ProShares Hedge Correlations

HDG Etf

USD 51.90 0.22 0.43%

The current 90-days correlation between ProShares Hedge Repl and Jpmorgan Active Small is 0.66 (i.e., Poor diversification). The correlation of ProShares Hedge 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 Hedge Correlation With Market

Poor diversification

The correlation between ProShares Hedge Replication and DJI is 0.74 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares Hedge Replication 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 Hedge Replication. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in small area income & poverty estimates.

Moving together with ProShares Etf

0.93	QAI	IQ Hedge Multi	Pair Corr
0.94	VTI	Vanguard Total Stock	Pair Corr
0.92	SPY	SPDR SP 500	Pair Corr
0.92	IVV	iShares Core SP	Pair Corr
0.94	TOT	Advisor Managed Port	Pair Corr
0.83	VTV	Vanguard Value Index	Pair Corr
0.74	VUG	Vanguard Growth Index	Pair Corr
0.7	VO	Vanguard Mid Cap	Pair Corr
0.63	WMT	Walmart Common Stock Sell-off Trend	Pair Corr
0.67	JPM	JPMorgan Chase	Pair Corr
0.79	AA	Alcoa Corp	Pair Corr

Moving against ProShares Etf

0.62	T	ATT Inc	Pair Corr
0.52	PG	Procter Gamble	Pair Corr

Related Correlations Analysis

	JPSV	RFLR	SHUS	EAOR	MCH	FTDS	NERD	SFYX	JUNT	GMET
JPSV		0.84	0.93	0.65	-0.13	0.93	-0.43	0.85	0.78	0.71	JPSV
RFLR	0.84		0.92	0.82	-0.07	0.77	-0.41	0.93	0.84	0.76	RFLR
SHUS	0.93	0.92		0.77	0.03	0.88	-0.32	0.94	0.82	0.75	SHUS
EAOR	0.65	0.82	0.77		0.09	0.66	-0.45	0.79	0.93	0.67	EAOR
MCH	-0.13	-0.07	0.03	0.09		-0.14	0.69	0.15	-0.12	-0.24	MCH
FTDS	0.93	0.77	0.88	0.66	-0.14		-0.58	0.8	0.83	0.8	FTDS
NERD	-0.43	-0.41	-0.32	-0.45	0.69	-0.58		-0.25	-0.65	-0.67	NERD
SFYX	0.85	0.93	0.94	0.79	0.15	0.8	-0.25		0.81	0.77	SFYX
JUNT	0.78	0.84	0.82	0.93	-0.12	0.83	-0.65	0.81		0.83	JUNT
GMET	0.71	0.76	0.75	0.67	-0.24	0.8	-0.67	0.77	0.83		GMET
	JPSV	RFLR	SHUS	EAOR	MCH	FTDS	NERD	SFYX	JUNT	GMET

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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

SFYX	+ 0.94	SHUS
SHUS	+ 0.93	JPSV
FTDS	+ 0.93	JPSV
SFYX	+ 0.93	RFLR
JUNT	+ 0.93	EAOR
SHUS	+ 0.92	RFLR

High negative correlations

GMET	- 0.67	NERD
JUNT	- 0.65	NERD
NERD	- 0.58	FTDS
NERD	- 0.45	EAOR
NERD	- 0.43	JPSV
NERD	- 0.41	RFLR

ProShares Hedge Constituents Risk-Adjusted Indicators

There is a big difference between ProShares Etf performing well and ProShares Hedge 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 Hedge'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
JPSV	0.64	(0.06)	(0.07)	0.00	0.83	(0.76)	1.73	(1.65)	3.99
RFLR	0.68	(0.01)	(0.01)	0.04	0.83	(0.69)	1.26	(1.39)	3.72
SHUS	0.51	(0.02)	(0.05)	0.03	0.63	(0.51)	0.89	(0.94)	2.42
EAOR	0.37	0.00	(0.04)	0.05	0.49	(0.34)	0.75	(0.79)	2.08
MCH	0.93	(0.08)	0.00	(0.03)	0.00	0.00	1.52	(1.65)	6.69
FTDS	0.65	(0.01)	(0.02)	0.04	0.83	(0.66)	1.30	(1.50)	3.61
NERD	0.74	(0.25)	0.00	(0.26)	0.00	0.00	1.40	(1.98)	4.58
SFYX	0.86	(0.02)	(0.01)	0.04	1.15	(0.84)	1.66	(1.70)	4.50
JUNT	0.24	0.00	(0.08)	0.07	0.29	(0.23)	0.54	(0.45)	1.53
GMET	1.50	0.22	0.12	0.21	1.71	(1.68)	2.73	(3.30)	11.46

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