Direxion Daily Correlations

Etfs . USA . 
Etf . Direxion Daily Select
FNGG Etf  USD 185.10  0.00  0.00%   
The current 90-days correlation between Direxion Daily Select and Direxion Daily Cloud is 0.03 (i.e., Significant diversification). 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.

Direxion Daily Correlation With Market

Good diversification

The correlation between Direxion Daily Select and DJI is -0.02 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Daily Select 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 Select. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in price.

Moving together with Direxion Etf

  0.79SSO ProShares Ultra SP500PairCorr
  0.78SPXL Direxion Daily SP500PairCorr
  0.91QLD ProShares Ultra QQQPairCorr
  0.78UPRO ProShares UltraPro SP500PairCorr
  0.73TECL Direxion Daily TechnologyPairCorr
  0.96FNGU MicroSectors FANG IndexPairCorr
  0.67UYG ProShares Ultra FinaPairCorr
  0.89DSJA DSJAPairCorr
  0.92RSPY Tuttle Capital ManagementPairCorr
  0.94MEME Roundhill InvestmentsPairCorr
  0.87RXI iShares Global ConsumerPairCorr
  0.9BTC Grayscale Bitcoin MiniPairCorr
  0.82NUMG Nuveen ESG MidPairCorr
  0.86JBBB Janus Detroit StreetPairCorr
  0.83IPAY Amplify ETF TrustPairCorr
  0.84FFTY Innovator IBD 50PairCorr
  0.82IYZ IShares TelecommunicatioPairCorr
  0.89VSLU ETF Opportunities TrustPairCorr
  0.9BULZ MicroSectors SolactivePairCorr
  0.93JEPQ JPMorgan Nasdaq EquityPairCorr
  0.91AMZU Direxion Daily AMZNPairCorr
  0.85IBLC iShares Blockchain andPairCorr
  0.87IDAT Ishares TrustPairCorr
  0.85SNPE Xtrackers SP 500PairCorr
  0.86QYLD Global X NASDAQPairCorr
  0.88SCHB Schwab Broad MarketPairCorr
  0.95PGRO Putnam Focused LargePairCorr
  0.82CPAI Northern LightsPairCorr
  0.91DAT ProShares Big DataPairCorr
  0.98FELG Fidelity Covington TrustPairCorr
  0.93QJUN First Trust ExchangePairCorr
  0.88LOUP Innovator Loup FrontierPairCorr

Moving against Direxion Etf

  0.59LABU Direxion Daily SPPairCorr
  0.56NRGU Bank Of MontrealPairCorr
  0.38AMPD Tidal Trust IIPairCorr
  0.33MCHI iShares MSCI ChinaPairCorr

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   
WEBL
+ 0.97
CLDL
WANT
+ 0.97
WEBL
OOTO
+ 0.96
CLDL
WEBL
+ 0.95
OOTO
WANT
+ 0.92
CLDL
WANT
+ 0.88
OOTO
  
High negative correlations   
WANT
- 0.1
KLNE

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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