Granite Point Correlations

GPMT Stock

USD 3.55 0.03 0.84%

The current 90-days correlation between Granite Point Mortgage and MFA Financial is 0.24 (i.e., Modest diversification). The correlation of Granite Point is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Granite Point Correlation With Market

Modest diversification

The correlation between Granite Point Mortgage and DJI is 0.24 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Granite Point Mortgage and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Granite Point Mortgage. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in population.

Moving together with Granite Stock

0.72	V	Visa Class A	Pair Corr
0.83	DIST	Distoken Acquisition	Pair Corr
0.83	MA	Mastercard	Pair Corr
0.66	DYCQ	DT Cloud Acquisition	Pair Corr
0.64	ROCLW	Roth CH Acquisition	Pair Corr
0.7	ESHA	ESH Acquisition Corp	Pair Corr
0.74	EVGR	Evergreen Corp	Pair Corr
0.67	ANSCW	Agriculture Natural	Pair Corr
0.66	GDSTU	Goldenstone Acquisition	Pair Corr
0.76	WAVSU	Western Acquisition	Pair Corr
0.75	FDUS	Fidus Investment Corp	Pair Corr

Moving against Granite Stock

0.76	BRACU	Broad Capital Acquisition	Pair Corr
0.57	PFTAU	Portage Fintech Acqu	Pair Corr
0.42	RC	Ready Capital Corp	Pair Corr
0.39	EMCGU	Embrace Change Acqui	Pair Corr
0.63	BRKHU	BurTech Acquisition Corp	Pair Corr
0.38	DISTW	Distoken Acquisition	Pair Corr
0.35	BRKHW	BurTech Acquisition Corp	Pair Corr
0.69	TWO	Two Harbors Investments	Pair Corr
0.66	TGAAU	Target Global Acquisition	Pair Corr

Related Correlations Analysis

	MFA	AOMR	TWO	PMT	CIM	ARR	ORC	IVR	NYMT	WMC
MFA		0.13	0.69	0.81	0.83	0.67	0.21	0.68	0.11	-0.51	MFA
AOMR	0.13		0.72	0.19	0.1	0.65	0.63	0.29	0.74	-0.6	AOMR
TWO	0.69	0.72		0.63	0.59	0.91	0.58	0.65	0.43	-0.67	TWO
PMT	0.81	0.19	0.63		0.78	0.6	0.25	0.78	0.02	-0.35	PMT
CIM	0.83	0.1	0.59	0.78		0.71	0.38	0.8	0.17	-0.43	CIM
ARR	0.67	0.65	0.91	0.6	0.71		0.75	0.76	0.53	-0.64	ARR
ORC	0.21	0.63	0.58	0.25	0.38	0.75		0.53	0.68	-0.31	ORC
IVR	0.68	0.29	0.65	0.78	0.8	0.76	0.53		0.25	-0.51	IVR
NYMT	0.11	0.74	0.43	0.02	0.17	0.53	0.68	0.25		-0.47	NYMT
WMC	-0.51	-0.6	-0.67	-0.35	-0.43	-0.64	-0.31	-0.51	-0.47		WMC
	MFA	AOMR	TWO	PMT	CIM	ARR	ORC	IVR	NYMT	WMC

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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

ARR	+ 0.91	TWO
CIM	+ 0.83	MFA
PMT	+ 0.81	MFA
IVR	+ 0.8	CIM
CIM	+ 0.78	PMT
IVR	+ 0.78	PMT

High negative correlations

WMC	- 0.67	TWO
WMC	- 0.64	ARR
WMC	- 0.6	AOMR
WMC	- 0.51	IVR
WMC	- 0.51	MFA
WMC	- 0.47	NYMT

Risk-Adjusted Indicators

There is a big difference between Granite Stock performing well and Granite Point Company 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 Granite Point's 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
MFA	1.07	(0.07)	0.00	0.64	0.00	0.00	1.66	(2.53)	9.82
AOMR	1.01	(0.30)	0.00	(0.25)	0.00	0.00	1.62	(1.88)	7.27
TWO	0.95	(0.28)	0.00	(0.33)	0.00	0.00	1.42	(2.21)	8.41
PMT	0.69	(0.08)	0.00	(0.02)	0.00	0.00	1.16	(1.78)	4.39
CIM	0.99	(0.08)	(0.07)	(0.01)	1.51	(0.97)	1.69	(2.36)	8.55
ARR	0.74	(0.12)	0.00	(0.18)	0.00	0.00	1.47	(2.02)	4.86
ORC	0.85	(0.04)	(0.08)	(0.01)	1.39	(0.80)	1.66	(2.11)	6.32
IVR	1.05	(0.03)	(0.07)	0.01	1.50	(1.04)	1.85	(2.89)	6.35
NYMT	1.45	(0.12)	0.00	(0.07)	0.00	0.00	2.94	(3.32)	7.18
WMC	1.38	0.32	0.10	(0.55)	1.21	(1.83)	3.31	(2.26)	8.78

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