Correlation Between GraniteShares ETF and Angel Oak
Can any of the company-specific risk be diversified away by investing in both GraniteShares ETF and Angel Oak at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining GraniteShares ETF and Angel Oak into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GraniteShares ETF Trust and Angel Oak Funds, you can compare the effects of market volatilities on GraniteShares ETF and Angel Oak and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in GraniteShares ETF with a short position of Angel Oak. Check out your portfolio center. Please also check ongoing floating volatility patterns of GraniteShares ETF and Angel Oak.
Diversification Opportunities for GraniteShares ETF and Angel Oak
-0.73 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GraniteShares and Angel is -0.73. Overlapping area represents the amount of risk that can be diversified away by holding GraniteShares ETF Trust and Angel Oak Funds in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Angel Oak Funds and GraniteShares ETF is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on GraniteShares ETF Trust are associated (or correlated) with Angel Oak. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Angel Oak Funds has no effect on the direction of GraniteShares ETF i.e., GraniteShares ETF and Angel Oak go up and down completely randomly.
Pair Corralation between GraniteShares ETF and Angel Oak
Given the investment horizon of 90 days GraniteShares ETF Trust is expected to generate 61.04 times more return on investment than Angel Oak. However, GraniteShares ETF is 61.04 times more volatile than Angel Oak Funds. It trades about 0.29 of its potential returns per unit of risk. Angel Oak Funds is currently generating about 0.12 per unit of risk. If you would invest 2,459 in GraniteShares ETF Trust on September 3, 2024 and sell it today you would earn a total of 2,879 from holding GraniteShares ETF Trust or generate 117.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
GraniteShares ETF Trust vs. Angel Oak Funds
Performance |
| Timeline |
| GraniteShares ETF Trust |
| Angel Oak Funds |
GraniteShares ETF and Angel Oak Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GraniteShares ETF and Angel Oak
The main advantage of trading using opposite GraniteShares ETF and Angel Oak positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GraniteShares ETF position performs unexpectedly, Angel Oak can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Angel Oak will offset losses from the drop in Angel Oak's long position.| GraniteShares ETF vs. GraniteShares ETF Trust | GraniteShares ETF vs. Direxion Shares ETF | GraniteShares ETF vs. Direxion Daily AMZN | GraniteShares ETF vs. Direxion Daily GOOGL |
| Angel Oak vs. Valued Advisers Trust | Angel Oak vs. Columbia Diversified Fixed | Angel Oak vs. Principal Exchange Traded Funds | Angel Oak vs. Doubleline Etf Trust |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Commodity Directory module to find actively traded commodities issued by global exchanges.
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