Granite Construction Correlations

GVA Stock

USD 75.60 1.64 2.12%

The current 90-days correlation between Granite Construction and Comfort Systems USA is 0.13 (i.e., Average 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.

Granite Construction Correlation With Market

Average diversification

The correlation between Granite Construction Incorpora and DJI is 0.11 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Granite Construction Incorpora 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 Construction Incorporated. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in real.

Moving together with Granite Stock

0.91	J	Jacobs Solutions	Pair Corr
0.89	DY	Dycom Industries	Pair Corr
0.78	ESOA	Energy Services	Pair Corr
0.91	ACA	Arcosa Inc	Pair Corr
0.91	ACM	Aecom Technology	Pair Corr
0.87	AGX	Argan Inc Upward Rally	Pair Corr
0.92	EME	EMCOR Group	Pair Corr
0.76	FGL	Founder Group Limited	Pair Corr
0.87	FIX	Comfort Systems USA	Pair Corr
0.89	FLR	Fluor	Pair Corr
0.85	LMB	Limbach Holdings	Pair Corr
0.87	MTZ	MasTec Inc	Pair Corr
0.88	ORN	Orion Group Holdings	Pair Corr
0.87	PWR	Quanta Services Sell-off Trend	Pair Corr
0.88	GLDD	Great Lakes Dredge	Pair Corr
0.83	IESC	IES Holdings	Pair Corr
0.92	MYRG	MYR Group	Pair Corr
0.73	PGHL	Primega Group Holdings	Pair Corr
0.87	PRIM	Primoris Services	Pair Corr
0.8	ROAD	Construction Partners	Pair Corr
0.66	AGFY	Agrify Corp	Pair Corr
0.88	AMRC	Ameresco	Pair Corr
0.9	SHIM	Shimmick Common	Pair Corr
0.81	STRL	Sterling Construction	Pair Corr
0.61	BBCP	Concrete Pumping Holdings	Pair Corr
0.63	BWMN	Bowman Consulting	Pair Corr

Moving against Granite Stock

0.66	JUNE	Junee Limited Ordinary	Pair Corr
0.65	STN	Stantec	Pair Corr
0.67	EH	Ehang Holdings	Pair Corr
0.5	DE	Deere Company	Pair Corr
0.46	G	Genpact Limited	Pair Corr

Related Correlations Analysis

	EME	FIX	PRIM	ROAD	MYRG	MTRX	APG	GLDD	KBR	DY
EME		0.93	0.87	0.83	0.92	0.47	0.03	0.9	0.83	0.83	EME
FIX	0.93		0.95	0.85	0.87	0.51	-0.02	0.88	0.85	0.81	FIX
PRIM	0.87	0.95		0.83	0.84	0.43	-0.06	0.85	0.82	0.77	PRIM
ROAD	0.83	0.85	0.83		0.89	0.21	-0.27	0.89	0.92	0.66	ROAD
MYRG	0.92	0.87	0.84	0.89		0.35	-0.07	0.94	0.84	0.82	MYRG
MTRX	0.47	0.51	0.43	0.21	0.35		0.43	0.46	0.18	0.72	MTRX
APG	0.03	-0.02	-0.06	-0.27	-0.07	0.43		-0.16	-0.44	0.29	APG
GLDD	0.9	0.88	0.85	0.89	0.94	0.46	-0.16		0.88	0.84	GLDD
KBR	0.83	0.85	0.82	0.92	0.84	0.18	-0.44	0.88		0.6	KBR
DY	0.83	0.81	0.77	0.66	0.82	0.72	0.29	0.84	0.6		DY
	EME	FIX	PRIM	ROAD	MYRG	MTRX	APG	GLDD	KBR	DY

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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

PRIM	+ 0.95	FIX
GLDD	+ 0.94	MYRG
FIX	+ 0.93	EME
MYRG	+ 0.92	EME
KBR	+ 0.92	ROAD
GLDD	+ 0.9	EME

High negative correlations

KBR	- 0.44	APG
APG	- 0.27	ROAD
GLDD	- 0.16	APG
APG	- 0.07	MYRG
APG	- 0.06	PRIM
APG	- 0.02	FIX

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
EME	2.23	(0.26)	0.00	1.23	0.00	0.00	4.18	(4.52)	24.49
FIX	2.96	(0.25)	0.00	(0.18)	0.00	0.00	5.49	(6.52)	31.92
PRIM	2.56	(0.38)	0.00	(0.34)	0.00	0.00	4.65	(5.67)	25.01
ROAD	2.37	(0.29)	0.00	(0.28)	0.00	0.00	4.89	(5.81)	16.21
MYRG	2.46	(0.38)	0.00	(1.57)	0.00	0.00	4.57	(5.73)	16.92
MTRX	2.44	0.16	0.05	0.06	2.86	(2.77)	4.96	(4.98)	14.29
APG	1.35	0.00	0.04	(0.05)	1.76	(1.41)	3.39	(3.14)	12.53
GLDD	2.37	(0.32)	0.00	(3.93)	0.00	0.00	3.70	(5.27)	22.28
KBR	1.27	(0.15)	0.00	(0.28)	0.00	0.00	2.14	(2.64)	6.14
DY	2.07	(0.12)	0.00	1.05	0.00	0.00	4.93	(4.95)	13.28

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