GraniteShares ETF Correlations

CONL Etf

USD 23.45 5.51 19.03%

The current 90-days correlation between GraniteShares ETF Trust and GraniteShares ETF Trust is 0.05 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as GraniteShares ETF moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if GraniteShares ETF Trust moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

GraniteShares ETF Correlation With Market

Good diversification

The correlation between GraniteShares ETF Trust 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 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 board of governors.

For more information on how to buy GraniteShares Etf please use our How to buy in GraniteShares Etf guide.

Moving together with GraniteShares Etf

0.75	LABU	Direxion Daily SP	Pair Corr
0.71	MSTY	YieldMax MSTR Option	Pair Corr
0.64	HD	Home Depot	Pair Corr
0.66	HPQ	HP Inc Earnings Call Tomorrow	Pair Corr
0.78	AA	Alcoa Corp	Pair Corr
0.67	TRV	The Travelers Companies	Pair Corr

Moving against GraniteShares Etf

0.53	CSCO	Cisco Systems	Pair Corr
0.4	FNGU	MicroSectors FANG Index	Pair Corr
0.4	BABX	GraniteShares 175x Long Buyout Trend	Pair Corr
0.4	SHNY	Microsectors Gold	Pair Corr
0.71	BA	Boeing	Pair Corr
0.63	PFE	Pfizer Inc Aggressive Push	Pair Corr
0.37	GE	GE Aerospace	Pair Corr
0.33	IBM	International Business	Pair Corr
0.32	WMT	Walmart	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		-0.35	0.51	-0.71	0.82	0.42	-0.1	0.83	-0.78	-0.42	META
MSFT	-0.35		-0.62	0.24	-0.42	0.21	0.69	-0.46	0.58	-0.18	MSFT
UBER	0.51	-0.62		-0.12	0.72	-0.03	-0.48	0.71	-0.74	0.38	UBER
F	-0.71	0.24	-0.12		-0.38	-0.21	0.29	-0.41	0.55	0.78	F
T	0.82	-0.42	0.72	-0.38		0.11	-0.12	0.75	-0.78	-0.02	T
A	0.42	0.21	-0.03	-0.21	0.11		0.21	0.54	-0.03	-0.33	A
CRM	-0.1	0.69	-0.48	0.29	-0.12	0.21		-0.24	0.41	-0.09	CRM
JPM	0.83	-0.46	0.71	-0.41	0.75	0.54	-0.24		-0.78	-0.09	JPM
MRK	-0.78	0.58	-0.74	0.55	-0.78	-0.03	0.41	-0.78		0.1	MRK
XOM	-0.42	-0.18	0.38	0.78	-0.02	-0.33	-0.09	-0.09	0.1		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

JPM	+ 0.83	META
T	+ 0.82	META
XOM	+ 0.78	F
JPM	+ 0.75	T
T	+ 0.72	UBER
JPM	+ 0.71	UBER

High negative correlations

MRK	- 0.78	JPM
MRK	- 0.78	T
MRK	- 0.78	META
MRK	- 0.74	UBER
F	- 0.71	META
UBER	- 0.62	MSFT

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	1.31	0.26	0.15	(5.33)	1.48	(1.33)	3.22	(2.31)	7.11
MSFT	0.97	(0.03)	0.00	(0.12)	0.00	0.00	2.20	(1.90)	10.31
UBER	1.93	0.09	0.03	8.55	2.95	(1.87)	4.72	(5.35)	12.29
F	1.36	(0.19)	0.00	(0.25)	0.00	0.00	2.46	(2.90)	10.97
T	0.93	0.27	0.23	0.52	0.93	(1.08)	1.80	(1.75)	7.94
A	1.08	0.10	0.09	0.14	1.02	(1.33)	2.81	(1.91)	6.12
CRM	1.43	(0.06)	0.00	(0.08)	0.00	0.00	3.10	(2.95)	15.92
JPM	0.88	0.10	0.09	0.13	1.16	(0.99)	1.92	(1.43)	6.85
MRK	1.23	(0.06)	0.00	(1.21)	0.00	0.00	2.43	(1.81)	11.57
XOM	0.93	(0.09)	0.00	(0.17)	0.00	0.00	1.76	(2.14)	5.69

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