ProShares UltraShort Correlations

BZQ Etf

USD 10.32 0.53 4.88%

The current 90-days correlation between ProShares UltraShort MSCI and Simplify Exchange Traded is 0.03 (i.e., Significant diversification). 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 MSCI 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 UltraShort MSCI 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 UltraShort MSCI. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in nation.

Moving together with ProShares Etf

0.69	RWM	ProShares Short Russ	Pair Corr
0.65	DOG	ProShares Short Dow30 Sell-off Trend	Pair Corr
0.72	ARKW	ARK Next Generation	Pair Corr
0.8	HPQ	HP Inc Aggressive Push	Pair Corr
0.8	MSFT	Microsoft Sell-off Trend	Pair Corr

Moving against ProShares Etf

0.94	OIH	VanEck Oil Services	Pair Corr
0.85	RDIV	Invesco SP Ultra	Pair Corr
0.82	BINC	BlackRock ETF Trust	Pair Corr
0.69	EWC	iShares MSCI Canada	Pair Corr
0.65	OASC	OneAscent Small Cap	Pair Corr
0.61	VBK	Vanguard Small Cap	Pair Corr
0.6	WTMF	WisdomTree Managed	Pair Corr
0.59	TOT	Advisor Managed Port	Pair Corr
0.45	BST	BlackRock Science Tech	Pair Corr
0.93	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.9	CVX	Chevron Corp Sell-off Trend	Pair Corr
0.88	CAT	Caterpillar	Pair Corr
0.86	PFE	Pfizer Inc Aggressive Push	Pair Corr
0.79	INTC	Intel	Pair Corr
0.77	WMT	Walmart Common Stock	Pair Corr
0.75	AHYB	American Century ETF	Pair Corr
0.72	BA	Boeing	Pair Corr
0.67	PG	Procter Gamble	Pair Corr
0.64	AA	Alcoa Corp	Pair Corr
0.59	VZ	Verizon Communications Aggressive Push	Pair Corr
0.58	CSCO	Cisco Systems Aggressive Push	Pair Corr

Related Correlations Analysis

	EWV	FXP	EVAV	STAX	JPAN	UBR	UPGR	TOT	SBB	LITL
EWV		0.4	-0.55	-0.93	-0.98	-0.82	-0.85	-0.73	0.9	-0.72	EWV
FXP	0.4		-0.16	-0.26	-0.46	-0.33	-0.36	-0.28	0.19	-0.05	FXP
EVAV	-0.55	-0.16		0.65	0.58	0.31	0.48	0.71	-0.65	0.73	EVAV
STAX	-0.93	-0.26	0.65		0.9	0.85	0.83	0.72	-0.87	0.77	STAX
JPAN	-0.98	-0.46	0.58	0.9		0.75	0.85	0.73	-0.88	0.72	JPAN
UBR	-0.82	-0.33	0.31	0.85	0.75		0.78	0.56	-0.71	0.53	UBR
UPGR	-0.85	-0.36	0.48	0.83	0.85	0.78		0.83	-0.84	0.79	UPGR
TOT	-0.73	-0.28	0.71	0.72	0.73	0.56	0.83		-0.85	0.92	TOT
SBB	0.9	0.19	-0.65	-0.87	-0.88	-0.71	-0.84	-0.85		-0.91	SBB
LITL	-0.72	-0.05	0.73	0.77	0.72	0.53	0.79	0.92	-0.91		LITL
	EWV	FXP	EVAV	STAX	JPAN	UBR	UPGR	TOT	SBB	LITL

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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

LITL	+ 0.92	TOT
SBB	+ 0.9	EWV
JPAN	+ 0.9	STAX
UBR	+ 0.85	STAX
UPGR	+ 0.85	JPAN
UPGR	+ 0.83	STAX

High negative correlations

JPAN	- 0.98	EWV
STAX	- 0.93	EWV
LITL	- 0.91	SBB
SBB	- 0.88	JPAN
SBB	- 0.87	STAX
SBB	- 0.85	TOT

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
EWV	1.48	(0.38)	0.00	(130.53)	0.00	0.00	3.18	(4.03)	11.74
FXP	1.76	(0.01)	0.00	0.10	0.00	0.00	2.98	(3.44)	11.01
EVAV	2.84	0.45	0.08	(2.18)	3.64	(3.03)	5.81	(6.41)	21.24
STAX	0.05	0.01	(0.77)	0.42	0.00	(0.07)	0.12	(0.04)	0.55
JPAN	0.80	0.17	0.08	7.79	0.80	(0.89)	2.17	(1.42)	4.86
UBR	2.36	0.53	0.15	0.50	3.29	(2.62)	5.34	(5.88)	17.95
UPGR	1.47	(0.05)	0.00	0.05	1.82	(1.47)	2.80	(2.79)	7.63
TOT	0.59	(0.03)	(0.06)	0.04	0.81	(0.58)	1.17	(1.30)	3.68
SBB	0.88	(0.18)	0.00	1.26	0.00	0.00	1.59	(2.57)	5.30
LITL	0.89	0.00	0.02	0.09	0.86	(1.12)	2.02	(1.53)	5.86

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