GraniteShares ETF Correlations

AAPB Etf

USD 35.24 0.99 2.73%

The current 90-days correlation between GraniteShares ETF Trust and Direxion Daily SP500 is 0.54 (i.e., Very weak diversification). The correlation of GraniteShares ETF 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.

GraniteShares ETF Correlation With Market

Significant diversification

The correlation between GraniteShares ETF Trust and DJI is 0.01 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding GraniteShares ETF Trust and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in GraniteShares ETF Trust. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in american community survey.

For information on how to trade GraniteShares Etf refer to our How to Trade GraniteShares Etf guide.

Moving together with GraniteShares Etf

0.76	QLD	ProShares Ultra QQQ	Pair Corr
0.63	TECL	Direxion Daily Technology	Pair Corr
0.83	FNGU	MicroSectors FANG Index	Pair Corr
0.66	DSJA	DSJA	Pair Corr
0.74	RSPY	Tuttle Capital Management	Pair Corr
0.81	MEME	Roundhill Investments	Pair Corr
0.77	RXI	iShares Global Consumer	Pair Corr
0.62	BTC	Grayscale Bitcoin Mini	Pair Corr
0.65	JBBB	Janus Detroit Street	Pair Corr
0.64	VSLU	ETF Opportunities Trust	Pair Corr
0.71	BULZ	MicroSectors Solactive	Pair Corr
0.75	JEPQ	JPMorgan Nasdaq Equity	Pair Corr
0.75	AMZU	Direxion Daily AMZN	Pair Corr
0.81	IDAT	Ishares Trust	Pair Corr
0.71	QYLD	Global X NASDAQ	Pair Corr
0.81	PGRO	Putnam Focused Large	Pair Corr
0.64	DAT	ProShares Big Data	Pair Corr
0.8	FELG	Fidelity Covington Trust	Pair Corr
0.77	QJUN	First Trust Exchange	Pair Corr

Moving against GraniteShares Etf

0.64	LABU	Direxion Daily SP	Pair Corr
0.48	GUSH	Direxion Daily SP	Pair Corr
0.35	MCHI	iShares MSCI China	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.79	-0.54	-0.45	0.45	0.29	0.56	0.26	-0.13	-0.53	META
MSFT	0.79		-0.65	-0.37	0.56	0.05	0.63	0.39	-0.23	-0.75	MSFT
UBER	-0.54	-0.65		0.47	-0.72	0.18	-0.78	-0.55	0.61	0.75	UBER
F	-0.45	-0.37	0.47		0.01	-0.23	-0.06	0.28	-0.08	0.69	F
T	0.45	0.56	-0.72	0.01		-0.3	0.87	0.83	-0.68	-0.44	T
A	0.29	0.05	0.18	-0.23	-0.3		-0.31	-0.51	0.71	0.09	A
CRM	0.56	0.63	-0.78	-0.06	0.87	-0.31		0.87	-0.77	-0.5	CRM
JPM	0.26	0.39	-0.55	0.28	0.83	-0.51	0.87		-0.83	-0.27	JPM
MRK	-0.13	-0.23	0.61	-0.08	-0.68	0.71	-0.77	-0.83		0.29	MRK
XOM	-0.53	-0.75	0.75	0.69	-0.44	0.09	-0.5	-0.27	0.29		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

CRM	+ 0.87	T
JPM	+ 0.87	CRM
JPM	+ 0.83	T
MSFT	+ 0.79	META
XOM	+ 0.75	UBER
MRK	+ 0.71	A

High negative correlations

MRK	- 0.83	JPM
CRM	- 0.78	UBER
MRK	- 0.77	CRM
XOM	- 0.75	MSFT
T	- 0.72	UBER
MRK	- 0.68	T

GraniteShares ETF Competition Risk-Adjusted Indicators

There is a big difference between GraniteShares Etf performing well and GraniteShares ETF 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 ETF's 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	1.21	0.08	0.04	0.42	1.41	(1.37)	2.62	(3.15)	7.43
MSFT	0.87	0.00	(0.02)	0.02	1.65	(0.78)	1.78	(2.23)	8.14
UBER	1.65	(0.33)	0.00	(1.73)	0.00	0.00	2.53	(5.35)	20.41
F	1.39	(0.03)	0.00	(0.12)	0.00	0.00	2.53	(2.81)	11.21
T	0.95	0.10	0.07	0.39	1.13	(0.98)	1.93	(1.99)	7.95
A	1.19	(0.04)	0.00	(0.12)	0.00	0.00	2.71	(2.42)	9.02
CRM	1.46	0.33	0.19	20.66	1.34	(1.66)	3.18	(2.88)	14.80
JPM	1.06	0.23	0.16	(3.32)	1.11	(1.26)	1.99	(1.44)	15.87
MRK	0.97	(0.21)	0.00	(0.97)	0.00	0.00	1.72	(2.17)	5.17
XOM	0.84	(0.11)	0.00	(0.64)	0.00	0.00	1.83	(2.14)	6.06

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