GraniteShares 15x Correlations

NVDL Etf

USD 68.98 1.64 2.32%

The current 90-days correlation between GraniteShares 15x Long and Direxion Daily MSFT is 0.51 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as GraniteShares 15x moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if GraniteShares 15x Long moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

GraniteShares 15x Correlation With Market

Weak diversification

The correlation between GraniteShares 15x Long and DJI is 0.31 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding GraniteShares 15x Long and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in GraniteShares 15x 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

0.87	SSO	ProShares Ultra SP500	Pair Corr
0.87	SPXL	Direxion Daily SP500	Pair Corr
0.89	QLD	ProShares Ultra QQQ	Pair Corr
0.87	UPRO	ProShares UltraPro SP500	Pair Corr
0.9	TECL	Direxion Daily Technology	Pair Corr
0.9	FNGU	MicroSectors FANG Index	Pair Corr
0.77	UYG	ProShares Ultra Fina	Pair Corr
0.78	ARKW	ARK Next Generation	Pair Corr
0.72	EWC	iShares MSCI Canada	Pair Corr
0.93	BST	BlackRock Science Tech	Pair Corr
0.85	AA	Alcoa Corp Fiscal Year End 15th of January 2025	Pair Corr
0.68	WMT	Walmart Aggressive Push	Pair Corr
0.76	AXP	American Express Fiscal Year End 24th of January 2025	Pair Corr
0.65	XOM	Exxon Mobil Corp Sell-off Trend	Pair Corr
0.62	HD	Home Depot Sell-off Trend	Pair Corr
0.7	TRV	The Travelers Companies Fiscal Year End 17th of January 2025	Pair Corr
0.9	CSCO	Cisco Systems Aggressive Push	Pair Corr
0.63	DIS	Walt Disney Aggressive Push	Pair Corr
0.72	CAT	Caterpillar Fiscal Year End 3rd of February 2025	Pair Corr
0.78	CVX	Chevron Corp Sell-off Trend	Pair Corr
0.74	JPM	JPMorgan Chase Sell-off Trend	Pair Corr

Moving against GraniteShares Etf

0.72	JNJ	Johnson Johnson Fiscal Year End 28th of January 2025	Pair Corr
0.66	IRET	Tidal Trust II	Pair Corr
0.6	NRGU	Bank Of Montreal	Pair Corr
0.6	HUM	Humana Inc Fiscal Year End 23rd of January 2025	Pair Corr
0.85	MRK	Merck Company Fiscal Year End 6th of February 2025	Pair Corr
0.79	KO	Coca Cola Sell-off Trend	Pair Corr
0.57	PG	Procter Gamble	Pair Corr
0.57	PFE	Pfizer Inc Aggressive Push	Pair Corr
0.53	BA	Boeing Fiscal Year End 29th of January 2025	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.28	0.56	0.02	0.58	0.03	0.65	0.28	-0.54	0.71	META
MSFT	0.28		0.23	0.14	0.19	-0.02	0.03	-0.13	0.11	-0.19	MSFT
UBER	0.56	0.23		-0.04	-0.02	0.27	0.01	-0.13	0.06	0.35	UBER
F	0.02	0.14	-0.04		0.14	-0.4	0.44	0.67	-0.31	0.32	F
T	0.58	0.19	-0.02	0.14		-0.51	0.77	0.56	-0.78	0.37	T
A	0.03	-0.02	0.27	-0.4	-0.51		-0.48	-0.64	0.64	-0.01	A
CRM	0.65	0.03	0.01	0.44	0.77	-0.48		0.85	-0.92	0.66	CRM
JPM	0.28	-0.13	-0.13	0.67	0.56	-0.64	0.85		-0.83	0.49	JPM
MRK	-0.54	0.11	0.06	-0.31	-0.78	0.64	-0.92	-0.83		-0.56	MRK
XOM	0.71	-0.19	0.35	0.32	0.37	-0.01	0.66	0.49	-0.56		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

JPM	+ 0.85	CRM
CRM	+ 0.77	T
XOM	+ 0.71	META
JPM	+ 0.67	F
XOM	+ 0.66	CRM
CRM	+ 0.65	META

High negative correlations

MRK	- 0.92	CRM
MRK	- 0.83	JPM
MRK	- 0.78	T
JPM	- 0.64	A
XOM	- 0.56	MRK
MRK	- 0.54	META

GraniteShares 15x Competition Risk-Adjusted Indicators

There is a big difference between GraniteShares Etf performing well and GraniteShares 15x 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 15x'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
META	1.06	0.06	0.02	0.21	1.39	(1.15)	2.62	(3.15)	8.02
MSFT	0.90	(0.03)	(0.04)	0.07	1.49	(0.86)	2.09	(1.85)	8.19
UBER	1.62	(0.13)	(0.05)	0.00	2.26	(1.79)	2.69	(2.53)	20.10
F	1.43	(0.15)	(0.04)	0.02	2.24	(1.39)	2.53	(2.90)	11.21
T	0.92	0.26	0.12	(9.48)	0.86	(1.06)	2.56	(1.72)	6.47
A	1.14	(0.13)	0.00	(0.12)	0.00	0.00	2.29	(2.42)	9.02
CRM	1.29	0.26	0.22	0.36	0.91	(1.53)	3.18	(1.91)	9.09
JPM	1.12	(0.01)	0.06	0.12	1.42	(1.19)	2.05	(2.00)	15.87
MRK	0.89	(0.23)	0.00	(0.76)	0.00	0.00	2.00	(2.13)	4.89
XOM	1.02	(0.06)	(0.09)	0.00	1.34	(1.07)	2.10	(2.09)	5.74

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