Correlation Between GraniteShares 15x and EGIS
Can any of the company-specific risk be diversified away by investing in both GraniteShares 15x and EGIS 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 15x and EGIS into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GraniteShares 15x Long and EGIS, you can compare the effects of market volatilities on GraniteShares 15x and EGIS 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 15x with a short position of EGIS. Check out your portfolio center. Please also check ongoing floating volatility patterns of GraniteShares 15x and EGIS.
Diversification Opportunities for GraniteShares 15x and EGIS
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between GraniteShares and EGIS is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding GraniteShares 15x Long and EGIS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EGIS and GraniteShares 15x 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 15x Long are associated (or correlated) with EGIS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EGIS has no effect on the direction of GraniteShares 15x i.e., GraniteShares 15x and EGIS go up and down completely randomly.
Pair Corralation between GraniteShares 15x and EGIS
If you would invest 7,038 in GraniteShares 15x Long on September 2, 2024 and sell it today you would earn a total of 151.00 from holding GraniteShares 15x Long or generate 2.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 4.76% |
| Values | Daily Returns |
GraniteShares 15x Long vs. EGIS
Performance |
| Timeline |
| GraniteShares 15x Long |
| EGIS |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
GraniteShares 15x and EGIS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GraniteShares 15x and EGIS
The main advantage of trading using opposite GraniteShares 15x and EGIS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GraniteShares 15x position performs unexpectedly, EGIS 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 EGIS will offset losses from the drop in EGIS's long position.| GraniteShares 15x vs. Direxion Daily MSFT | GraniteShares 15x vs. Direxion Daily GOOGL | GraniteShares 15x vs. AXS 125X NVDA | GraniteShares 15x vs. Direxion Shares ETF |
| EGIS vs. ETF Opportunities Trust | EGIS vs. Point Bridge GOP | EGIS vs. EA Series Trust | EGIS vs. EA Series 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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