ProShares UltraShort Correlations

RXD Etf

USD 8.99 0.08 0.88%

The current 90-days correlation between ProShares UltraShort and ProShares UltraShort Industrials is 0.49 (i.e., Very weak diversification). The correlation of ProShares UltraShort 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 UltraShort Correlation With Market

Good diversification

The correlation between ProShares UltraShort Health and DJI is -0.09 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares UltraShort Health 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 Health. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in discontinued.

Moving together with ProShares Etf

0.78	HPQ	HP Inc	Pair Corr
0.7	HD	Home Depot	Pair Corr

Moving against ProShares Etf

0.61	VTV	Vanguard Value Index	Pair Corr
0.36	SPY	SPDR SP 500	Pair Corr
0.36	IVV	iShares Core SP	Pair Corr
0.33	VTI	Vanguard Total Stock	Pair Corr
0.31	TOT	Advisor Managed Port	Pair Corr
0.85	MRK	Merck Company	Pair Corr
0.85	TRV	The Travelers Companies	Pair Corr
0.76	JNJ	Johnson Johnson	Pair Corr
0.75	DD	Dupont De Nemours	Pair Corr
0.69	CSCO	Cisco Systems	Pair Corr
0.62	KO	Coca Cola	Pair Corr
0.58	BAC	Bank of America	Pair Corr
0.55	AXP	American Express	Pair Corr
0.54	MCD	McDonalds	Pair Corr
0.49	MMM	3M Company	Pair Corr
0.47	VZ	Verizon Communications	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.66	0.43	-0.53	0.34	-0.35	0.27	-0.24	-0.4	-0.53	META
MSFT	0.66		0.86	-0.54	0.42	-0.03	-0.02	-0.46	-0.82	-0.65	MSFT
UBER	0.43	0.86		-0.57	0.51	0.16	-0.25	-0.51	-0.86	-0.67	UBER
F	-0.53	-0.54	-0.57		-0.64	0.23	0.33	0.57	0.63	0.75	F
T	0.34	0.42	0.51	-0.64		0.21	-0.64	-0.54	-0.37	-0.57	T
A	-0.35	-0.03	0.16	0.23	0.21		-0.5	-0.33	-0.05	-0.02	A
CRM	0.27	-0.02	-0.25	0.33	-0.64	-0.5		0.5	0.2	0.3	CRM
JPM	-0.24	-0.46	-0.51	0.57	-0.54	-0.33	0.5		0.61	0.62	JPM
MRK	-0.4	-0.82	-0.86	0.63	-0.37	-0.05	0.2	0.61		0.76	MRK
XOM	-0.53	-0.65	-0.67	0.75	-0.57	-0.02	0.3	0.62	0.76		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	+ 0.86	MSFT
XOM	+ 0.76	MRK
XOM	+ 0.75	F
MSFT	+ 0.66	META
MRK	+ 0.63	F
XOM	+ 0.62	JPM

High negative correlations

MRK	- 0.86	UBER
MRK	- 0.82	MSFT
XOM	- 0.67	UBER
XOM	- 0.65	MSFT
CRM	- 0.64	T
T	- 0.64	F

ProShares UltraShort Constituents 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	1.37	(0.18)	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	1.78	(2.50)	5.08
UBER	1.47	(0.33)	0.00	(0.28)	0.00	0.00	2.60	(3.82)	10.51
F	1.45	0.07	0.05	0.12	1.67	(1.58)	3.38	(2.63)	16.30
T	0.93	(0.17)	0.00	(0.61)	0.00	0.00	1.61	(1.98)	5.75
A	1.10	(0.04)	(0.02)	0.04	1.32	(1.15)	2.12	(2.21)	6.50
CRM	1.52	0.07	0.03	0.15	1.97	(1.50)	3.66	(2.92)	9.91
JPM	1.09	0.02	0.03	0.09	1.39	(1.15)	2.34	(1.91)	7.02
MRK	1.21	0.22	0.16	0.35	1.14	(1.50)	3.59	(1.98)	8.09
XOM	0.93	0.16	0.11	0.56	0.80	(1.05)	2.10	(1.41)	4.99

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