GraniteShares Correlations

3SRR Etf

11.50 0.35 2.95%

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

Good diversification

The correlation between GraniteShares 3x Short and DJI is -0.17 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding GraniteShares 3x Short and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to GraniteShares could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace GraniteShares when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back GraniteShares - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling GraniteShares 3x Short to buy it.

Moving together with GraniteShares Etf

0.76	NVD2	Leverage Shares 2x	Pair Corr
0.8	LQQ3	WisdomTree NASDAQ 100	Pair Corr

Moving against GraniteShares Etf

0.95	3LBA	GraniteShares 3x Long	Pair Corr
0.95	XUT3	db x trackers	Pair Corr
0.94	3BAL	WisdomTree EURO STOXX	Pair Corr
0.88	BBIL	JPM BetaBuilders Treasury	Pair Corr
0.86	TIPS	SSgA SPDR ETFs	Pair Corr
0.85	3LDE	WisdomTree DAX 30	Pair Corr
0.84	3DEL	WisdomTree DAX 30	Pair Corr
0.84	JGRN	JPM Green Social	Pair Corr
0.83	XAXD	Xtrackers MSCI	Pair Corr
0.82	JG15	JPM BetaBuilders	Pair Corr
0.8	GISG	Lyxor Core Global	Pair Corr
0.79	BULL	WisdomTree Gold	Pair Corr
0.79	UB0E	UBS MSCI EMU	Pair Corr
0.76	SEPA	SPDR MSCI Europe	Pair Corr
0.74	3LEU	WisdomTree EURO STOXX	Pair Corr
0.73	3EUL	WisdomTree EURO STOXX	Pair Corr
0.68	CO3S	Leverage Shares 3x	Pair Corr
0.66	HERG	Global X Video	Pair Corr
0.64	LCFE	WisdomTree Coffee	Pair Corr
0.63	DFEA	WisdomTree Europe	Pair Corr
0.62	U127	Amundi MSCI Emerging	Pair Corr
0.59	3CFL	WisdomTree Coffee	Pair Corr
0.48	J15R	JPMorgan ETFs Ireland	Pair Corr
0.43	3SAP	GraniteShares 3x Short	Pair Corr
0.41	XGLF	db x trackers	Pair Corr
0.33	SDIS	Leverage Shares 1x	Pair Corr
0.92	U37H	Lyxor Treasury 3	Pair Corr
0.92	IDVY	iShares EURO Dividend	Pair Corr
0.91	3STS	GraniteShares 3x Short	Pair Corr
0.91	CB5	Multi Units Luxembourg	Pair Corr
0.88	SMTC	Lyxor Smart Overnight	Pair Corr
0.87	EPAB	Multi Units Luxembourg	Pair Corr
0.85	MCHN	Invesco MSCI China	Pair Corr
0.85	FGQP	Fidelity Global Qual	Pair Corr
0.84	CS1	Amundi IBEX 35	Pair Corr
0.84	XGBB	Xtrackers USD Corporate	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		-0.14	0.66	-0.48	0.43	0.36	0.16	0.89	-0.77	0.14	META
MSFT	-0.14		-0.64	0.31	-0.77	0.65	0.89	0.0	0.49	-0.33	MSFT
UBER	0.66	-0.64		-0.48	0.8	-0.23	-0.55	0.58	-0.86	0.46	UBER
F	-0.48	0.31	-0.48		-0.2	0.12	0.15	-0.38	0.62	0.23	F
T	0.43	-0.77	0.8	-0.2		-0.54	-0.68	0.25	-0.68	0.48	T
A	0.36	0.65	-0.23	0.12	-0.54		0.75	0.58	0.12	-0.11	A
CRM	0.16	0.89	-0.55	0.15	-0.68	0.75		0.24	0.3	-0.38	CRM
JPM	0.89	0.0	0.58	-0.38	0.25	0.58	0.24		-0.65	0.16	JPM
MRK	-0.77	0.49	-0.86	0.62	-0.68	0.12	0.3	-0.65		-0.31	MRK
XOM	0.14	-0.33	0.46	0.23	0.48	-0.11	-0.38	0.16	-0.31		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Please upgrade your account to get full access to Macroaxis premium features

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	+ 0.89	META
CRM	+ 0.89	MSFT
T	+ 0.8	UBER
CRM	+ 0.75	A
UBER	+ 0.66	META
A	+ 0.65	MSFT

High negative correlations

MRK	- 0.86	UBER
T	- 0.77	MSFT
MRK	- 0.77	META
MRK	- 0.68	T
CRM	- 0.68	T
MRK	- 0.65	JPM

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	1.61	0.01	0.00	(0.08)	0.00	0.00	2.57	(3.73)	8.90
MSFT	1.11	(0.15)	0.00	(0.32)	0.00	0.00	2.58	(2.14)	10.31
UBER	1.94	0.22	0.10	0.31	2.41	(2.00)	4.72	(3.30)	12.75
F	1.44	0.07	0.00	(0.03)	0.00	0.00	2.71	(2.89)	10.14
T	1.05	0.26	0.17	0.38	1.59	(1.13)	1.90	(1.75)	11.66
A	1.13	(0.12)	0.00	(0.22)	0.00	0.00	2.92	(2.59)	9.03
CRM	1.42	(0.23)	0.00	(0.30)	0.00	0.00	2.72	(3.81)	8.88
JPM	1.09	0.06	0.00	(0.04)	0.00	0.00	1.99	(3.35)	6.85
MRK	1.17	(0.07)	0.00	1.31	0.00	0.00	2.07	(1.80)	11.58
XOM	1.05	0.07	0.09	0.06	1.38	(1.09)	2.55	(2.36)	5.89

Be your own money manager

Our tools can tell you how much better you can do entering a position in GraniteShares without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

Did you try this?

Run Pattern Recognition Now

Pattern Recognition

Use different Pattern Recognition models to time the market across multiple global exchanges

All Next

Launch Module

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC