Granite Construction Correlations

GRG Stock

70.00 0.50 0.72%

The current 90-days correlation between Granite Construction and Peijia Medical Limited is -0.17 (i.e., Good diversification). The correlation of Granite Construction 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.

Granite Construction Correlation With Market

Significant diversification

The correlation between Granite Construction and DJI is 0.05 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Granite Construction and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Granite Construction could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Granite Construction 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 Granite Construction - 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 Granite Construction to buy it.

Moving together with Granite Stock

0.71	APC	Apple Inc	Pair Corr
0.71	APC	Apple Inc	Pair Corr
0.72	APC	Apple Inc	Pair Corr
0.71	APC	Apple Inc	Pair Corr
0.72	APC	Apple Inc	Pair Corr
0.68	APC	Apple Inc	Pair Corr
0.94	MSF	Microsoft	Pair Corr
0.95	MSF	Microsoft	Pair Corr
0.95	MSF	Microsoft	Pair Corr
0.94	MSF	Microsoft	Pair Corr
0.9	TEY	Teradyne	Pair Corr
0.84	03F	IDP EDUCATION LTD	Pair Corr
0.77	DBPD	Xtrackers ShortDAX	Pair Corr

Moving against Granite Stock

0.76	DBPE	Xtrackers LevDAX	Pair Corr
0.59	EUH	Eurasia Mining Plc	Pair Corr
0.53	E908	Lyxor 1	Pair Corr

Related Correlations Analysis

	31F	GME	4WO	COP0	CHK	BBEA	PUS	TMD0
31F		0.09	-0.21	-0.32	-0.26	-0.25	0.47	0.01	31F
GME	0.09		-0.45	-0.27	-0.45	0.3	-0.21	0.34	GME
4WO	-0.21	-0.45		0.21	0.72	-0.54	0.13	-0.64	4WO
COP0	-0.32	-0.27	0.21		0.21	0.05	-0.17	-0.15	COP0
CHK	-0.26	-0.45	0.72	0.21		-0.23	0.15	-0.39	CHK
BBEA	-0.25	0.3	-0.54	0.05	-0.23		-0.57	0.69	BBEA
PUS	0.47	-0.21	0.13	-0.17	0.15	-0.57		-0.19	PUS
TMD0	0.01	0.34	-0.64	-0.15	-0.39	0.69	-0.19		TMD0
	31F	GME	4WO	COP0	CHK	BBEA	PUS	TMD0

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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

CHK	+ 0.72	4WO
TMD0	+ 0.69	BBEA
PUS	+ 0.47	31F
TMD0	+ 0.34	GME
BBEA	+ 0.3	GME
COP0	+ 0.21	4WO

High negative correlations

TMD0	- 0.64	4WO
PUS	- 0.57	BBEA
BBEA	- 0.54	4WO
CHK	- 0.45	GME
4WO	- 0.45	GME
TMD0	- 0.39	CHK

Risk-Adjusted Indicators

There is a big difference between Granite Stock performing well and Granite Construction Company 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 Granite Construction'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
31F	2.24	(0.06)	0.00	0.05	0.00	0.00	6.73	(5.08)	26.09
GME	1.81	(0.19)	0.00	0.72	0.00	0.00	5.77	(4.86)	15.89
4WO	2.62	0.34	0.10	(1.30)	2.63	(4.49)	6.67	(6.25)	14.66
COP0	1.13	(0.01)	0.01	0.14	1.64	(1.32)	2.04	(1.79)	6.67
CHK	2.28	0.10	0.04	0.18	2.62	(2.52)	4.26	(4.40)	10.22
BBEA	1.53	(0.54)	0.00	2.21	0.00	0.00	2.47	(2.94)	7.94
PUS	0.15	0.00	0.00	0.01	0.00	0.00	0.62	0.00	3.67
TMD0	2.47	(0.10)	0.00	(0.24)	0.00	0.00	4.08	(5.26)	23.64

Be your own money manager

Our tools can tell you how much better you can do entering a position in Granite Construction 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.

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