Granite Construction Correlations

Stocks . USA . 
Stock . Granite Construction Incorporated
GVA Stock  USD 95.88  0.91  0.96%   
The current 90-days correlation between Granite Construction and Topbuild Corp is 0.35 (i.e., Weak diversification). The correlation of Granite Construction 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.

Granite Construction Correlation With Market

Very weak diversification

The correlation between Granite Construction Incorpora and DJI is 0.58 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Granite Construction Incorpora and DJI in the same portfolio, assuming nothing else is changed.
  
Build AI portfolio with Granite Stock
Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Granite Construction Incorporated. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in real.

Moving together with Granite Stock

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Moving against Granite Stock

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  0.58SKBL Skyline BuildersPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Granite Stock performing well and Granite Construction 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 Construction'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.

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