Granite Ridge Correlations

GRNT Stock

USD 6.07 0.01 0.16%

The correlation of Granite Ridge 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 Ridge Correlation With Market

Average diversification

The correlation between Granite Ridge Resources and DJI is 0.18 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Granite Ridge Resources and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Granite Ridge Resources. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

Moving together with Granite Stock

0.91	PR	Permian Resources	Pair Corr
0.76	SD	SandRidge Energy	Pair Corr
0.83	SM	SM Energy	Pair Corr
0.76	DMLP	Dorchester Minerals	Pair Corr
0.72	VIST	Vista Oil Gas	Pair Corr
0.79	VTLE	Vital Energy	Pair Corr
0.79	EONR	EON Resources Symbol Change	Pair Corr
0.91	FANG	Diamondback Energy	Pair Corr
0.88	APA	APA Corporation	Pair Corr
0.74	BKV	BKV Corporation	Pair Corr
0.78	BRY	Berry Petroleum Corp	Pair Corr
0.91	BTE	Baytex Energy Corp Aggressive Push	Pair Corr
0.83	CNQ	Canadian Natural Res	Pair Corr
0.81	COP	ConocoPhillips	Pair Corr
0.74	CRC	California Resources Corp	Pair Corr
0.64	CRK	Comstock Resources	Pair Corr
0.73	DEC	Diversified Energy	Pair Corr
0.69	EGY	Vaalco Energy	Pair Corr
0.62	EOG	EOG Resources	Pair Corr
0.82	EPM	Evolution Petroleum	Pair Corr
0.75	GFR	Greenfire Resources	Pair Corr
0.76	GTE	Gran Tierra Energy	Pair Corr
0.73	HPK	Highpeak Energy Acqu	Pair Corr
0.79	KOS	Kosmos Energy	Pair Corr
0.73	KRP	Kimbell Royalty Partners	Pair Corr
0.7	MGY	Magnolia Oil Gas	Pair Corr
0.8	MNR	Mach Natural Resources	Pair Corr

Moving against Granite Stock

0.33

ANNAW

AleAnna, Warrant

Pair Corr

Related Correlations Analysis

	EPSN	SBOW	GPOR	NRT	ESTE	PHX	CRC	MXC	XLEFF	COCBF
EPSN		0.0	0.1	0.37	0.0	0.21	-0.49	-0.54	0.0	0.0	EPSN
SBOW	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	SBOW
GPOR	0.1	0.0		0.66	0.0	0.59	0.58	0.55	0.0	0.0	GPOR
NRT	0.37	0.0	0.66		0.0	0.51	0.0	0.26	0.0	0.0	NRT
ESTE	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	ESTE
PHX	0.21	0.0	0.59	0.51	0.0		0.11	0.09	0.0	0.0	PHX
CRC	-0.49	0.0	0.58	0.0	0.0	0.11		0.73	0.0	0.0	CRC
MXC	-0.54	0.0	0.55	0.26	0.0	0.09	0.73		0.0	0.0	MXC
XLEFF	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	XLEFF
COCBF	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		COCBF
	EPSN	SBOW	GPOR	NRT	ESTE	PHX	CRC	MXC	XLEFF	COCBF

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

MXC	+ 0.73	CRC
NRT	+ 0.66	GPOR
PHX	+ 0.59	GPOR
CRC	+ 0.58	GPOR
MXC	+ 0.55	GPOR
PHX	+ 0.51	NRT

High negative correlations

MXC	- 0.54	EPSN
CRC	- 0.49	EPSN
COCBF	- 0.0	XLEFF
COCBF	- 0.0	MXC
XLEFF	- 0.0	MXC
COCBF	- 0.0	CRC

Risk-Adjusted Indicators

There is a big difference between Granite Stock performing well and Granite Ridge 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 Ridge'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
EPSN	1.73	0.32	0.15	0.98	1.87	(1.93)	5.04	(3.75)	10.87
SBOW	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
GPOR	1.68	0.13	0.06	0.30	2.21	(1.66)	3.50	(3.31)	13.64
NRT	2.38	0.36	0.14	4.27	2.24	(2.97)	7.36	(4.08)	17.43
ESTE	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PHX	1.57	0.09	0.06	0.19	1.71	(1.88)	3.32	(3.12)	8.84
CRC	1.47	(0.25)	0.00	(0.36)	0.00	0.00	3.30	(3.56)	15.14
MXC	2.49	(0.36)	0.00	(0.45)	0.00	0.00	4.60	(5.06)	18.18
XLEFF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
COCBF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Granite Ridge Corporate Management

Matthew CFA	CoFounder CoChairman	Profile
Griffin Perry	CoFounder CoChairman	Profile
Michael Ott	Vice Relations	Profile
Tyler Farquharson	Chief Officer	Profile
Adam Brandau	Controller	Profile
Emily Fuquay	Corporate Secretary	Profile

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