ProShares Big Correlations

DAT Etf

USD 34.12 0.83 2.37%

The current 90-days correlation between ProShares Big Data and Vanguard Information Technology is 0.84 (i.e., Very poor diversification). The correlation of ProShares Big 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 Big Correlation With Market

Poor diversification

The correlation between ProShares Big Data and DJI is 0.74 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares Big Data and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in ProShares Big Data. 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

0.92	VGT	Vanguard Information	Pair Corr
0.92	XLK	Technology Select Sector	Pair Corr
0.93	IYW	iShares Technology ETF	Pair Corr
0.86	SMH	VanEck Semiconductor ETF	Pair Corr
0.86	SOXX	iShares Semiconductor ETF	Pair Corr
0.87	CIBR	First Trust NASDAQ	Pair Corr
0.92	FTEC	Fidelity MSCI Information	Pair Corr
0.99	IGV	iShares Expanded Tech Sell-off Trend	Pair Corr
0.98	FDN	First Trust Dow	Pair Corr
0.96	IGM	iShares Expanded Tech	Pair Corr
0.92	ARKC	ARK 21Shares Active	Pair Corr
0.62	FTSL	First Trust Senior	Pair Corr

Moving against ProShares Etf

0.71	XHLF	Bondbloxx ETF Trust	Pair Corr
0.68	UYLD	Angel Oak UltraShort	Pair Corr
0.61	EUAD	Select STOXX Europe	Pair Corr
0.53	TLT	iShares 20 Year	Pair Corr
0.45	SHNY	Microsectors Gold	Pair Corr
0.37	GDXJ	VanEck Junior Gold	Pair Corr
0.34	BABX	GraniteShares 175x Long	Pair Corr
0.34	WTID	UBS ETRACS Trending	Pair Corr
0.93	SDS	ProShares UltraShort Aggressive Push	Pair Corr
0.81	UVXY	ProShares Ultra VIX Trending	Pair Corr
0.69	EVSD	Eaton Vance Short	Pair Corr
0.68	IBDR	iShares iBonds Dec	Pair Corr
0.66	MMKT	Texas Capital Funds	Pair Corr
0.63	BSCS	Invesco BulletShares 2028	Pair Corr
0.57	SDFI	AB Active ETFs,	Pair Corr
0.56	GRNB	VanEck Green Bond	Pair Corr

Related Correlations Analysis

	VGT	XLK	SMH	SOXX	CIBR	FTEC	IGV	FDN	IGM
VGT		1.0	0.98	0.98	0.76	1.0	0.96	0.94	0.99	VGT
XLK	1.0		0.98	0.98	0.79	1.0	0.96	0.94	0.99	XLK
SMH	0.98	0.98		1.0	0.7	0.98	0.91	0.88	0.96	SMH
SOXX	0.98	0.98	1.0		0.72	0.98	0.91	0.88	0.96	SOXX
CIBR	0.76	0.79	0.7	0.72		0.76	0.86	0.86	0.82	CIBR
FTEC	1.0	1.0	0.98	0.98	0.76		0.96	0.94	0.99	FTEC
IGV	0.96	0.96	0.91	0.91	0.86	0.96		0.99	0.98	IGV
FDN	0.94	0.94	0.88	0.88	0.86	0.94	0.99		0.97	FDN
IGM	0.99	0.99	0.96	0.96	0.82	0.99	0.98	0.97		IGM
	VGT	XLK	SMH	SOXX	CIBR	FTEC	IGV	FDN	IGM

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

ProShares Big Constituents Risk-Adjusted Indicators

There is a big difference between ProShares Etf performing well and ProShares Big 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 Big'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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
VGT	1.55	(0.17)	(0.31)	2.00	(4.48)	10.36
XLK	1.52	(0.14)	(0.29)	1.99	(4.25)	9.85
SMH	2.06	(0.17)	(0.30)	2.90	(6.16)	13.15
SOXX	2.00	(0.20)	(0.31)	2.89	(5.82)	13.18
CIBR	1.32	0.05	(0.14)	1.88	(3.60)	9.42
FTEC	1.57	(0.17)	(0.31)	2.05	(4.45)	10.47
IGV	1.56	(0.09)	(0.25)	2.12	(3.77)	9.96
FDN	1.36	(0.07)	(0.24)	1.84	(4.14)	9.14
IGM	1.51	(0.13)	(0.28)	2.22	(4.33)	9.94

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC