GraniteShares Bloomberg Correlations

COMB Etf

USD 21.52 0.01 0.05%

The current 90-days correlation between GraniteShares Bloomberg and abrdn Bloomberg All is 0.98 (i.e., Almost no diversification). The correlation of GraniteShares Bloomberg 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 Bloomberg Correlation With Market

Good diversification

The correlation between GraniteShares Bloomberg Commod and DJI is -0.05 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding GraniteShares Bloomberg Commod 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 Bloomberg Commodity. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in population.

Moving together with GraniteShares Etf

0.85	PDBC	Invesco Optimum Yield Sell-off Trend	Pair Corr
0.96	FTGC	First Trust Global	Pair Corr
0.84	DBC	Invesco DB Commodity Sell-off Trend	Pair Corr
0.62	COMT	iShares GSCI Commodity	Pair Corr
0.61	GSG	iShares SP GSCI	Pair Corr
0.97	DJP	iPath Bloomberg Commodity	Pair Corr
1.0	BCI	abrdn Bloomberg All	Pair Corr
1.0	CMDY	iShares Bloomberg Roll	Pair Corr
0.76	GCC	WisdomTree Continuous	Pair Corr
0.61	BND	Vanguard Total Bond	Pair Corr
0.82	VEA	Vanguard FTSE Developed	Pair Corr
0.85	GDXU	MicroSectors Gold Miners	Pair Corr
0.7	KO	Coca Cola Aggressive Push	Pair Corr
0.76	IBM	International Business	Pair Corr
0.64	XOM	Exxon Mobil Corp Earnings Call This Week	Pair Corr
0.7	CSCO	Cisco Systems	Pair Corr
0.8	MMM	3M Company	Pair Corr

Moving against GraniteShares Etf

0.36	VUG	Vanguard Growth Index	Pair Corr
0.65	MSFT	Microsoft	Pair Corr
0.48	DIS	Walt Disney	Pair Corr
0.47	AA	Alcoa Corp	Pair Corr
0.41	CAT	Caterpillar	Pair Corr
0.35	HPQ	HP Inc	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.05	0.56	-0.54	0.22	0.38	0.35	0.86	-0.69	-0.12	META
MSFT	0.05		-0.59	-0.07	-0.81	0.79	0.88	0.29	0.44	-0.57	MSFT
UBER	0.56	-0.59		-0.3	0.76	-0.33	-0.48	0.43	-0.83	0.5	UBER
F	-0.54	-0.07	-0.3		0.12	-0.19	-0.26	-0.37	0.34	0.48	F
T	0.22	-0.81	0.76	0.12		-0.7	-0.73	0.0	-0.64	0.64	T
A	0.38	0.79	-0.33	-0.19	-0.7		0.84	0.63	0.2	-0.47	A
CRM	0.35	0.88	-0.48	-0.26	-0.73	0.84		0.49	0.22	-0.65	CRM
JPM	0.86	0.29	0.43	-0.37	0.0	0.63	0.49		-0.55	-0.02	JPM
MRK	-0.69	0.44	-0.83	0.34	-0.64	0.2	0.22	-0.55		-0.39	MRK
XOM	-0.12	-0.57	0.5	0.48	0.64	-0.47	-0.65	-0.02	-0.39		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	+ 0.88	MSFT
JPM	+ 0.86	META
CRM	+ 0.84	A
A	+ 0.79	MSFT
T	+ 0.76	UBER
XOM	+ 0.64	T

High negative correlations

MRK	- 0.83	UBER
T	- 0.81	MSFT
CRM	- 0.73	T
A	- 0.7	T
MRK	- 0.69	META
XOM	- 0.65	CRM

GraniteShares Bloomberg Constituents Risk-Adjusted Indicators

There is a big difference between GraniteShares Etf performing well and GraniteShares Bloomberg 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 Bloomberg'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	1.63	0.02	0.04	(0.14)	2.26	(1.45)	2.96	(3.73)	8.90
MSFT	1.07	(0.16)	0.00	(6.44)	0.00	0.00	2.58	(2.14)	10.31
UBER	1.94	0.34	0.15	0.38	2.15	(2.13)	4.72	(3.13)	12.75
F	1.45	0.08	0.06	(1.07)	2.22	(1.39)	2.71	(2.89)	10.14
T	0.99	0.36	0.24	(12.29)	1.40	(1.16)	1.99	(1.21)	11.66
A	1.14	(0.15)	0.00	(0.21)	0.00	0.00	2.92	(2.59)	9.03
CRM	1.39	(0.28)	0.00	(2.21)	0.00	0.00	2.72	(3.53)	8.88
JPM	1.10	0.11	0.06	0.03	1.67	(1.06)	2.16	(2.12)	6.85
MRK	1.21	(0.13)	0.00	0.61	0.00	0.00	2.07	(2.25)	11.58
XOM	1.01	0.19	0.16	1.64	1.23	(1.06)	2.55	(2.36)	5.89

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