ProShares UltraShort Correlations

SCO Etf

USD 16.40 0.11 0.67%

The current 90-days correlation between ProShares UltraShort and ProShares Ultra Bloomberg is -1.0 (i.e., Pay attention - limited upside). 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 Bloomberg moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

ProShares UltraShort Correlation With Market

Significant diversification

The correlation between ProShares UltraShort Bloomberg and DJI is 0.08 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares UltraShort Bloomberg and DJI in the same portfolio, assuming nothing else is changed.

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in ProShares UltraShort Bloomberg. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in main economic indicators.

Moving together with ProShares Etf

0.64	GLL	ProShares UltraShort Gold	Pair Corr
0.66	DZZ	DB Gold Double	Pair Corr
0.77	DGZ	DB Gold Short	Pair Corr
0.65	DULL	MicroSectors Gold	Pair Corr
0.68	TRV	The Travelers Companies	Pair Corr
0.62	AA	Alcoa Corp	Pair Corr
0.75	MCD	McDonalds Earnings Call Today	Pair Corr

Moving against ProShares Etf

0.53	MLPR	ETRACS Quarterly Pay	Pair Corr
0.41	FNGO	MicroSectors FANG Index	Pair Corr
0.4	FNGU	MicroSectors FANG Index	Pair Corr
0.47	PFE	Pfizer Inc Earnings Call Tomorrow	Pair Corr
0.42	MMM	3M Company	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.53	-0.4	-0.48	0.6	0.78	0.5	0.64	-0.12	-0.63	META
MSFT	0.53		-0.46	-0.22	0.43	0.35	0.63	0.25	0.01	-0.43	MSFT
UBER	-0.4	-0.46		0.64	-0.29	-0.17	-0.62	-0.21	0.25	0.77	UBER
F	-0.48	-0.22	0.64		0.05	-0.31	-0.06	-0.05	0.05	0.9	F
T	0.6	0.43	-0.29	0.05		0.43	0.72	0.6	-0.15	-0.19	T
A	0.78	0.35	-0.17	-0.31	0.43		0.29	0.73	-0.18	-0.4	A
CRM	0.5	0.63	-0.62	-0.06	0.72	0.29		0.51	-0.25	-0.34	CRM
JPM	0.64	0.25	-0.21	-0.05	0.6	0.73	0.51		-0.52	-0.25	JPM
MRK	-0.12	0.01	0.25	0.05	-0.15	-0.18	-0.25	-0.52		0.13	MRK
XOM	-0.63	-0.43	0.77	0.9	-0.19	-0.4	-0.34	-0.25	0.13		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

XOM	+ 0.9	F
A	+ 0.78	META
XOM	+ 0.77	UBER
JPM	+ 0.73	A
CRM	+ 0.72	T
JPM	+ 0.64	META

High negative correlations

XOM	- 0.63	META
CRM	- 0.62	UBER
MRK	- 0.52	JPM
F	- 0.48	META
UBER	- 0.46	MSFT
XOM	- 0.43	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	1.40	0.26	0.13	0.73	1.40	(1.60)	3.43	(2.31)	7.43
MSFT	1.11	(0.04)	0.00	(0.73)	0.00	0.00	2.20	(2.79)	10.31
UBER	1.55	(0.21)	0.00	(2.89)	0.00	0.00	2.67	(5.35)	12.29
F	1.46	(0.15)	0.00	(0.17)	0.00	0.00	2.57	(2.90)	11.21
T	1.00	0.11	0.07	0.29	1.06	(1.12)	1.91	(1.84)	7.94
A	1.19	0.20	0.13	0.49	1.05	(1.41)	2.92	(2.16)	8.06
CRM	1.55	0.24	0.11	0.87	1.52	(1.81)	3.70	(2.95)	14.80
JPM	1.03	0.27	0.18	0.92	1.00	(1.23)	1.92	(1.42)	15.87
MRK	1.00	(0.08)	0.00	(0.29)	0.00	0.00	2.00	(2.13)	5.24
XOM	0.86	(0.19)	0.00	(0.33)	0.00	0.00	1.71	(1.93)	6.06

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