Correlation Between GraniteShares 15x and Franklin Templeton
Can any of the company-specific risk be diversified away by investing in both GraniteShares 15x and Franklin Templeton 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 Franklin Templeton 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 Franklin Templeton ETF, you can compare the effects of market volatilities on GraniteShares 15x and Franklin Templeton 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 Franklin Templeton. Check out your portfolio center. Please also check ongoing floating volatility patterns of GraniteShares 15x and Franklin Templeton.
Diversification Opportunities for GraniteShares 15x and Franklin Templeton
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between GraniteShares and Franklin is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding GraniteShares 15x Long and Franklin Templeton ETF in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Franklin Templeton ETF 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 Franklin Templeton. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Franklin Templeton ETF has no effect on the direction of GraniteShares 15x i.e., GraniteShares 15x and Franklin Templeton go up and down completely randomly.
Pair Corralation between GraniteShares 15x and Franklin Templeton
Given the investment horizon of 90 days GraniteShares 15x Long is expected to under-perform the Franklin Templeton. In addition to that, GraniteShares 15x is 22.94 times more volatile than Franklin Templeton ETF. It trades about 0.0 of its total potential returns per unit of risk. Franklin Templeton ETF is currently generating about 0.29 per unit of volatility. If you would invest 2,105 in Franklin Templeton ETF on December 6, 2024 and sell it today you would earn a total of 42.00 from holding Franklin Templeton ETF or generate 2.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
GraniteShares 15x Long vs. Franklin Templeton ETF
Performance |
| Timeline |
| GraniteShares 15x Long |
| Franklin Templeton ETF |
GraniteShares 15x and Franklin Templeton Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GraniteShares 15x and Franklin Templeton
The main advantage of trading using opposite GraniteShares 15x and Franklin Templeton positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GraniteShares 15x position performs unexpectedly, Franklin Templeton 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 Franklin Templeton will offset losses from the drop in Franklin Templeton'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 |
| Franklin Templeton vs. Franklin Liberty Investment | Franklin Templeton vs. iShares ESG Aggregate | Franklin Templeton vs. Franklin LibertyQ Equity | Franklin Templeton vs. Franklin Liberty Short |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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