ProShares UltraShort Correlations

SDD Etf

USD 13.12 0.01 0.08%

The current 90-days correlation between ProShares UltraShort and ProShares UltraShort MidCap400 is 0.97 (i.e., Almost no 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

Pay attention - limited upside

The correlation between ProShares UltraShort SmallCap6 and DJI is -0.86 (i.e., Pay attention - limited upside) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares UltraShort SmallCap6 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 SmallCap600. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

Moving together with ProShares Etf

0.73	SH	ProShares Short SP500	Pair Corr
0.69	PSQ	ProShares Short QQQ	Pair Corr
0.71	SPXU	ProShares UltraPro Short	Pair Corr
0.72	SDS	ProShares UltraShort	Pair Corr
0.71	SPXS	Direxion Daily SP	Pair Corr
0.68	QID	ProShares UltraShort QQQ	Pair Corr
0.88	RWM	ProShares Short Russ Sell-off Trend	Pair Corr
0.73	SPDN	Direxion Daily SP	Pair Corr
0.7	TAIL	Cambria Tail Risk	Pair Corr
0.77	DOG	ProShares Short Dow30	Pair Corr
0.65	JNJ	Johnson Johnson Fiscal Year End 28th of January 2025	Pair Corr
0.64	PFE	Pfizer Inc Aggressive Push	Pair Corr

Moving against ProShares Etf

0.81	DPST	Direxion Daily Regional	Pair Corr
0.78	CONL	GraniteShares ETF Trust Upward Rally	Pair Corr
0.74	CRPT	First Trust SkyBridge	Pair Corr
0.73	BITX	Volatility Shares Trust Upward Rally	Pair Corr
0.72	DAPP	VanEck Digital Trans	Pair Corr
0.59	NVDL	GraniteShares 15x Long	Pair Corr
0.59	NVDX	T Rex 2X	Pair Corr
0.59	NVDU	Direxion Daily NVDA	Pair Corr
0.52	USD	ProShares Ultra Semi	Pair Corr
0.75	AXP	American Express Fiscal Year End 24th of January 2025	Pair Corr
0.74	CVX	Chevron Corp Sell-off Trend	Pair Corr
0.67	DIS	Walt Disney Aggressive Push	Pair Corr
0.64	CSCO	Cisco Systems Aggressive Push	Pair Corr
0.62	AA	Alcoa Corp Fiscal Year End 15th of January 2025	Pair Corr
0.59	WMT	Walmart Aggressive Push	Pair Corr
0.51	CAT	Caterpillar Fiscal Year End 3rd of February 2025	Pair Corr
0.47	XOM	Exxon Mobil Corp Sell-off Trend	Pair Corr
0.44	HD	Home Depot Sell-off Trend	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.27	0.55	0.02	0.55	0.04	0.64	0.28	-0.53	0.72	META
MSFT	0.27		0.22	0.17	0.18	-0.01	0.03	-0.12	0.12	-0.19	MSFT
UBER	0.55	0.22		-0.08	-0.06	0.27	-0.01	-0.14	0.08	0.35	UBER
F	0.02	0.17	-0.08		0.16	-0.49	0.42	0.61	-0.31	0.2	F
T	0.55	0.18	-0.06	0.16		-0.5	0.79	0.6	-0.78	0.38	T
A	0.04	-0.01	0.27	-0.49	-0.5		-0.47	-0.62	0.64	-0.01	A
CRM	0.64	0.03	-0.01	0.42	0.79	-0.47		0.85	-0.91	0.65	CRM
JPM	0.28	-0.12	-0.14	0.61	0.6	-0.62	0.85		-0.83	0.48	JPM
MRK	-0.53	0.12	0.08	-0.31	-0.78	0.64	-0.91	-0.83		-0.56	MRK
XOM	0.72	-0.19	0.35	0.2	0.38	-0.01	0.65	0.48	-0.56		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

JPM	+ 0.85	CRM
CRM	+ 0.79	T
XOM	+ 0.72	META
XOM	+ 0.65	CRM
CRM	+ 0.64	META
MRK	+ 0.64	A

High negative correlations

MRK	- 0.91	CRM
MRK	- 0.83	JPM
MRK	- 0.78	T
JPM	- 0.62	A
XOM	- 0.56	MRK
MRK	- 0.53	META

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	1.06	0.06	0.02	0.20	1.40	(1.15)	2.62	(3.15)	8.02
MSFT	0.92	(0.05)	(0.05)	0.05	1.49	(0.89)	2.09	(1.85)	8.19
UBER	1.62	(0.12)	(0.05)	0.00	2.30	(1.74)	2.69	(2.53)	20.10
F	1.43	0.02	(0.04)	0.48	2.24	(1.39)	2.53	(2.90)	11.21
T	0.92	0.28	0.15	(7.88)	0.85	(1.05)	2.56	(1.72)	6.47
A	1.17	(0.09)	0.00	(0.05)	0.00	0.00	2.71	(2.42)	9.02
CRM	1.34	0.21	0.16	0.30	1.16	(1.53)	3.18	(1.93)	9.09
JPM	1.12	(0.01)	0.06	0.11	1.40	(1.21)	2.05	(2.00)	15.87
MRK	0.91	(0.21)	0.00	(0.74)	0.00	0.00	2.00	(2.13)	4.89
XOM	1.01	(0.05)	(0.08)	0.02	1.33	(1.07)	2.10	(2.09)	5.74

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