ProShares Ultra Correlations

BOIL Etf

USD 16.26 0.80 4.69%

The current 90-days correlation between ProShares Ultra Bloomberg and Innovator SP 500 is -0.17 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as ProShares Ultra moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if ProShares Ultra Bloomberg moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

ProShares Ultra Correlation With Market

Excellent diversification

The correlation between ProShares Ultra Bloomberg and DJI is -0.7 (i.e., Excellent diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares Ultra Bloomberg and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with ProShares Etf

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in ProShares Ultra Bloomberg. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

Moving against ProShares Etf

0.74	JETS	US Global Jets	Pair Corr
0.68	AHYB	American Century ETF	Pair Corr
0.68	FMHI	First Trust Municipal	Pair Corr
0.67	FNK	First Trust Mid	Pair Corr
0.67	ILOW	AB Active ETFs	Pair Corr
0.64	DFIC	Dimensional International	Pair Corr
0.64	VEA	Vanguard FTSE Developed	Pair Corr
0.63	FTCS	First Trust Capital	Pair Corr
0.63	VYMI	Vanguard International	Pair Corr
0.62	LGCF	Themes Cash Flow	Pair Corr
0.62	ITDD	iShares Trust	Pair Corr
0.57	CCNR	CoreCommodity Natural	Pair Corr
0.57	NRES	Xtrackers RREEF Global	Pair Corr
0.56	GOCT	FT Cboe Vest	Pair Corr
0.56	GBUG	Sprott Active Gold	Pair Corr
0.54	KORU	Direxion Daily South Trending	Pair Corr
0.51	NUGT	Direxion Daily Gold	Pair Corr
0.51	UEVM	VictoryShares Emerging	Pair Corr
0.5	JNUG	Direxion Daily Junior	Pair Corr
0.5	GDMN	WisdomTree Efficient Gold Low Volatility	Pair Corr
0.43	GDXU	MicroSectors Gold Miners Trending	Pair Corr
0.41	DGP	DB Gold Double	Pair Corr
0.37	SHNY	Microsectors Gold	Pair Corr
0.36	UGL	ProShares Ultra Gold	Pair Corr
0.35	WTIU	UBS ETRACS	Pair Corr
0.69	ITA	iShares Aerospace Defense	Pair Corr
0.68	LQDW	iShares Trust	Pair Corr
0.67	CFA	VictoryShares 500	Pair Corr
0.65	ESGD	iShares ESG Aware	Pair Corr
0.64	SCDV	ETF Series Solutions	Pair Corr
0.64	IJS	iShares SP Small	Pair Corr
0.64	QTAP	Innovator Growth 100	Pair Corr
0.63	IXUS	iShares Core MSCI	Pair Corr
0.63	NAPR	Innovator Nasdaq 100	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		-0.24	-0.29	0.37	0.12	-0.39	-0.04	0.35	0.3	0.32	META
MSFT	-0.24		0.83	-0.59	-0.8	0.77	0.89	0.15	-0.88	-0.93	MSFT
UBER	-0.29	0.83		-0.54	-0.69	0.83	0.68	0.0	-0.8	-0.81	UBER
F	0.37	-0.59	-0.54		0.25	-0.5	-0.36	0.23	0.74	0.65	F
T	0.12	-0.8	-0.69	0.25		-0.58	-0.82	-0.2	0.63	0.7	T
A	-0.39	0.77	0.83	-0.5	-0.58		0.61	0.04	-0.7	-0.82	A
CRM	-0.04	0.89	0.68	-0.36	-0.82	0.61		0.46	-0.72	-0.86	CRM
JPM	0.35	0.15	0.0	0.23	-0.2	0.04	0.46		0.12	-0.15	JPM
MRK	0.3	-0.88	-0.8	0.74	0.63	-0.7	-0.72	0.12		0.89	MRK
XOM	0.32	-0.93	-0.81	0.65	0.7	-0.82	-0.86	-0.15	0.89		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

CRM	+ 0.89	MSFT
XOM	+ 0.89	MRK
UBER	+ 0.83	MSFT
A	+ 0.83	UBER
A	+ 0.77	MSFT
MRK	+ 0.74	F

High negative correlations

XOM	- 0.93	MSFT
MRK	- 0.88	MSFT
XOM	- 0.86	CRM
XOM	- 0.82	A
CRM	- 0.82	T
XOM	- 0.81	UBER

ProShares Ultra Competition Risk-Adjusted Indicators

There is a big difference between ProShares Etf performing well and ProShares Ultra 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 Ultra'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	1.52	0.05	0.02	0.12	1.51	(1.78)	3.43	(2.81)	13.69
MSFT	1.34	(0.43)	0.00	(0.88)	0.00	0.00	1.90	(2.87)	13.28
UBER	1.61	(0.43)	0.00	(0.57)	0.00	0.00	2.46	(4.25)	11.09
F	1.23	0.05	0.03	0.12	1.22	(1.46)	3.34	(2.30)	7.16
T	1.02	0.20	0.11	(1.79)	0.92	(1.18)	3.87	(1.76)	7.44
A	1.26	(0.29)	0.00	(0.20)	0.00	0.00	2.90	(2.72)	7.85
CRM	1.71	(0.48)	0.00	(0.39)	0.00	0.00	2.94	(4.75)	12.37
JPM	1.24	(0.10)	(0.04)	0.00	1.80	(1.29)	2.34	(3.11)	7.38
MRK	1.28	0.41	0.28	0.75	0.98	(1.50)	2.93	(1.98)	8.74
XOM	1.30	0.38	0.22	3.43	1.12	(1.49)	2.90	(2.44)	6.83

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