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.
GraniteShares |
Moving together with GraniteShares Etf
0.61 | BABX | GraniteShares 175x Long | PairCorr |
0.77 | SHNY | Microsectors Gold | PairCorr |
0.71 | GDXU | MicroSectors Gold Miners | PairCorr |
0.64 | RXI | iShares Global Consumer | PairCorr |
0.76 | CSCO | Cisco Systems | PairCorr |
0.87 | WMT | Walmart Aggressive Push | PairCorr |
0.72 | GE | GE Aerospace | PairCorr |
0.71 | T | ATT Inc Aggressive Push | PairCorr |
0.68 | BA | Boeing | PairCorr |
0.78 | IBM | International Business Sell-off Trend | PairCorr |
Moving against GraniteShares Etf
0.42 | NVDL | GraniteShares 15x Long Buyout Trend | PairCorr |
0.41 | NVDU | Direxion Daily NVDA Buyout Trend | PairCorr |
0.37 | LABU | Direxion Daily SP | PairCorr |
0.31 | MSTY | YieldMax MSTR Option | PairCorr |
0.44 | AA | Alcoa Corp | PairCorr |
0.43 | MSFT | Microsoft | PairCorr |
0.31 | TRV | The Travelers Companies | PairCorr |
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
| High negative correlations
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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 | ||
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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 |