ProShares UltraShort Correlations
| BIS Etf | USD 16.37 0.06 0.37% |
The current 90-days correlation between ProShares UltraShort and ProShares Ultra Nasdaq is -0.99 (i.e., Pay attention - limited upside). The correlation of ProShares UltraShort 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.
ProShares UltraShort Correlation With Market
Excellent diversification
The correlation between ProShares UltraShort Nasdaq and DJI is -0.59 (i.e., Excellent diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares UltraShort Nasdaq and DJI in the same portfolio, assuming nothing else is changed.
ProShares |
Moving together with ProShares Etf
| 0.68 | GBTC | Grayscale Bitcoin Trust | PairCorr |
| 0.66 | ATMP | Barclays ETN Select | PairCorr |
| 0.61 | DIG | ProShares Ultra Oil | PairCorr |
| 0.7 | CVX | Chevron Corp Sell-off Trend | PairCorr |
Moving against ProShares Etf
| 0.58 | TAIL | Cambria Tail Risk | PairCorr |
| 0.46 | SPXU | ProShares UltraPro Short | PairCorr |
| 0.46 | SPXS | Direxion Daily SP | PairCorr |
| 0.45 | SDS | ProShares UltraShort | PairCorr |
| 0.44 | QID | ProShares UltraShort QQQ | PairCorr |
| 0.44 | NRGU | Bank Of Montreal | PairCorr |
| 0.42 | SH | ProShares Short SP500 | PairCorr |
| 0.42 | PSQ | ProShares Short QQQ | PairCorr |
| 0.42 | DOG | ProShares Short Dow30 | PairCorr |
| 0.41 | SPDN | Direxion Daily SP | PairCorr |
| 0.38 | RWM | ProShares Short Russ | PairCorr |
| 0.68 | JNJ | Johnson Johnson Fiscal Year End 28th of January 2025 | PairCorr |
| 0.43 | BA | Boeing Buyout Trend | PairCorr |
| 0.37 | MMM | 3M Company Fiscal Year End 28th of January 2025 | PairCorr |
| 0.31 | MCD | McDonalds Fiscal Year End 3rd of February 2025 | PairCorr |
Related Correlations Analysis
| -0.65 | -0.85 | -0.71 | 0.41 | BIB | ||
| -0.65 | 0.79 | 0.74 | -0.69 | BZQ | ||
| -0.85 | 0.79 | 0.89 | -0.63 | RXD | ||
| -0.71 | 0.74 | 0.89 | -0.54 | EPV | ||
| 0.41 | -0.69 | -0.63 | -0.54 | REW | ||
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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
| High negative correlations
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ProShares UltraShort Constituents Risk-Adjusted Indicators
There is a big difference between ProShares Etf performing well and ProShares UltraShort 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 ProShares UltraShort'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| BIB | 1.59 | (0.33) | 0.00 | (0.07) | 0.00 | 2.60 | 12.63 | |||
| BZQ | 1.98 | 0.47 | 0.13 | (0.76) | 2.02 | 5.96 | 12.43 | |||
| RXD | 1.16 | 0.37 | 0.11 | (0.21) | 0.95 | 2.66 | 5.96 | |||
| EPV | 1.42 | 0.18 | 0.00 | (0.24) | 1.57 | 3.07 | 7.90 | |||
| REW | 1.73 | (0.17) | 0.00 | 0.21 | 0.00 | 3.80 | 11.53 |