Correlation Between GraniteShares ETF and 78409VAM6
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By analyzing existing cross correlation between GraniteShares ETF Trust and SP GLOBAL INC, you can compare the effects of market volatilities on GraniteShares ETF and 78409VAM6 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 78409VAM6. Check out your portfolio center. Please also check ongoing floating volatility patterns of GraniteShares ETF and 78409VAM6.
Diversification Opportunities for GraniteShares ETF and 78409VAM6
-0.66 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between GraniteShares and 78409VAM6 is -0.66. Overlapping area represents the amount of risk that can be diversified away by holding GraniteShares ETF Trust and SP GLOBAL INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SP GLOBAL 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 78409VAM6. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SP GLOBAL INC has no effect on the direction of GraniteShares ETF i.e., GraniteShares ETF and 78409VAM6 go up and down completely randomly.
Pair Corralation between GraniteShares ETF and 78409VAM6
Given the investment horizon of 90 days GraniteShares ETF Trust is expected to generate 16.16 times more return on investment than 78409VAM6. However, GraniteShares ETF is 16.16 times more volatile than SP GLOBAL INC. It trades about 0.55 of its potential returns per unit of risk. SP GLOBAL INC is currently generating about -0.24 per unit of risk. If you would invest 2,949 in GraniteShares ETF Trust on September 25, 2024 and sell it today you would earn a total of 646.00 from holding GraniteShares ETF Trust or generate 21.91% 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. SP GLOBAL INC
Performance |
Timeline |
GraniteShares ETF Trust |
SP GLOBAL INC |
GraniteShares ETF and 78409VAM6 Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with GraniteShares ETF and 78409VAM6
The main advantage of trading using opposite GraniteShares ETF and 78409VAM6 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GraniteShares ETF position performs unexpectedly, 78409VAM6 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 78409VAM6 will offset losses from the drop in 78409VAM6's long position.GraniteShares ETF vs. Direxion Daily SP500 | GraniteShares ETF vs. ProShares UltraPro SP500 | GraniteShares ETF vs. Direxion Daily Technology | GraniteShares ETF vs. ProShares Ultra Financials |
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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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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