ProShares Ultra Correlations

Etfs . USA . 
Etf . ProShares Ultra Health
RXL Etf  USD 49.92  0.33  0.66%   
The current 90-days correlation between ProShares Ultra Health and ProShares Ultra Consumer is 0.49 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as ProShares Ultra moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if ProShares Ultra Health moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

ProShares Ultra Correlation With Market

Weak diversification

The correlation between ProShares Ultra Health and DJI is 0.38 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares Ultra Health 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 Ultra 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 interest.

Moving together with ProShares Etf

  0.7NRGU Bank Of MontrealPairCorr
  0.81LABU Direxion Daily SPPairCorr
  0.62VTV Vanguard Value IndexPairCorr
  0.76VEA Vanguard FTSE DevelopedPairCorr
  0.73XOM Exxon Mobil Corp Fiscal Year End 7th of February 2025 PairCorr
  0.66INTC IntelPairCorr
  0.73DD Dupont De Nemours Earnings Call This WeekPairCorr
  0.64HPQ HP IncPairCorr
  0.87JNJ Johnson JohnsonPairCorr
  0.67KO Coca Cola Earnings Call This WeekPairCorr
  0.7CAT Caterpillar Earnings Call This WeekPairCorr

Moving against ProShares Etf

  0.64FNGU MicroSectors FANG IndexPairCorr
  0.51VUG Vanguard Growth IndexPairCorr
  0.42QLD ProShares Ultra QQQPairCorr
  0.47WMT Walmart Aggressive PushPairCorr
  0.36AXP American ExpressPairCorr
  0.35CSCO Cisco SystemsPairCorr

Related Correlations Analysis

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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   
UXI
+ 0.73
UPW
UPW
+ 0.59
UGE
ROM
+ 0.59
UCC
UXI
+ 0.55
UGE
ROM
+ 0.33
UXI
ROM
+ 0.27
UGE
  
High negative correlations   
UCC
- 0.38
UPW
UCC
- 0.08
UGE

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.

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