ProShares UltraShort Correlations

GLL Etf

USD 16.60 0.94 5.36%

The current 90-days correlation between ProShares UltraShort Gold and Allianzim Large Cap is -0.09 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as ProShares UltraShort moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if ProShares UltraShort Gold moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

ProShares UltraShort Correlation With Market

Pay attention - limited upside

The correlation between ProShares UltraShort Gold and DJI is -0.83 (i.e., Pay attention - limited upside) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares UltraShort Gold and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with ProShares Etf

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in ProShares UltraShort Gold. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

Moving together with ProShares Etf

0.82	SCO	ProShares UltraShort	Pair Corr
0.91	ZSL	ProShares UltraShort	Pair Corr
0.93	GDXD	MicroSectors Gold Miners	Pair Corr
0.68	WTID	UBS ETRACS	Pair Corr
1.0	DULL	MicroSectors Gold	Pair Corr

Moving against ProShares Etf

0.94	VTV	Vanguard Value Index	Pair Corr
0.83	INR	Infinity Natural Res	Pair Corr
0.7	BND	Vanguard Total Bond	Pair Corr
0.67	VTI	Vanguard Total Stock	Pair Corr
0.66	TOT	Advisor Managed Port	Pair Corr
0.65	IVV	iShares Core SP	Pair Corr
0.63	SPY	SPDR SP 500	Pair Corr
0.98	IYM	iShares Basic Materials	Pair Corr
0.96	YDEC	First Trust Exchange	Pair Corr
0.95	CLOC	ETF Series Solutions	Pair Corr
0.95	FTCS	First Trust Capital	Pair Corr
0.94	DFLV	Dimensional ETF Trust	Pair Corr
0.94	NTSI	WisdomTree International	Pair Corr
0.93	ROMO	Strategy Shares Newf	Pair Corr
0.92	VFMV	Vanguard Minimum Vol	Pair Corr
0.91	GRID	First Trust NASDAQ	Pair Corr
0.91	FNX	First Trust Mid	Pair Corr
0.91	FNDA	Schwab Fundamental Small	Pair Corr
0.9	KNGZ	First Trust Exchange	Pair Corr
0.89	RNMC	First Trust Mid	Pair Corr
0.86	QTAP	Innovator Growth 100	Pair Corr
0.83	SLV	iShares Silver Trust Buyout Trend	Pair Corr
0.8	FOPC	Advisors Inner	Pair Corr
0.39	FPAS	FPA Short Duration	Pair Corr
0.99	HFMF	Unlimited HFMF Managed	Pair Corr
0.96	LALT	Invesco Multi Strategy	Pair Corr
0.95	CLIP	Global X Funds	Pair Corr
0.93	MBSF	Valued Advisers Trust	Pair Corr
0.93	VLU	SPDR SP 1500	Pair Corr
0.92	GEND	Spinnaker ETF Series	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		-0.24	-0.29	0.37	0.12	-0.39	-0.04	0.35	0.3	0.32	META
MSFT	-0.24		0.83	-0.59	-0.8	0.77	0.89	0.15	-0.88	-0.93	MSFT
UBER	-0.29	0.83		-0.54	-0.69	0.83	0.68	0.0	-0.8	-0.81	UBER
F	0.37	-0.59	-0.54		0.25	-0.5	-0.36	0.23	0.74	0.65	F
T	0.12	-0.8	-0.69	0.25		-0.58	-0.82	-0.2	0.63	0.7	T
A	-0.39	0.77	0.83	-0.5	-0.58		0.61	0.04	-0.7	-0.82	A
CRM	-0.04	0.89	0.68	-0.36	-0.82	0.61		0.46	-0.72	-0.86	CRM
JPM	0.35	0.15	0.0	0.23	-0.2	0.04	0.46		0.12	-0.15	JPM
MRK	0.3	-0.88	-0.8	0.74	0.63	-0.7	-0.72	0.12		0.89	MRK
XOM	0.32	-0.93	-0.81	0.65	0.7	-0.82	-0.86	-0.15	0.89		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

CRM	+ 0.89	MSFT
XOM	+ 0.89	MRK
UBER	+ 0.83	MSFT
A	+ 0.83	UBER
A	+ 0.77	MSFT
MRK	+ 0.74	F

High negative correlations

XOM	- 0.93	MSFT
MRK	- 0.88	MSFT
XOM	- 0.86	CRM
XOM	- 0.82	A
CRM	- 0.82	T
XOM	- 0.81	UBER

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	1.52	0.05	0.02	0.12	1.51	(1.78)	3.43	(2.81)	13.69
MSFT	1.34	(0.43)	0.00	(0.88)	0.00	0.00	1.90	(2.87)	13.28
UBER	1.61	(0.43)	0.00	(0.57)	0.00	0.00	2.46	(4.25)	11.09
F	1.23	0.05	0.03	0.12	1.22	(1.46)	3.34	(2.30)	7.16
T	1.02	0.20	0.11	(1.79)	0.92	(1.18)	3.87	(1.76)	7.44
A	1.26	(0.29)	0.00	(0.20)	0.00	0.00	2.90	(2.72)	7.85
CRM	1.71	(0.48)	0.00	(0.39)	0.00	0.00	2.94	(4.75)	12.37
JPM	1.24	(0.10)	(0.04)	0.00	1.80	(1.29)	2.34	(3.11)	7.38
MRK	1.28	0.41	0.28	0.75	0.98	(1.50)	2.93	(1.98)	8.74
XOM	1.30	0.38	0.22	3.43	1.12	(1.49)	2.90	(2.44)	6.83

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