Direxion Daily Correlations

Etfs . USA . 
Etf . Direxion Daily Cloud
CLDL Etf  USD 15.73  0.26  1.63%   
The current 90-days correlation between Direxion Daily Cloud and Direxion Daily Travel is 0.66 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Direxion Daily moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Direxion Daily Cloud moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Direxion Daily Correlation With Market

Significant diversification

The correlation between Direxion Daily Cloud and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Daily Cloud and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Direxion Daily Cloud. 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 Direxion Etf

  0.87SSO ProShares Ultra SP500PairCorr
  0.79SPXL Direxion Daily SP500PairCorr
  0.75QLD ProShares Ultra QQQPairCorr
  0.86UPRO ProShares UltraPro SP500PairCorr
  0.8UYG ProShares Ultra FinaPairCorr
  0.84VTI Vanguard Total StockPairCorr
  0.82SPY SPDR SP 500PairCorr
  0.88IVV iShares Core SPPairCorr
  0.76VUG Vanguard Growth IndexPairCorr
  0.69VO Vanguard Mid CapPairCorr
  0.73VB Vanguard Small CapPairCorr
  0.78WMT Walmart Aggressive PushPairCorr
  0.61CSCO Cisco SystemsPairCorr
  0.73IBM International Business Tech BoostPairCorr
  0.67AXP American ExpressPairCorr

Moving against Direxion Etf

  0.64NRGU Bank Of MontrealPairCorr
  0.65PFE Pfizer Inc Earnings Call This WeekPairCorr
  0.41JNJ Johnson JohnsonPairCorr
  0.35KO Coca Cola Earnings Call This WeekPairCorr

Related Correlations Analysis

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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   
WEBL
+ 0.95
WANT
WEBL
+ 0.85
OOTO
WANT
+ 0.84
OOTO
KLNE
+ 0.79
OOTO
KLNE
+ 0.73
WANT
KLNE
+ 0.65
WEBL
  
High negative correlations   
DUSL
- 0.01
WANT

Direxion Daily Constituents Risk-Adjusted Indicators

There is a big difference between Direxion Etf performing well and Direxion Daily 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 Direxion Daily'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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