ProShares Ultra Correlations

QLD Etf

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The current 90-days correlation between ProShares Ultra QQQ and iShares MSCI EAFE is 0.59 (i.e., Very weak diversification). The correlation of ProShares Ultra 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 Ultra Correlation With Market

Good diversification

The correlation between ProShares Ultra QQQ and DJI is -0.06 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares Ultra QQQ 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 Ultra QQQ. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

Moving together with ProShares Etf

0.69	SSO	ProShares Ultra SP500	Pair Corr
0.75	SPXL	Direxion Daily SP500	Pair Corr
0.75	UPRO	ProShares UltraPro SP500	Pair Corr
0.96	TECL	Direxion Daily Technology	Pair Corr

Moving against ProShares Etf

0.55	NRGU	Bank of Montreal	Pair Corr
0.51	GUSH	Direxion Daily SP	Pair Corr
0.46	AMPD	Tidal ETF Services	Pair Corr
0.46	IGEB	iShares Edge Investment	Pair Corr
0.31	CFA	VictoryShares 500	Pair Corr
0.56	ERET	iShares Environmentally	Pair Corr
0.48	DXJ	WisdomTree Japan Hedged	Pair Corr
0.46	SPDV	AAM SP 500	Pair Corr
0.46	TAXT	Northern Trust Tax	Pair Corr
0.42	VYMI	Vanguard International	Pair Corr
0.41	STXV	EA Series Trust	Pair Corr
0.34	DVYE	iShares Emerging Markets	Pair Corr
0.33	ESGD	iShares ESG Aware	Pair Corr
0.33	CCNR	CoreCommodity Natural	Pair Corr
0.46	EMIF	iShares Emerging Markets	Pair Corr
0.45	LQIG	SPDR MarketAxess Inv	Pair Corr
0.38	MEXX	Direxion Daily MSCI	Pair Corr
0.36	DFIC	Dimensional International	Pair Corr
0.35	FNK	First Trust Mid	Pair Corr
0.35	JEPI	JPMorgan Equity Premium	Pair Corr

Related Correlations Analysis

	XLG	DFIC	IGV	MGV	CIBR	AMLP	AVUS	ESGD	NOBL	SCZ
XLG		-0.58	0.79	-0.6	0.81	-0.72	-0.34	-0.55	-0.67	-0.56	XLG
DFIC	-0.58		-0.88	0.98	-0.85	0.93	0.95	1.0	0.96	1.0	DFIC
IGV	0.79	-0.88		-0.91	0.95	-0.94	-0.75	-0.87	-0.94	-0.87	IGV
MGV	-0.6	0.98	-0.91		-0.85	0.92	0.95	0.98	0.98	0.98	MGV
CIBR	0.81	-0.85	0.95	-0.85		-0.89	-0.68	-0.82	-0.87	-0.82	CIBR
AMLP	-0.72	0.93	-0.94	0.92	-0.89		0.82	0.91	0.95	0.91	AMLP
AVUS	-0.34	0.95	-0.75	0.95	-0.68	0.82		0.96	0.9	0.95	AVUS
ESGD	-0.55	1.0	-0.87	0.98	-0.82	0.91	0.96		0.96	1.0	ESGD
NOBL	-0.67	0.96	-0.94	0.98	-0.87	0.95	0.9	0.96		0.96	NOBL
SCZ	-0.56	1.0	-0.87	0.98	-0.82	0.91	0.95	1.0	0.96		SCZ
	XLG	DFIC	IGV	MGV	CIBR	AMLP	AVUS	ESGD	NOBL	SCZ

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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

ESGD	+ 1.0	DFIC
SCZ	+ 1.0	DFIC
SCZ	+ 1.0	ESGD
MGV	+ 0.98	DFIC
ESGD	+ 0.98	MGV
NOBL	+ 0.98	MGV

High negative correlations

NOBL	- 0.94	IGV
AMLP	- 0.94	IGV
MGV	- 0.91	IGV
AMLP	- 0.89	CIBR
IGV	- 0.88	DFIC
NOBL	- 0.87	CIBR

ProShares Ultra Constituents Risk-Adjusted Indicators

There is a big difference between ProShares Etf performing well and ProShares Ultra 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 Ultra'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
XLG	0.58	(0.06)	0.00	(0.02)	0.00	0.00	1.08	(1.40)	4.44
DFIC	0.52	0.21	0.23	0.44	0.19	(0.58)	1.35	(0.95)	3.11
IGV	1.52	(0.41)	0.00	(0.26)	0.00	0.00	2.24	(4.61)	8.26
MGV	0.49	0.11	0.16	0.24	0.24	(0.59)	1.24	(0.97)	2.89
CIBR	1.21	(0.28)	0.00	(0.17)	0.00	0.00	1.84	(3.05)	7.47
AMLP	0.50	0.18	0.15	20.81	0.34	(0.59)	1.19	(0.88)	2.58
AVUS	0.55	0.06	0.06	0.15	0.54	(0.59)	1.24	(1.10)	3.61
ESGD	0.54	0.16	0.20	0.32	0.29	(0.62)	1.25	(1.01)	3.31
NOBL	0.55	0.11	0.12	0.29	0.40	(0.64)	1.34	(0.91)	2.69
SCZ	0.52	0.18	0.21	0.39	0.29	(0.60)	1.38	(0.98)	3.07

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