ProShares Nasdaq Correlations

QB Etf

42.82 0.48 1.13%

The current 90-days correlation between ProShares Nasdaq 100 and First Trust Indxx is 0.52 (i.e., Very weak diversification). The correlation of ProShares Nasdaq 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 Nasdaq Correlation With Market

Poor diversification

The correlation between ProShares Nasdaq 100 Dynamic and DJI is 0.78 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares Nasdaq 100 Dynamic and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with ProShares Etf

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in ProShares Nasdaq 100 Dynamic. 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 ProShares Etf

0.77	INOV	Innovator ETFs Trust	Pair Corr
0.87	BUFR	First Trust Cboe	Pair Corr
0.86	BUFD	FT Cboe Vest	Pair Corr
0.86	PSEP	Innovator SP 500	Pair Corr
0.85	PJAN	Innovator SP 500	Pair Corr
0.86	PJUL	Innovator SP 500	Pair Corr
0.87	PAUG	Innovator Equity Power	Pair Corr
0.84	DNOV	FT Cboe Vest	Pair Corr
0.82	PMAY	Innovator SP 500	Pair Corr
0.85	ACII	Innovator ETFs Trust	Pair Corr
0.72	MUU	Direxion Daily MU	Pair Corr
0.72	MULL	GraniteShares 2x Long	Pair Corr
0.7	AGQ	ProShares Ultra Silver	Pair Corr
0.76	JNUG	Direxion Daily Junior	Pair Corr
0.74	GDXU	MicroSectors Gold Miners	Pair Corr
0.69	KORU	Direxion Daily South	Pair Corr
0.76	NUGT	Direxion Daily Gold	Pair Corr
0.69	SHNY	Microsectors Gold	Pair Corr
0.77	SIL	Global X Silver	Pair Corr
0.75	SIVR	abrdn Physical Silver	Pair Corr
0.78	AA	Alcoa Corp	Pair Corr
0.76	BA	Boeing	Pair Corr
0.76	INTC	Intel Aggressive Push	Pair Corr
0.67	WMT	Walmart Common Stock Aggressive Push	Pair Corr

Moving against ProShares Etf

0.59	HPQ	HP Inc	Pair Corr
0.46	MSFT	Microsoft	Pair Corr

Related Correlations Analysis

	EMTY	MKTN	WDNA	CSCS	XXCH	IBGK	BULG	CTWO	ARVR
EMTY		-0.18	-0.86	0.26	-0.72	0.5	0.56	-0.72	-0.2	EMTY
MKTN	-0.18		0.42	-0.54	0.53	-0.6	-0.51	0.24	-0.06	MKTN
WDNA	-0.86	0.42		-0.3	0.87	-0.61	-0.7	0.87	0.26	WDNA
CSCS	0.26	-0.54	-0.3		-0.38	0.41	0.47	-0.15	0.41	CSCS
XXCH	-0.72	0.53	0.87	-0.38		-0.61	-0.9	0.79	-0.01	XXCH
IBGK	0.5	-0.6	-0.61	0.41	-0.61		0.58	-0.6	-0.04	IBGK
BULG	0.56	-0.51	-0.7	0.47	-0.9	0.58		-0.66	0.3	BULG
CTWO	-0.72	0.24	0.87	-0.15	0.79	-0.6	-0.66		0.24	CTWO
ARVR	-0.2	-0.06	0.26	0.41	-0.01	-0.04	0.3	0.24		ARVR
	EMTY	MKTN	WDNA	CSCS	XXCH	IBGK	BULG	CTWO	ARVR

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

XXCH	+ 0.87	WDNA
CTWO	+ 0.87	WDNA
CTWO	+ 0.79	XXCH
BULG	+ 0.58	IBGK
BULG	+ 0.56	EMTY
XXCH	+ 0.53	MKTN

High negative correlations

BULG	- 0.9	XXCH
WDNA	- 0.86	EMTY
CTWO	- 0.72	EMTY
XXCH	- 0.72	EMTY
BULG	- 0.7	WDNA
CTWO	- 0.66	BULG

ProShares Nasdaq Constituents Risk-Adjusted Indicators

There is a big difference between ProShares Etf performing well and ProShares Nasdaq 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 Nasdaq'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
EMTY	0.93	(0.08)	0.00	0.16	0.00	0.00	1.37	(2.10)	5.30
MKTN	0.33	0.02	(0.11)	0.35	0.38	(0.36)	0.91	(0.79)	2.02
WDNA	1.18	0.09	0.07	0.17	1.22	(1.30)	2.92	(2.08)	7.21
CSCS	1.13	(0.17)	0.00	0.53	0.00	0.00	2.29	(3.09)	7.50
XXCH	1.28	0.33	0.11	(1.45)	1.34	(1.82)	3.74	(2.58)	10.46
IBGK	0.39	(0.04)	0.00	(0.24)	0.00	0.00	0.64	(0.89)	2.15
BULG	5.40	(1.75)	0.00	(0.27)	0.00	0.00	10.31	(12.09)	39.05
CTWO	1.25	0.03	(0.01)	0.17	1.78	(1.34)	3.15	(3.61)	11.68
ARVR	1.17	(0.19)	0.00	(0.08)	0.00	0.00	1.70	(2.67)	11.40

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