraniteSharesDowDiversified AwayGraniteSharesDowDiversified Away100%

Modest diversification

The correlation between GraniteShares 2x Long and DJI is 0.24 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding GraniteShares 2x Long and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in GraniteShares 2x Long. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

Moving together with GraniteShares Etf

  0.61BABX GraniteShares 175x LongPairCorr
  0.77SHNY Microsectors GoldPairCorr
  0.71GDXU MicroSectors Gold MinersPairCorr
  0.64RXI iShares Global ConsumerPairCorr
  0.76CSCO Cisco SystemsPairCorr
  0.87WMT Walmart Aggressive PushPairCorr
  0.72GE GE AerospacePairCorr
  0.71T ATT Inc Aggressive PushPairCorr
  0.68BA BoeingPairCorr
  0.78IBM International Business Sell-off TrendPairCorr

Moving against GraniteShares Etf

  0.42NVDL GraniteShares 15x Long Buyout TrendPairCorr
  0.41NVDU Direxion Daily NVDA Buyout TrendPairCorr
  0.37LABU Direxion Daily SPPairCorr
  0.31MSTY YieldMax MSTR OptionPairCorr
  0.44AA Alcoa CorpPairCorr
  0.43MSFT MicrosoftPairCorr
  0.31TRV The Travelers CompaniesPairCorr

Related Correlations Analysis

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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   
JPMMETA
TUBER
TMETA
CRMMSFT
XOMF
JPMT
  
High negative correlations   
MRKMETA
MRKJPM
MRKT
MRKUBER
FMETA
UBERMSFT

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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
META  1.36  0.25  0.16  0.58  1.43 
 3.22 
 7.11 
MSFT  1.01 (0.07) 0.00 (0.27) 0.00 
 2.20 
 10.31 
UBER  1.89  0.18  0.07  0.34  2.76 
 4.72 
 12.29 
F  1.32 (0.14) 0.00 (0.18) 0.00 
 2.46 
 10.97 
T  0.92  0.28  0.26  0.50  0.89 
 1.80 
 7.94 
A  1.11  0.01  0.00 (0.02) 0.00 
 2.81 
 6.12 
CRM  1.48 (0.11) 0.00 (0.16) 0.00 
 3.10 
 15.92 
JPM  0.88  0.14  0.11  0.14  1.16 
 1.92 
 6.85 
MRK  1.26 (0.09) 0.00 (2.56) 0.00 
 2.43 
 11.57 
XOM  0.91 (0.11) 0.00 (0.24) 0.00 
 1.76 
 5.69