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

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

0.61	BABX	GraniteShares 175x Long	Pair Corr
0.77	SHNY	Microsectors Gold	Pair Corr
0.71	GDXU	MicroSectors Gold Miners	Pair Corr
0.64	RXI	iShares Global Consumer	Pair Corr
0.76	CSCO	Cisco Systems	Pair Corr
0.87	WMT	Walmart Aggressive Push	Pair Corr
0.72	GE	GE Aerospace	Pair Corr
0.71	T	ATT Inc Aggressive Push	Pair Corr
0.68	BA	Boeing	Pair Corr
0.78	IBM	International Business Sell-off Trend	Pair Corr

Moving against GraniteShares Etf

0.42	NVDL	GraniteShares 15x Long Buyout Trend	Pair Corr
0.41	NVDU	Direxion Daily NVDA Buyout Trend	Pair Corr
0.37	LABU	Direxion Daily SP	Pair Corr
0.31	MSTY	YieldMax MSTR Option	Pair Corr
0.44	AA	Alcoa Corp	Pair Corr
0.43	MSFT	Microsoft	Pair Corr
0.31	TRV	The Travelers Companies	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		-0.41	0.54	-0.65	0.76	0.36	-0.18	0.86	-0.81	-0.34	META
MSFT	-0.41		-0.59	0.37	-0.56	0.24	0.74	-0.48	0.61	-0.11	MSFT
UBER	0.54	-0.59		-0.13	0.78	-0.08	-0.48	0.68	-0.7	0.41	UBER
F	-0.65	0.37	-0.13		-0.39	-0.01	0.43	-0.4	0.63	0.73	F
T	0.76	-0.56	0.78	-0.39		-0.08	-0.35	0.7	-0.79	0.03	T
A	0.36	0.24	-0.08	-0.01	-0.08		0.25	0.49	0.02	-0.18	A
CRM	-0.18	0.74	-0.48	0.43	-0.35	0.25		-0.28	0.47	0.0	CRM
JPM	0.86	-0.48	0.68	-0.4	0.7	0.49	-0.28		-0.79	-0.04	JPM
MRK	-0.81	0.61	-0.7	0.63	-0.79	0.02	0.47	-0.79		0.12	MRK
XOM	-0.34	-0.11	0.41	0.73	0.03	-0.18	0.0	-0.04	0.12		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	+ 0.86	META
T	+ 0.78	UBER
T	+ 0.76	META
CRM	+ 0.74	MSFT
XOM	+ 0.73	F
JPM	+ 0.7	T

High negative correlations

MRK	- 0.81	META
MRK	- 0.79	JPM
MRK	- 0.79	T
MRK	- 0.7	UBER
F	- 0.65	META
UBER	- 0.59	MSFT

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	1.36	0.25	0.16	0.58	1.43	(1.41)	3.22	(2.29)	7.11
MSFT	1.01	(0.07)	0.00	(0.27)	0.00	0.00	2.20	(1.90)	10.31
UBER	1.89	0.18	0.07	0.34	2.76	(1.85)	4.72	(3.13)	12.29
F	1.32	(0.14)	0.00	(0.18)	0.00	0.00	2.46	(2.89)	10.97
T	0.92	0.28	0.26	0.50	0.89	(1.09)	1.80	(1.75)	7.94
A	1.11	0.01	0.00	(0.02)	0.00	0.00	2.81	(2.16)	6.12
CRM	1.48	(0.11)	0.00	(0.16)	0.00	0.00	3.10	(3.81)	15.92
JPM	0.88	0.14	0.11	0.14	1.16	(0.96)	1.92	(1.51)	6.85
MRK	1.26	(0.09)	0.00	(2.56)	0.00	0.00	2.43	(2.24)	11.57
XOM	0.91	(0.11)	0.00	(0.24)	0.00	0.00	1.76	(2.14)	5.69

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