GraniteShares Correlations

AMDL Etf

11.67 0.73 6.67%

The current 90-days correlation between GraniteShares 2x Long and Smith Nephew SNATS is -0.01 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as GraniteShares moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if GraniteShares 2x Long moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

GraniteShares Correlation With Market

Very weak diversification

The correlation between GraniteShares 2x Long and DJI is 0.4 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding GraniteShares 2x Long and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in GraniteShares 2x Long. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

Moving together with GraniteShares Etf

0.78	VUG	Vanguard Growth Index	Pair Corr
0.91	GMET	VanEck Vectors ETF	Pair Corr
0.7	AMPD	Tidal Trust II	Pair Corr
0.89	AA	Alcoa Corp Fiscal Year End 15th of January 2025	Pair Corr
0.61	CVX	Chevron Corp Fiscal Year End 7th of February 2025	Pair Corr
0.74	INTC	Intel Aggressive Push	Pair Corr
0.74	MRK	Merck Company Fiscal Year End 6th of February 2025	Pair Corr
0.77	DIS	Walt Disney Sell-off Trend	Pair Corr
0.87	MSFT	Microsoft Aggressive Push	Pair Corr

Moving against GraniteShares Etf

0.75	DSJA	DSJA	Pair Corr
0.75	RSPY	Tuttle Capital Management	Pair Corr
0.67	BND	Vanguard Total Bond Sell-off Trend	Pair Corr
0.65	CIRC	JPMorgan	Pair Corr
0.45	VTV	Vanguard Value Index Sell-off Trend	Pair Corr
0.79	JNJ	Johnson Johnson Fiscal Year End 28th of January 2025	Pair Corr
0.77	KO	Coca Cola Fiscal Year End 11th of February 2025	Pair Corr
0.77	MMM	3M Company Fiscal Year End 28th of January 2025	Pair Corr
0.66	IBM	International Business Fiscal Year End 22nd of January 2025	Pair Corr
0.61	T	ATT Inc Aggressive Push	Pair Corr
0.56	PFE	Pfizer Inc Aggressive Push	Pair Corr
0.52	XOM	Exxon Mobil Corp Fiscal Year End 7th of February 2025	Pair Corr
0.42	GE	GE Aerospace Fiscal Year End 28th of January 2025	Pair Corr
0.31	JPM	JPMorgan Chase Fiscal Year End 10th of January 2025	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.08	0.69	-0.2	0.13	0.04	0.24	0.15	-0.2	-0.01	META
MSFT	0.08		0.31	0.78	-0.62	-0.77	-0.03	-0.34	0.8	-0.52	MSFT
UBER	0.69	0.31		0.23	0.02	-0.05	0.22	0.23	0.16	-0.08	UBER
F	-0.2	0.78	0.23		-0.42	-0.61	0.02	-0.06	0.71	-0.29	F
T	0.13	-0.62	0.02	-0.42		0.61	0.39	0.71	-0.71	0.54	T
A	0.04	-0.77	-0.05	-0.61	0.61		0.28	0.57	-0.69	0.62	A
CRM	0.24	-0.03	0.22	0.02	0.39	0.28		0.72	-0.36	0.67	CRM
JPM	0.15	-0.34	0.23	-0.06	0.71	0.57	0.72		-0.53	0.67	JPM
MRK	-0.2	0.8	0.16	0.71	-0.71	-0.69	-0.36	-0.53		-0.62	MRK
XOM	-0.01	-0.52	-0.08	-0.29	0.54	0.62	0.67	0.67	-0.62		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

MRK	+ 0.8	MSFT
F	+ 0.78	MSFT
JPM	+ 0.72	CRM
MRK	+ 0.71	F
JPM	+ 0.71	T
UBER	+ 0.69	META

High negative correlations

A	- 0.77	MSFT
MRK	- 0.71	T
MRK	- 0.69	A
XOM	- 0.62	MRK
T	- 0.62	MSFT
A	- 0.61	F

GraniteShares Competition Risk-Adjusted Indicators

There is a big difference between GraniteShares Etf performing well and GraniteShares ETF 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 GraniteShares' 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
META	1.51	0.00	(0.01)	0.07	2.16	(1.44)	3.86	(3.21)	11.55
MSFT	0.97	(0.09)	0.00	(0.04)	0.00	0.00	1.77	(2.45)	5.77
UBER	1.70	(0.04)	(0.02)	0.02	2.13	(2.04)	5.12	(3.33)	13.79
F	1.75	(0.27)	0.00	(0.12)	0.00	0.00	3.21	(3.24)	22.50
T	0.90	0.28	0.18	108.29	0.90	(1.04)	2.13	(1.83)	7.97
A	1.07	0.00	0.00	0.06	1.34	(1.05)	2.69	(2.08)	6.98
CRM	1.28	(0.05)	(0.02)	0.02	1.50	(1.40)	2.93	(2.22)	7.90
JPM	1.12	0.00	0.01	0.06	1.72	(0.98)	2.05	(2.63)	6.73
MRK	1.09	(0.17)	0.00	4.52	0.00	0.00	1.71	(2.09)	13.12
XOM	1.06	(0.08)	0.00	(0.05)	0.00	0.00	2.10	(2.09)	6.30

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