ProShares Short Correlations

MYY Etf

USD 16.76 0.14 0.83%

The current 90-days correlation between ProShares Short MidCap400 and ProShares UltraShort MSCI is 0.67 (i.e., Poor diversification). The correlation of ProShares Short 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.

ProShares Short Correlation With Market

Pay attention - limited upside

The correlation between ProShares Short MidCap400 and DJI is -0.84 (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 Short MidCap400 and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with ProShares Etf

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in ProShares Short MidCap400. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in producer price index.

Moving together with ProShares Etf

0.78	SH	ProShares Short SP500	Pair Corr
0.82	SPXU	ProShares UltraPro Short	Pair Corr
0.81	SDS	ProShares UltraShort	Pair Corr
0.82	SPXS	Direxion Daily SP	Pair Corr
0.95	RWM	ProShares Short Russ	Pair Corr
0.77	SPDN	Direxion Daily SP	Pair Corr
0.84	TAIL	Cambria Tail Risk	Pair Corr
0.87	DOG	ProShares Short Dow30 Potential Growth	Pair Corr

Moving against ProShares Etf

0.78	AGQ	ProShares Ultra Silver	Pair Corr
0.83	AA	Alcoa Corp	Pair Corr
0.76	WMT	Walmart Common Stock	Pair Corr
0.75	BAC	Bank of America Earnings Call This Week	Pair Corr
0.67	AXP	American Express	Pair Corr
0.63	MRK	Merck Company Aggressive Push	Pair Corr
0.57	CAT	Caterpillar	Pair Corr
0.54	INTC	Intel Buyout Trend	Pair Corr
0.52	XOM	Exxon Mobil Corp	Pair Corr
0.51	JNJ	Johnson Johnson	Pair Corr
0.42	GE	GE Aerospace	Pair Corr
0.4	DIS	Walt Disney	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.63	0.38	-0.48	0.26	-0.32	0.31	-0.26	-0.37	-0.47	META
MSFT	0.63		0.84	-0.56	0.43	-0.03	-0.04	-0.48	-0.82	-0.65	MSFT
UBER	0.38	0.84		-0.55	0.47	0.2	-0.24	-0.48	-0.83	-0.63	UBER
F	-0.48	-0.56	-0.55		-0.68	0.24	0.36	0.58	0.68	0.77	F
T	0.26	0.43	0.47	-0.68		0.25	-0.67	-0.62	-0.45	-0.57	T
A	-0.32	-0.03	0.2	0.24	0.25		-0.48	-0.27	0.01	0.0	A
CRM	0.31	-0.04	-0.24	0.36	-0.67	-0.48		0.54	0.27	0.32	CRM
JPM	-0.26	-0.48	-0.48	0.58	-0.62	-0.27	0.54		0.65	0.66	JPM
MRK	-0.37	-0.82	-0.83	0.68	-0.45	0.01	0.27	0.65		0.8	MRK
XOM	-0.47	-0.65	-0.63	0.77	-0.57	0.0	0.32	0.66	0.8		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

UBER	+ 0.84	MSFT
XOM	+ 0.8	MRK
XOM	+ 0.77	F
MRK	+ 0.68	F
XOM	+ 0.66	JPM
MRK	+ 0.65	JPM

High negative correlations

MRK	- 0.83	UBER
MRK	- 0.82	MSFT
T	- 0.68	F
CRM	- 0.67	T
XOM	- 0.65	MSFT
XOM	- 0.63	UBER

ProShares Short Competition Risk-Adjusted Indicators

There is a big difference between ProShares Etf performing well and ProShares Short 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 Short'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	1.36	(0.20)	0.00	(0.12)	0.00	0.00	2.30	(2.72)	13.52
MSFT	0.91	(0.18)	0.00	(0.27)	0.00	0.00	1.65	(2.50)	4.90
UBER	1.54	(0.28)	0.00	(0.19)	0.00	0.00	2.60	(3.82)	10.23
F	1.44	0.18	0.14	0.22	1.32	(1.68)	3.38	(2.35)	16.30
T	0.88	(0.14)	0.00	(0.52)	0.00	0.00	1.61	(1.83)	5.75
A	1.13	0.01	0.02	0.09	1.26	(1.22)	2.34	(2.22)	6.50
CRM	1.51	0.06	0.02	0.16	1.92	(1.53)	3.66	(2.92)	9.91
JPM	1.12	0.10	0.01	1.54	1.44	(1.17)	2.34	(2.28)	7.02
MRK	1.22	0.30	0.22	0.45	1.05	(1.52)	3.59	(1.98)	8.09
XOM	1.04	0.12	0.05	0.44	1.06	(1.15)	2.21	(1.93)	5.82

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