Correlation Between GraniteShares ETF and L3HARRIS
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By analyzing existing cross correlation between GraniteShares ETF Trust and L3HARRIS TECHNOLOGIES INC, you can compare the effects of market volatilities on GraniteShares ETF and L3HARRIS and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in GraniteShares ETF with a short position of L3HARRIS. Check out your portfolio center. Please also check ongoing floating volatility patterns of GraniteShares ETF and L3HARRIS.
Diversification Opportunities for GraniteShares ETF and L3HARRIS
-0.72 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GraniteShares and L3HARRIS is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding GraniteShares ETF Trust and L3HARRIS TECHNOLOGIES INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on L3HARRIS TECHNOLOGIES INC and GraniteShares ETF is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on GraniteShares ETF Trust are associated (or correlated) with L3HARRIS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of L3HARRIS TECHNOLOGIES INC has no effect on the direction of GraniteShares ETF i.e., GraniteShares ETF and L3HARRIS go up and down completely randomly.
Pair Corralation between GraniteShares ETF and L3HARRIS
Given the investment horizon of 90 days GraniteShares ETF Trust is expected to generate 7.36 times more return on investment than L3HARRIS. However, GraniteShares ETF is 7.36 times more volatile than L3HARRIS TECHNOLOGIES INC. It trades about 0.15 of its potential returns per unit of risk. L3HARRIS TECHNOLOGIES INC is currently generating about -0.02 per unit of risk. If you would invest 1,775 in GraniteShares ETF Trust on September 24, 2024 and sell it today you would earn a total of 1,725 from holding GraniteShares ETF Trust or generate 97.18% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
GraniteShares ETF Trust vs. L3HARRIS TECHNOLOGIES INC
Performance |
Timeline |
GraniteShares ETF Trust |
L3HARRIS TECHNOLOGIES INC |
GraniteShares ETF and L3HARRIS Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with GraniteShares ETF and L3HARRIS
The main advantage of trading using opposite GraniteShares ETF and L3HARRIS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GraniteShares ETF position performs unexpectedly, L3HARRIS can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in L3HARRIS will offset losses from the drop in L3HARRIS's long position.GraniteShares ETF vs. Direxion Daily SP500 | GraniteShares ETF vs. ProShares Ultra QQQ | GraniteShares ETF vs. ProShares UltraPro SP500 | GraniteShares ETF vs. Direxion Daily Technology |
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Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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