ProShares Online Correlations

ONLN Etf

USD 50.41 0.47 0.94%

The current 90-days correlation between ProShares Online Retail and Amplify Online Retail is 0.82 (i.e., Very poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as ProShares Online moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if ProShares Online Retail moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

ProShares Online Correlation With Market

Significant diversification

The correlation between ProShares Online Retail and DJI is 0.03 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares Online Retail and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in ProShares Online Retail. 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 economic analysis.

Moving together with ProShares Etf

0.79	XLY	Consumer Discretionary	Pair Corr
0.79	VCR	Vanguard Consumer	Pair Corr
0.81	FDIS	Fidelity MSCI Consumer	Pair Corr
0.83	IYC	iShares Consumer Dis	Pair Corr
0.85	PEJ	Invesco Dynamic Leisure	Pair Corr
0.8	FXD	First Trust Consumer	Pair Corr
0.7	XRT	SPDR SP Retail	Pair Corr
0.68	BITX	Volatility Shares Trust	Pair Corr
0.71	BTCO	Invesco Galaxy Bitcoin	Pair Corr
0.67	QQEW	First Trust NASDAQ	Pair Corr
0.85	WMT	Walmart Aggressive Push	Pair Corr
0.77	AXP	American Express	Pair Corr
0.73	JPM	JPMorgan Chase	Pair Corr

Moving against ProShares Etf

0.56	NVDL	GraniteShares 15x Long	Pair Corr
0.39	AA	Alcoa Corp	Pair Corr
0.36	JNJ	Johnson Johnson	Pair Corr
0.31	DD	Dupont De Nemours Earnings Call This Week	Pair Corr

Related Correlations Analysis

	IBUY	CLIX	EBIZ	WCLD	CLOU
IBUY		0.56	0.94	0.96	0.93	IBUY
CLIX	0.56		0.72	0.52	0.56	CLIX
EBIZ	0.94	0.72		0.92	0.93	EBIZ
WCLD	0.96	0.52	0.92		0.98	WCLD
CLOU	0.93	0.56	0.93	0.98		CLOU
	IBUY	CLIX	EBIZ	WCLD	CLOU

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ProShares Online Constituents Risk-Adjusted Indicators

There is a big difference between ProShares Etf performing well and ProShares Online 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 Online'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
IBUY	0.94	0.19	0.09	3.72	1.16	(1.01)	2.55	(1.78)	7.69
CLIX	0.84	0.15	0.08	0.82	1.00	(0.86)	1.95	(1.77)	4.96
EBIZ	0.93	0.23	0.13	18.31	1.08	(1.00)	2.14	(1.44)	6.53
WCLD	1.31	0.32	0.16	6.40	1.31	(1.45)	3.30	(2.48)	9.74
CLOU	1.15	0.34	0.19	7.63	1.09	(1.35)	2.71	(2.08)	8.82

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