ProShares UltraShort Correlations

SMN Etf

USD 12.71 0.15 1.17%

The current 90-days correlation between ProShares UltraShort and ProShares UltraShort Consumer is 0.45 (i.e., Very weak 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 Basic 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 Basic and DJI is -0.69 (i.e., Excellent diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares UltraShort Basic and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with ProShares Etf

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

Moving together with ProShares Etf

0.66

RWM

ProShares Short Russ

Pair Corr

Moving against ProShares Etf

0.35	UPRO	ProShares UltraPro SP500 Sell-off Trend	Pair Corr
0.35	SPXL	Direxion Daily SP500 Sell-off Trend	Pair Corr
0.82	SCZ	iShares MSCI EAFE	Pair Corr
0.75	SIL	Global X Silver	Pair Corr
0.68	GBUG	Sprott Active Gold	Pair Corr
0.53	GTR	WisdomTree Target Range	Pair Corr
0.48	REMX	VanEck Rare EarthStr	Pair Corr
0.48	CPER	United States Copper Buyout Trend	Pair Corr
0.45	ITDJ	iShares Trust	Pair Corr
0.4	CSD	Invesco SP Spin	Pair Corr
0.33	VOO	Vanguard SP 500	Pair Corr
0.32	QLC	FlexShares Quality Large	Pair Corr
0.73	SMLV	SPDR SSGA Small	Pair Corr
0.71	SIXS	6 Meridian Small	Pair Corr
0.7	FLCV	Federated Hermes ETF	Pair Corr
0.62	QULL	ETRACS 2x Leveraged	Pair Corr

Related Correlations Analysis

	SZK	MZZ	EFU	FLYD	AZYY	ZYN	GEOA	SIJ	GLCR	CHRI
SZK		0.46	0.26	0.45	0.54	0.63	-0.13	0.25	-0.69	0.03	SZK
MZZ	0.46		0.82	0.92	0.26	0.24	-0.74	0.85	-0.46	-0.74	MZZ
EFU	0.26	0.82		0.8	-0.02	0.05	-0.86	0.82	-0.37	-0.82	EFU
FLYD	0.45	0.92	0.8		0.3	0.23	-0.67	0.79	-0.47	-0.61	FLYD
AZYY	0.54	0.26	-0.02	0.3		0.23	-0.08	-0.07	-0.23	0.22	AZYY
ZYN	0.63	0.24	0.05	0.23	0.23		0.17	0.29	-0.78	0.09	ZYN
GEOA	-0.13	-0.74	-0.86	-0.67	-0.08	0.17		-0.65	0.09	0.89	GEOA
SIJ	0.25	0.85	0.82	0.79	-0.07	0.29	-0.65		-0.5	-0.74	SIJ
GLCR	-0.69	-0.46	-0.37	-0.47	-0.23	-0.78	0.09	-0.5		0.07	GLCR
CHRI	0.03	-0.74	-0.82	-0.61	0.22	0.09	0.89	-0.74	0.07		CHRI
	SZK	MZZ	EFU	FLYD	AZYY	ZYN	GEOA	SIJ	GLCR	CHRI

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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

FLYD	+ 0.92	MZZ
CHRI	+ 0.89	GEOA
SIJ	+ 0.85	MZZ
EFU	+ 0.82	MZZ
SIJ	+ 0.82	EFU
FLYD	+ 0.8	EFU

High negative correlations

GEOA	- 0.86	EFU
CHRI	- 0.82	EFU
GLCR	- 0.78	ZYN
CHRI	- 0.74	SIJ
CHRI	- 0.74	MZZ
GEOA	- 0.74	MZZ

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
SZK	1.06	0.05	(0.04)	(0.05)	1.41	(1.06)	1.82	(2.56)	7.46
MZZ	1.49	0.08	0.00	0.04	0.00	0.00	3.35	(3.48)	10.46
EFU	1.12	(0.04)	0.00	0.10	0.00	0.00	2.27	(2.18)	6.44
FLYD	3.26	0.14	0.00	0.04	0.00	0.00	7.95	(6.61)	20.43
AZYY	1.06	(0.09)	(0.05)	0.00	1.64	(0.95)	2.02	(2.69)	6.92
ZYN	2.38	(0.31)	0.00	0.63	0.00	0.00	5.04	(5.62)	12.94
GEOA	0.64	0.02	0.02	0.10	0.87	(0.64)	1.19	(1.24)	3.56
SIJ	1.43	0.07	0.00	0.04	0.00	0.00	3.14	(2.37)	9.37
GLCR	0.72	(0.02)	(0.05)	0.03	1.05	(0.82)	1.55	(1.61)	6.88
CHRI	0.58	(0.02)	(0.02)	0.06	0.88	(0.54)	1.24	(1.28)	3.32

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