Direxion Daily Correlations

Etfs . USA . 
Etf . Direxion Daily Energy
ERY Etf  USD 24.16  1.26  5.50%   
The current 90-days correlation between Direxion Daily Energy and Direxion Daily Energy is -1.0 (i.e., Pay attention - limited upside). The correlation of Direxion Daily 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.

Direxion Daily Correlation With Market

Very good diversification

The correlation between Direxion Daily Energy and DJI is -0.23 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Daily Energy 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 Direxion Daily Energy. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

Moving together with Direxion Etf

  0.63RWM ProShares Short RussPairCorr

Moving against Direxion Etf

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  0.61VB Vanguard Small CapPairCorr
  0.33VEA Vanguard FTSE DevelopedPairCorr
  0.94CVX Chevron Corp Fiscal Year End 7th of February 2025 PairCorr
  0.77XOM Exxon Mobil Corp Fiscal Year End 7th of February 2025 PairCorr
  0.69INTC IntelPairCorr
  0.68TRV The Travelers CompaniesPairCorr
  0.55HD Home DepotPairCorr
  0.54GE GE AerospacePairCorr
  0.54HPQ HP IncPairCorr
  0.48BAC Bank of AmericaPairCorr
  0.47QQEW First Trust NASDAQPairCorr
  0.39JNJ Johnson JohnsonPairCorr
  0.37VZ Verizon CommunicationsPairCorr

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   
TZA
+ 0.78
FAZ
DRV
+ 0.69
EDZ
DRV
+ 0.56
TZA
DRV
+ 0.19
FAZ
TZA
+ 0.15
EDZ
  
High negative correlations   
DRV
- 0.62
ERX
TZA
- 0.62
ERX
FAZ
- 0.52
ERX
FAZ
- 0.28
EDZ
EDZ
- 0.12
ERX

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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