ProShares Ultra Correlations

COIA Etf

13.50 0.05 0.37%

The current 90-days correlation between ProShares Ultra N and Sp 500 Pure is 0.02 (i.e., Significant diversification). The correlation of ProShares Ultra 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.

ProShares Ultra Correlation With Market

Average diversification

The correlation between ProShares Ultra N and DJI is 0.17 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares Ultra N 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. 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

0.86	SCHY	Schwab International	Pair Corr
0.86	TBXU	Direxion Shares ETF	Pair Corr
0.82	FGD	First Trust Dow	Pair Corr
0.76	HAP	VanEck Natural Resources	Pair Corr
0.76	SLX	VanEck Steel ETF	Pair Corr
0.72	GAPR	First Trust Exchange	Pair Corr
0.72	GYLD	Arrow ETF Trust	Pair Corr
0.7	JEPI	JPMorgan Equity Premium	Pair Corr
0.69	RFDI	First Trust RiverFront	Pair Corr
0.64	VTV	Vanguard Value Index	Pair Corr
0.61	IHYF	Invesco High Yield	Pair Corr
0.59	VEA	Vanguard FTSE Developed	Pair Corr
0.56	SPDW	SPDR SP World	Pair Corr
0.49	IXUS	iShares Core MSCI	Pair Corr
0.44	SPY	SPDR SP 500	Pair Corr
0.44	IVV	iShares Core SP	Pair Corr
0.44	EDGI	Advisors Inner	Pair Corr
0.41	VTI	Vanguard Total Stock	Pair Corr
0.37	VB	Vanguard Small Cap	Pair Corr
0.31	BND	Vanguard Total Bond	Pair Corr
0.9	TYLD	Cambria ETF Trust	Pair Corr
0.89	BOXX	Alpha Architect 1	Pair Corr
0.87	AGNG	Global X Aging	Pair Corr
0.87	LABU	Direxion Daily SP	Pair Corr
0.85	DJD	Invesco Dow Jones	Pair Corr
0.83	DXJ	WisdomTree Japan Hedged	Pair Corr
0.73	FNDF	Schwab Fundamental	Pair Corr
0.69	VSHY	Virtus ETF Trust	Pair Corr
0.66	DGRO	iShares Core Dividend	Pair Corr
0.63	PCY	Invesco Emerging Markets	Pair Corr
0.62	INOV	Innovator ETFs Trust	Pair Corr
0.62	FTBI	First Trust Exchange	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.63	0.38	-0.48	0.26	-0.32	0.31	-0.26	-0.37	-0.47	META
MSFT	0.63		0.84	-0.56	0.43	-0.03	-0.04	-0.48	-0.82	-0.65	MSFT
UBER	0.38	0.84		-0.55	0.47	0.2	-0.24	-0.48	-0.83	-0.63	UBER
F	-0.48	-0.56	-0.55		-0.68	0.24	0.36	0.58	0.68	0.77	F
T	0.26	0.43	0.47	-0.68		0.25	-0.67	-0.62	-0.45	-0.57	T
A	-0.32	-0.03	0.2	0.24	0.25		-0.48	-0.27	0.01	0.0	A
CRM	0.31	-0.04	-0.24	0.36	-0.67	-0.48		0.54	0.27	0.32	CRM
JPM	-0.26	-0.48	-0.48	0.58	-0.62	-0.27	0.54		0.65	0.66	JPM
MRK	-0.37	-0.82	-0.83	0.68	-0.45	0.01	0.27	0.65		0.8	MRK
XOM	-0.47	-0.65	-0.63	0.77	-0.57	0.0	0.32	0.66	0.8		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

UBER	+ 0.84	MSFT
XOM	+ 0.8	MRK
XOM	+ 0.77	F
MRK	+ 0.68	F
XOM	+ 0.66	JPM
MRK	+ 0.65	JPM

High negative correlations

MRK	- 0.83	UBER
MRK	- 0.82	MSFT
T	- 0.68	F
CRM	- 0.67	T
XOM	- 0.65	MSFT
XOM	- 0.63	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	1.36	(0.20)	0.00	(0.12)	0.00	0.00	2.30	(2.72)	13.52
MSFT	0.91	(0.18)	0.00	(0.27)	0.00	0.00	1.65	(2.50)	4.90
UBER	1.54	(0.28)	0.00	(0.19)	0.00	0.00	2.60	(3.82)	10.23
F	1.44	0.18	0.14	0.22	1.32	(1.68)	3.38	(2.35)	16.30
T	0.88	(0.14)	0.00	(0.52)	0.00	0.00	1.61	(1.83)	5.75
A	1.13	0.01	0.02	0.09	1.26	(1.22)	2.34	(2.22)	6.50
CRM	1.51	0.06	0.02	0.16	1.92	(1.53)	3.66	(2.92)	9.91
JPM	1.12	0.10	0.01	1.54	1.44	(1.17)	2.34	(2.28)	7.02
MRK	1.22	0.30	0.22	0.45	1.05	(1.52)	3.59	(1.98)	8.09
XOM	1.04	0.12	0.05	0.44	1.06	(1.15)	2.21	(1.93)	5.82

ProShares Ultra Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with ProShares Ultra etf to make a market-neutral strategy. Peer analysis of ProShares Ultra could also be used in its relative valuation, which is a method of valuing ProShares Ultra by comparing valuation metrics with similar companies.

Sp 500 Pure Sp Smallcap 600 Allspring Exchange Traded Funds First Trust Exchange Traded Fidelity Income Replacement Domini International Opportunities Banking Fund Investor Commodities Strategy Fund WisdomTree Asia Defense Retailing Fund Investor American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup

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