GraniteShares Correlations

SMCL Etf   19.62  0.24  1.21%   
The current 90-days correlation between GraniteShares 2x Long and Vanguard Total Stock 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

Significant diversification

The correlation between GraniteShares 2x Long and DJI is 0.03 (i.e., Significant 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 World Market Map 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 main economic indicators.

Moving together with GraniteShares Etf

  0.87VTI Vanguard Total StockPairCorr
  0.87SPY SPDR SP 500PairCorr
  0.87IVV iShares Core SPPairCorr
  0.86VTV Vanguard Value Index Sell-off TrendPairCorr
  0.87VUG Vanguard Growth IndexPairCorr
  0.85VO Vanguard Mid CapPairCorr
  0.82VEA Vanguard FTSE DevelopedPairCorr
  0.84VB Vanguard Small CapPairCorr
  0.85VWO Vanguard FTSE EmergingPairCorr
  0.88XOVR ERShares Private Public Symbol ChangePairCorr
  0.79GAICX GATEWAY INTERNATIONALPairCorr
  0.89HBTA Horizon FundsPairCorr
  0.81AAIAX AMERICAN BEACON INTEPairCorr
  0.86FDV First Trust CapitalPairCorr
  0.84TRSY Xtrackers 0 1PairCorr
  0.84BCHP EGSHARES BLUE CHIPPairCorr
  0.63EUSB iShares TrustPairCorr
  0.87BUFD FT Cboe VestPairCorr
  0.72KGRN KraneShares MSCI ChinaPairCorr
  0.82VABS Virtus Newfleet ABSMBSPairCorr
  0.8AXP American ExpressPairCorr
  0.78CVX Chevron CorpPairCorr
  0.84GE GE Aerospace Earnings Call TodayPairCorr
  0.89CAT CaterpillarPairCorr
  0.83BAC Bank of AmericaPairCorr
  0.84BA Boeing Earnings Call This WeekPairCorr
  0.82MSFT Microsoft Aggressive PushPairCorr
  0.83MMM 3M CompanyPairCorr
  0.86CSCO Cisco SystemsPairCorr
  0.68INTC Intel Earnings Call This WeekPairCorr
  0.83AA Alcoa CorpPairCorr
  0.79DD Dupont De Nemours Earnings Call This WeekPairCorr

Moving against GraniteShares Etf

  0.56MCD McDonaldsPairCorr
  0.39PG Procter Gamble Earnings Call This WeekPairCorr
  0.39KO Coca Cola Earnings Call TodayPairCorr

Related Correlations Analysis

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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   
MSFTMETA
JPMMSFT
JPMMETA
AMETA
JPMF
FUBER
  
High negative correlations   
MRKCRM
XOMCRM

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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
META  1.50  0.30  0.24  0.36  1.02 
 3.99 
 10.48 
MSFT  0.89  0.31  0.27  0.48  0.52 
 2.33 
 8.85 
UBER  1.63  0.19  0.12  0.32  1.40 
 4.19 
 10.87 
F  1.29  0.20  0.10  0.41  1.39 
 2.69 
 7.46 
T  1.03 (0.05)(0.09) 0.02  1.34 
 2.35 
 5.71 
A  1.46  0.18  0.00 (0.42) 1.81 
 2.54 
 14.01 
CRM  1.33 (0.14)(0.05) 0.04  1.71 
 2.95 
 9.31 
JPM  0.90  0.35  0.18 (2.74) 0.67 
 2.25 
 6.03 
MRK  1.38 (0.09)(0.05) 0.04  1.96 
 2.88 
 10.58 
XOM  1.13  0.06 (0.03) 0.46  1.38 
 2.40 
 6.28