Correlation Between GraniteShares Gold and KSM Mutual
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By analyzing existing cross correlation between GraniteShares Gold Trust and KSM Mutual Funds, you can compare the effects of market volatilities on GraniteShares Gold and KSM Mutual 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 Gold with a short position of KSM Mutual. Check out your portfolio center. Please also check ongoing floating volatility patterns of GraniteShares Gold and KSM Mutual.
Diversification Opportunities for GraniteShares Gold and KSM Mutual
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between GraniteShares and KSM is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding GraniteShares Gold Trust and KSM Mutual Funds in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KSM Mutual Funds and GraniteShares Gold 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 Gold Trust are associated (or correlated) with KSM Mutual. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KSM Mutual Funds has no effect on the direction of GraniteShares Gold i.e., GraniteShares Gold and KSM Mutual go up and down completely randomly.
Pair Corralation between GraniteShares Gold and KSM Mutual
Considering the 90-day investment horizon GraniteShares Gold Trust is expected to generate 5.4 times more return on investment than KSM Mutual. However, GraniteShares Gold is 5.4 times more volatile than KSM Mutual Funds. It trades about 0.28 of its potential returns per unit of risk. KSM Mutual Funds is currently generating about -0.39 per unit of risk. If you would invest 2,146 in GraniteShares Gold Trust on January 25, 2024 and sell it today you would earn a total of 146.00 from holding GraniteShares Gold Trust or generate 6.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 77.27% |
| Values | Daily Returns |
GraniteShares Gold Trust vs. KSM Mutual Funds
Performance |
| Timeline |
| GraniteShares Gold Trust |
| KSM Mutual Funds |
GraniteShares Gold and KSM Mutual Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GraniteShares Gold and KSM Mutual
The main advantage of trading using opposite GraniteShares Gold and KSM Mutual positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GraniteShares Gold position performs unexpectedly, KSM Mutual 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 KSM Mutual will offset losses from the drop in KSM Mutual's long position.| GraniteShares Gold vs. HUMANA INC | GraniteShares Gold vs. Aquagold International | GraniteShares Gold vs. Barloworld Ltd ADR | GraniteShares Gold vs. Morningstar Unconstrained Allocation |
| KSM Mutual vs. KSM Mutual Funds | KSM Mutual vs. KSM Mutual Funds | KSM Mutual vs. KSM Mutual Funds | KSM Mutual vs. KSM Mutual Funds |
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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