ProShares UltraShort Correlations

DXD Etf

USD 24.54 0.13 0.53%

The current 90-days correlation between ProShares UltraShort and ProShares UltraShort QQQ is 0.27 (i.e., Modest 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.

ProShares UltraShort Correlation With Market

Good diversification

The correlation between ProShares UltraShort Dow30 and DJI is -0.04 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares UltraShort Dow30 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 UltraShort Dow30. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in interest.

Moving together with ProShares Etf

0.85	SH	ProShares Short SP500	Pair Corr
0.81	SPXU	ProShares UltraPro Short	Pair Corr
0.83	SDS	ProShares UltraShort Aggressive Push	Pair Corr
0.86	SPXS	Direxion Daily SP Aggressive Push	Pair Corr
0.8	RWM	ProShares Short Russ	Pair Corr
0.9	SPDN	Direxion Daily SP Sell-off Trend	Pair Corr
1.0	DOG	ProShares Short Dow30 Sell-off Trend	Pair Corr

Moving against ProShares Etf

0.89	VO	Vanguard Mid Cap	Pair Corr
0.88	VB	Vanguard Small Cap	Pair Corr
0.82	VTI	Vanguard Total Stock	Pair Corr
0.79	IVV	iShares Core SP	Pair Corr
0.78	SPY	SPDR SP 500	Pair Corr
0.78	VTV	Vanguard Value Index	Pair Corr
0.6	BND	Vanguard Total Bond	Pair Corr
0.49	VUG	Vanguard Growth Index	Pair Corr
0.43	VEA	Vanguard FTSE Developed	Pair Corr
0.87	HD	Home Depot	Pair Corr
0.85	RFDA	RiverFront Dynamic	Pair Corr
0.66	PG	Procter Gamble	Pair Corr
0.64	TRV	The Travelers Companies	Pair Corr
0.59	DIS	Walt Disney Earnings Call This Week	Pair Corr
0.48	WMT	Walmart Aggressive Push	Pair Corr
0.46	CSCO	Cisco Systems	Pair Corr
0.45	MSFT	Microsoft Downward Rally	Pair Corr
0.42	GE	GE Aerospace	Pair Corr
0.37	AA	Alcoa Corp	Pair Corr
0.35	MCD	McDonalds Earnings Call This Week	Pair Corr
0.35	MMM	3M Company	Pair Corr
0.33	DD	Dupont De Nemours Earnings Call This Week	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.62	-0.43	-0.5	0.58	0.77	0.5	0.62	-0.15	-0.63	META
MSFT	0.62		-0.46	-0.23	0.48	0.4	0.6	0.3	-0.01	-0.46	MSFT
UBER	-0.43	-0.46		0.65	-0.3	-0.2	-0.71	-0.25	0.31	0.78	UBER
F	-0.5	-0.23	0.65		0.05	-0.32	-0.17	-0.06	0.09	0.9	F
T	0.58	0.48	-0.3	0.05		0.41	0.67	0.59	-0.17	-0.17	T
A	0.77	0.4	-0.2	-0.32	0.41		0.25	0.72	-0.21	-0.39	A
CRM	0.5	0.6	-0.71	-0.17	0.67	0.25		0.5	-0.29	-0.41	CRM
JPM	0.62	0.3	-0.25	-0.06	0.59	0.72	0.5		-0.55	-0.24	JPM
MRK	-0.15	-0.01	0.31	0.09	-0.17	-0.21	-0.29	-0.55		0.16	MRK
XOM	-0.63	-0.46	0.78	0.9	-0.17	-0.39	-0.41	-0.24	0.16		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

XOM	+ 0.9	F
XOM	+ 0.78	UBER
A	+ 0.77	META
JPM	+ 0.72	A
CRM	+ 0.67	T
F	+ 0.65	UBER

High negative correlations

CRM	- 0.71	UBER
XOM	- 0.63	META
MRK	- 0.55	JPM
F	- 0.5	META
XOM	- 0.46	MSFT
UBER	- 0.46	MSFT

ProShares UltraShort Competition 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
META	1.41	0.26	0.13	0.73	1.40	(1.61)	3.43	(2.31)	7.43
MSFT	1.12	(0.03)	0.00	(0.42)	0.00	0.00	2.20	(2.79)	7.31
UBER	1.56	(0.23)	0.00	(3.08)	0.00	0.00	2.67	(5.35)	12.29
F	1.47	(0.18)	0.00	(0.20)	0.00	0.00	2.57	(2.90)	11.21
T	1.00	0.10	0.04	0.30	1.08	(1.12)	1.91	(1.84)	7.94
A	1.20	0.19	0.11	0.48	1.06	(1.46)	2.92	(2.16)	8.06
CRM	1.51	0.34	0.15	2.71	1.42	(1.76)	3.70	(2.88)	14.80
JPM	1.05	0.25	0.15	0.96	1.05	(1.23)	1.92	(1.42)	15.87
MRK	1.03	(0.11)	0.00	(0.43)	0.00	0.00	2.00	(2.13)	5.24
XOM	0.82	(0.16)	0.00	(0.28)	0.00	0.00	1.71	(1.74)	6.06

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