ProShares UltraShort Correlations

QQDN Etf

24.78 0.02 0.08%

The current 90-days correlation between ProShares UltraShort Top and ProShares UltraShort Technology is 0.94 (i.e., Almost no diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as ProShares UltraShort moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if ProShares UltraShort Top moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

ProShares UltraShort Correlation With Market

Excellent diversification

The correlation between ProShares UltraShort Top and DJI is -0.57 (i.e., Excellent diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares UltraShort Top 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 UltraShort Top. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in services.

Moving against ProShares Etf

0.88	VUG	Vanguard Growth Index	Pair Corr
0.82	SPY	SPDR SP 500	Pair Corr
0.82	IVV	iShares Core SP	Pair Corr
0.77	VTI	Vanguard Total Stock	Pair Corr
0.76	TOT	Advisor Managed Port	Pair Corr
0.57	FB	ProShares Trust ProShares	Pair Corr
0.53	VWO	Vanguard FTSE Emerging Sell-off Trend	Pair Corr
0.5	VEA	Vanguard FTSE Developed	Pair Corr
0.44	DUKH	Ocean Park High	Pair Corr
0.37	BND	Vanguard Total Bond	Pair Corr
0.33	VTV	Vanguard Value Index	Pair Corr
0.9	QQQM	Invesco NASDAQ 100	Pair Corr
0.87	JADE	JP Morgan Exchange	Pair Corr
0.86	QQH	HCM Defender 100	Pair Corr
0.84	FFLG	Fidelity Covington Trust Low Volatility	Pair Corr
0.75	QLC	FlexShares Quality Large	Pair Corr
0.6	ZJAN	Innovator Equity Defined	Pair Corr
0.56	SLX	VanEck Steel ETF	Pair Corr
0.54	QULL	ETRACS 2x Leveraged	Pair Corr
0.5	FSST	Fidelity Sustainability	Pair Corr
0.48	CPER	United States Copper	Pair Corr
0.47	HYSD	Columbia ETF Trust	Pair Corr
0.43	ZSB	USCF Sustainable Battery	Pair Corr
0.37	FROG	Jfrog	Pair Corr
0.32	UCRD	VictoryShares ESG	Pair Corr
0.82	VOO	Vanguard SP 500	Pair Corr
0.8	AGEM	abrdn Emerging Markets	Pair Corr
0.76	ECOW	Pacer Emerging Markets	Pair Corr
0.62	TJUL	Innovator Etfs Trust	Pair Corr
0.61	FTBI	First Trust Exchange	Pair Corr
0.6	CSD	Invesco SP Spin	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.66	0.54	-0.62	0.54	-0.57	0.22	-0.15	-0.56	-0.61	META
MSFT	0.66		0.83	-0.51	0.36	-0.2	0.07	-0.32	-0.77	-0.61	MSFT
UBER	0.54	0.83		-0.61	0.57	-0.27	-0.14	-0.27	-0.85	-0.59	UBER
F	-0.62	-0.51	-0.61		-0.7	0.53	0.3	0.41	0.69	0.75	F
T	0.54	0.36	0.57	-0.7		-0.52	-0.5	-0.21	-0.53	-0.47	T
A	-0.57	-0.2	-0.27	0.53	-0.52		-0.18	-0.26	0.46	0.23	A
CRM	0.22	0.07	-0.14	0.3	-0.5	-0.18		0.37	0.07	0.17	CRM
JPM	-0.15	-0.32	-0.27	0.41	-0.21	-0.26	0.37		0.32	0.41	JPM
MRK	-0.56	-0.77	-0.85	0.69	-0.53	0.46	0.07	0.32		0.65	MRK
XOM	-0.61	-0.61	-0.59	0.75	-0.47	0.23	0.17	0.41	0.65		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	+ 0.83	MSFT
XOM	+ 0.75	F
MRK	+ 0.69	F
MSFT	+ 0.66	META
XOM	+ 0.65	MRK
T	+ 0.57	UBER

High negative correlations

MRK	- 0.85	UBER
MRK	- 0.77	MSFT
T	- 0.7	F
F	- 0.62	META
F	- 0.61	UBER
XOM	- 0.61	MSFT

ProShares UltraShort Competition Risk-Adjusted Indicators

There is a big difference between ProShares Etf performing well and ProShares UltraShort 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 UltraShort'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	1.39	(0.24)	0.00	(0.19)	0.00	0.00	2.30	(2.72)	13.52
MSFT	0.90	(0.11)	0.00	(0.11)	0.00	0.00	1.78	(2.50)	5.08
UBER	1.46	(0.35)	0.00	(0.25)	0.00	0.00	2.60	(3.82)	10.51
F	1.51	0.13	0.08	0.16	1.69	(1.65)	3.38	(2.63)	16.30
T	0.97	(0.24)	0.00	(0.75)	0.00	0.00	1.61	(2.18)	5.75
A	1.25	0.07	0.06	0.13	1.31	(1.37)	2.34	(2.21)	11.03
CRM	1.54	0.06	0.03	0.13	1.97	(1.52)	3.66	(2.92)	9.91
JPM	1.05	0.00	0.01	0.07	1.40	(1.05)	2.00	(1.91)	7.02
MRK	1.45	0.40	0.28	0.53	1.08	(1.84)	4.85	(2.06)	11.45
XOM	0.94	0.06	0.01	0.33	0.99	(1.00)	1.96	(1.51)	4.99

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