Direxion Daily Correlations

LABD Etf

USD 19.76 0.16 0.82%

The current 90-days correlation between Direxion Daily SP and ProShares Ultra Oil is -0.06 (i.e., Good 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

Pay attention - limited upside

The correlation between Direxion Daily SP and DJI is -0.77 (i.e., Pay attention - limited upside) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Daily SP and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Direxion Etf

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Direxion Daily SP. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in bureau of labor statistics.

Moving together with Direxion Etf

0.62	SH	ProShares Short SP500 Sell-off Trend	Pair Corr
0.71	SPXU	ProShares UltraPro Short Sell-off Trend	Pair Corr
0.68	SDS	ProShares UltraShort	Pair Corr
0.7	SPXS	Direxion Daily SP Sell-off Trend	Pair Corr
0.88	RWM	ProShares Short Russ	Pair Corr
0.8	TAIL	Cambria Tail Risk Low Volatility	Pair Corr
0.75	DOG	ProShares Short Dow30 Sell-off Trend	Pair Corr

Moving against Direxion Etf

0.78	VTI	Vanguard Total Stock	Pair Corr
0.78	TOT	Advisor Managed Port	Pair Corr
0.76	VTV	Vanguard Value Index	Pair Corr
0.75	SPY	SPDR SP 500	Pair Corr
0.75	IVV	iShares Core SP	Pair Corr
0.56	BND	Vanguard Total Bond	Pair Corr
0.86	ESML	iShares ESG Aware	Pair Corr
0.86	SIXJ	AIM ETF Products	Pair Corr
0.79	VO	Vanguard Mid Cap	Pair Corr
0.79	WLDR	Affinity World Leaders	Pair Corr
0.78	BSMS	Invesco BulletShares 2028	Pair Corr
0.77	FPXE	First Trust IPOX	Pair Corr
0.77	DFSD	Dimensional ETF Trust	Pair Corr
0.76	XFIX	Fm Investments Symbol Change	Pair Corr
0.75	CCNR	CoreCommodity Natural	Pair Corr
0.75	FNDC	Schwab Fundamental	Pair Corr
0.74	TLCI	Touchstone ETF Trust	Pair Corr
0.74	REGL	ProShares SP MidCap	Pair Corr
0.73	TAXT	Northern Trust Tax	Pair Corr
0.71	UDI	USCF ETF Trust	Pair Corr
0.68	LVHI	Franklin International	Pair Corr
0.67	EWT	iShares MSCI Taiwan	Pair Corr
0.52	DBA	Invesco DB Agriculture	Pair Corr
0.9	XYLD	Global X SP	Pair Corr
0.88	JANW	AIM ETF Products	Pair Corr
0.85	PSFD	Pacer Swan SOS	Pair Corr
0.83	JEPI	JPMorgan Equity Premium	Pair Corr

Related Correlations Analysis

	DRIP	JDST	TSLS	SARK	DRN	INDL	BITI	GLL	MAGX	DIG
DRIP		0.43	-0.44	-0.52	-0.75	0.4	-0.66	0.63	0.44	-0.9	DRIP
JDST	0.43		0.27	0.08	-0.45	0.78	-0.44	0.94	-0.13	-0.7	JDST
TSLS	-0.44	0.27		0.55	0.31	0.14	0.25	0.01	-0.57	0.32	TSLS
SARK	-0.52	0.08	0.55		0.3	0.11	0.81	-0.13	-0.46	0.45	SARK
DRN	-0.75	-0.45	0.31	0.3		-0.31	0.51	-0.57	-0.56	0.77	DRN
INDL	0.4	0.78	0.14	0.11	-0.31		-0.23	0.78	-0.13	-0.56	INDL
BITI	-0.66	-0.44	0.25	0.81	0.51	-0.23		-0.57	-0.27	0.74	BITI
GLL	0.63	0.94	0.01	-0.13	-0.57	0.78	-0.57		0.09	-0.86	GLL
MAGX	0.44	-0.13	-0.57	-0.46	-0.56	-0.13	-0.27	0.09		-0.42	MAGX
DIG	-0.9	-0.7	0.32	0.45	0.77	-0.56	0.74	-0.86	-0.42		DIG
	DRIP	JDST	TSLS	SARK	DRN	INDL	BITI	GLL	MAGX	DIG

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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

GLL	+ 0.94	JDST
BITI	+ 0.81	SARK
INDL	+ 0.78	JDST
GLL	+ 0.78	INDL
DIG	+ 0.77	DRN
DIG	+ 0.74	BITI

High negative correlations

DIG	- 0.9	DRIP
DIG	- 0.86	GLL
DRN	- 0.75	DRIP
DIG	- 0.7	JDST
BITI	- 0.66	DRIP
GLL	- 0.57	BITI

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
DRIP	2.71	(0.31)	0.00	0.38	0.00	0.00	4.86	(6.06)	15.01
JDST	4.94	(1.00)	0.00	0.38	0.00	0.00	12.39	(11.96)	40.63
TSLS	1.95	0.16	0.01	(0.09)	2.41	(2.12)	3.75	(3.88)	13.69
SARK	1.73	0.31	0.06	(0.13)	2.24	(1.72)	3.76	(3.19)	11.69
DRN	1.77	0.16	0.07	0.18	2.30	(1.75)	4.19	(3.93)	9.39
INDL	1.20	(0.14)	0.00	(0.16)	0.00	0.00	1.83	(2.05)	7.66
BITI	2.51	0.70	0.15	(0.39)	2.97	(2.65)	5.89	(5.16)	22.96
GLL	2.65	(0.56)	0.00	0.61	0.00	0.00	7.05	(5.73)	31.63
MAGX	1.62	(0.15)	0.00	(0.20)	0.00	0.00	2.42	(3.82)	12.13
DIG	2.22	0.53	0.20	0.81	2.26	(2.49)	5.08	(3.70)	11.11

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