Correlation Between Tuttle Capital and GraniteShares 125x

Can any of the company-specific risk be diversified away by investing in both Tuttle Capital and GraniteShares 125x at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Tuttle Capital and GraniteShares 125x into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Tuttle Capital Management and GraniteShares 125x Long, you can compare the effects of market volatilities on Tuttle Capital and GraniteShares 125x 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 Tuttle Capital with a short position of GraniteShares 125x. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tuttle Capital and GraniteShares 125x.

Diversification Opportunities for Tuttle Capital and GraniteShares 125x

0.93

Correlation Coefficient

Tuttle Capital  GraniteShares 125x

Almost no diversification

The 3 months correlation between Tuttle and GraniteShares is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Tuttle Capital Management and GraniteShares 125x Long in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GraniteShares 125x Long and Tuttle Capital 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 Tuttle Capital Management are associated (or correlated) with GraniteShares 125x. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GraniteShares 125x Long has no effect on the direction of Tuttle Capital i.e., Tuttle Capital and GraniteShares 125x go up and down completely randomly.

Pair Corralation between Tuttle Capital and GraniteShares 125x

If you would invest  1,467  in GraniteShares 125x Long on September 25, 2024 and sell it today you would earn a total of  615.00  from holding GraniteShares 125x Long or generate 41.92% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Very Strong
Accuracy	9.52%
Values	Daily Returns

Tuttle Capital Management  vs.  GraniteShares 125x Long

Tuttle Capital Management

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days Tuttle Capital Management has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of fairly strong basic indicators, Tuttle Capital is not utilizing all of its potentials. The recent stock price disturbance, may contribute to short-term losses for the investors.

GraniteShares 125x Long

Risk-Adjusted Performance

14 of 100

Good

Compared to the overall equity markets, risk-adjusted returns on investments in GraniteShares 125x Long are ranked lower than 14 (%) of all global equities and portfolios over the last 90 days. Despite quite conflicting basic indicators, GraniteShares 125x disclosed solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Tuttle Capital and GraniteShares 125x

The main advantage of trading using opposite Tuttle Capital and GraniteShares 125x positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tuttle Capital position performs unexpectedly, GraniteShares 125x 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 GraniteShares 125x will offset losses from the drop in GraniteShares 125x's long position.

The idea behind Tuttle Capital Management and GraniteShares 125x Long pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.