ProShares UltraShort Correlations

EFU Etf

USD 15.70 0.10 0.63%

The current 90-days correlation between ProShares UltraShort MSCI and ProShares UltraShort MSCI is 0.74 (i.e., Poor 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

Very good diversification

The correlation between ProShares UltraShort MSCI and DJI is -0.42 (i.e., Very good 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.

Check out Investing Opportunities 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 census.

Moving together with ProShares Etf

0.84	BITX	Volatility Shares Trust Upward Rally	Pair Corr
0.79	CONL	GraniteShares ETF Trust Upward Rally	Pair Corr
0.81	CRPT	First Trust SkyBridge	Pair Corr
0.83	DAPP	VanEck Digital Trans	Pair Corr
0.81	DPST	Direxion Daily Regional	Pair Corr
0.7	CSCO	Cisco Systems Aggressive Push	Pair Corr
0.73	CVX	Chevron Corp Sell-off Trend	Pair Corr
0.64	AXP	American Express Fiscal Year End 24th of January 2025	Pair Corr
0.78	WMT	Walmart Aggressive Push	Pair Corr
0.78	DIS	Walt Disney Aggressive Push	Pair Corr

Moving against ProShares Etf

0.75	TAIL	Cambria Tail Risk	Pair Corr
0.6	RWM	ProShares Short Russ Sell-off Trend	Pair Corr
0.54	SPXU	ProShares UltraPro Short	Pair Corr
0.54	SPXS	Direxion Daily SP	Pair Corr
0.54	DOG	ProShares Short Dow30	Pair Corr
0.53	SDS	ProShares UltraShort	Pair Corr
0.51	SH	ProShares Short SP500	Pair Corr
0.5	QID	ProShares UltraShort QQQ	Pair Corr
0.5	SPDN	Direxion Daily SP	Pair Corr
0.48	PSQ	ProShares Short QQQ	Pair Corr
0.9	KO	Coca Cola Sell-off Trend	Pair Corr
0.84	PFE	Pfizer Inc Aggressive Push	Pair Corr
0.72	JNJ	Johnson Johnson Fiscal Year End 28th of January 2025	Pair Corr
0.62	MMM	3M Company Fiscal Year End 28th of January 2025	Pair Corr
0.59	BA	Boeing Fiscal Year End 29th of January 2025	Pair Corr
0.45	DD	Dupont De Nemours Fiscal Year End 4th of February 2025	Pair Corr

Related Correlations Analysis

	EWV	EFZ	EEV	SIJ	SZK
EWV		0.87	0.32	-0.33	0.55	EWV
EFZ	0.87		0.33	-0.57	0.68	EFZ
EEV	0.32	0.33		0.39	-0.23	EEV
SIJ	-0.33	-0.57	0.39		-0.59	SIJ
SZK	0.55	0.68	-0.23	-0.59		SZK
	EWV	EFZ	EEV	SIJ	SZK

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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

EFZ	+ 0.87	EWV
SZK	+ 0.68	EFZ
SZK	+ 0.55	EWV
SIJ	+ 0.39	EEV
EEV	+ 0.33	EFZ
EEV	+ 0.32	EWV

High negative correlations

SZK	- 0.59	SIJ
SIJ	- 0.57	EFZ
SIJ	- 0.33	EWV
SZK	- 0.23	EEV

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	1.69	0.33	0.02	(0.11)	1.83	(1.96)	3.98	(2.94)	12.65
EFZ	0.65	0.16	(0.01)	(0.24)	0.69	(0.75)	1.74	(1.11)	4.05
EEV	1.62	0.12	(0.03)	(0.07)	2.46	(1.68)	4.05	(4.16)	11.67
SIJ	1.39	(0.06)	0.00	0.14	0.00	0.00	2.60	(3.01)	12.29
SZK	0.99	0.05	(0.09)	(0.08)	1.04	(1.12)	2.01	(1.52)	5.31

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