Correlation Between GraniteShares ETF and PFIZER
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By analyzing existing cross correlation between GraniteShares ETF Trust and PFIZER INC 3, you can compare the effects of market volatilities on GraniteShares ETF and PFIZER 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 PFIZER. Check out your portfolio center. Please also check ongoing floating volatility patterns of GraniteShares ETF and PFIZER.
Diversification Opportunities for GraniteShares ETF and PFIZER
-0.5 | Correlation Coefficient |
Very good diversification
The 3 months correlation between GraniteShares and PFIZER is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding GraniteShares ETF Trust and PFIZER INC 3 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PFIZER INC 3 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 PFIZER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PFIZER INC 3 has no effect on the direction of GraniteShares ETF i.e., GraniteShares ETF and PFIZER go up and down completely randomly.
Pair Corralation between GraniteShares ETF and PFIZER
Given the investment horizon of 90 days GraniteShares ETF Trust is expected to generate 6.17 times more return on investment than PFIZER. However, GraniteShares ETF is 6.17 times more volatile than PFIZER INC 3. It trades about 0.09 of its potential returns per unit of risk. PFIZER INC 3 is currently generating about 0.03 per unit of risk. If you would invest 1,890 in GraniteShares ETF Trust on September 24, 2024 and sell it today you would earn a total of 1,610 from holding GraniteShares ETF Trust or generate 85.19% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 99.66% |
Values | Daily Returns |
GraniteShares ETF Trust vs. PFIZER INC 3
Performance |
Timeline |
GraniteShares ETF Trust |
PFIZER INC 3 |
GraniteShares ETF and PFIZER Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with GraniteShares ETF and PFIZER
The main advantage of trading using opposite GraniteShares ETF and PFIZER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GraniteShares ETF position performs unexpectedly, PFIZER 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 PFIZER will offset losses from the drop in PFIZER's long position.GraniteShares ETF vs. Direxion Daily SP500 | GraniteShares ETF vs. ProShares UltraPro SP500 | GraniteShares ETF vs. Direxion Daily Technology | GraniteShares ETF vs. MicroSectors FANG Index |
PFIZER vs. CarsalesCom Ltd ADR | PFIZER vs. Bright Scholar Education | PFIZER vs. Lucid Group | PFIZER vs. Ryanair Holdings PLC |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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