Direxion Daily Correlations

SPDN Etf

USD 11.47 0.08 0.69%

The current 90-days correlation between Direxion Daily SP and ProShares Short QQQ is 0.95 (i.e., Almost no diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Direxion Daily moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Direxion Daily SP moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Direxion Daily Correlation With Market

Pay attention - limited upside

The correlation between Direxion Daily SP and DJI is -0.89 (i.e., Pay attention - limited upside) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Daily SP 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 Direxion Daily SP. 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 Direxion Etf

1.0	SH	ProShares Short SP500	Pair Corr
0.99	PSQ	ProShares Short QQQ	Pair Corr
1.0	SPXU	ProShares UltraPro Short Aggressive Push	Pair Corr
1.0	SDS	ProShares UltraShort Aggressive Push	Pair Corr
1.0	SPXS	Direxion Daily SP Aggressive Push	Pair Corr
0.99	QID	ProShares UltraShort QQQ	Pair Corr
0.96	RWM	ProShares Short Russ	Pair Corr
0.92	TAIL	Cambria Tail Risk Low Volatility	Pair Corr
0.93	DOG	ProShares Short Dow30	Pair Corr
0.66	BND	Vanguard Total Bond Sell-off Trend	Pair Corr
0.87	UVXY	ProShares Ultra VIX Aggressive Push	Pair Corr
0.69	EVSD	Eaton Vance Short	Pair Corr
0.73	SDFI	AB Active ETFs,	Pair Corr
0.61	PSLV	Sprott Physical Silver Aggressive Push	Pair Corr
0.66	MCHS	Matthews China Discovery	Pair Corr

Moving against Direxion Etf

0.99	VTI	Vanguard Total Stock	Pair Corr
0.99	SPY	SPDR SP 500	Pair Corr
0.99	IVV	iShares Core SP	Pair Corr
0.95	VUG	Vanguard Growth Index	Pair Corr
0.92	VO	Vanguard Mid Cap	Pair Corr
0.43	VTV	Vanguard Value Index	Pair Corr
0.97	VB	Vanguard Small Cap	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.21	0.46	-0.59	0.06	0.5	0.48	0.89	-0.57	-0.31	META
MSFT	0.21		-0.52	-0.12	-0.82	0.84	0.89	0.38	0.42	-0.6	MSFT
UBER	0.46	-0.52		-0.23	0.75	-0.35	-0.45	0.38	-0.83	0.45	UBER
F	-0.59	-0.12	-0.23		0.16	-0.25	-0.3	-0.42	0.34	0.51	F
T	0.06	-0.82	0.75	0.16		-0.72	-0.75	-0.03	-0.66	0.67	T
A	0.5	0.84	-0.35	-0.25	-0.72		0.89	0.64	0.25	-0.58	A
CRM	0.48	0.89	-0.45	-0.3	-0.75	0.89		0.55	0.26	-0.69	CRM
JPM	0.89	0.38	0.38	-0.42	-0.03	0.64	0.55		-0.51	-0.16	JPM
MRK	-0.57	0.42	-0.83	0.34	-0.66	0.25	0.26	-0.51		-0.39	MRK
XOM	-0.31	-0.6	0.45	0.51	0.67	-0.58	-0.69	-0.16	-0.39		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Please upgrade your account to get full access to Macroaxis premium features

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	+ 0.89	META
CRM	+ 0.89	MSFT
CRM	+ 0.89	A
A	+ 0.84	MSFT
T	+ 0.75	UBER
XOM	+ 0.67	T

High negative correlations

MRK	- 0.83	UBER
T	- 0.82	MSFT
CRM	- 0.75	T
A	- 0.72	T
XOM	- 0.69	CRM
MRK	- 0.66	T

Direxion Daily Competition Risk-Adjusted Indicators

There is a big difference between Direxion Etf performing well and Direxion Daily 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 Direxion Daily'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	1.65	0.02	0.00	(0.03)	0.00	0.00	2.96	(4.29)	8.90
MSFT	1.14	(0.16)	0.00	(0.23)	0.00	0.00	2.58	(2.14)	10.31
UBER	1.91	0.32	0.14	0.37	2.15	(2.02)	4.72	(3.13)	12.75
F	1.50	0.12	0.04	0.04	2.18	(1.47)	2.80	(2.89)	10.14
T	1.00	0.38	0.24	0.68	1.37	(1.17)	1.99	(1.21)	11.66
A	1.15	(0.20)	0.00	(0.25)	0.00	0.00	2.92	(2.59)	9.03
CRM	1.40	(0.29)	0.00	(0.28)	0.00	0.00	2.72	(3.53)	8.88
JPM	1.10	0.09	0.04	0.01	1.66	(1.07)	2.16	(2.12)	6.85
MRK	1.25	(0.19)	0.00	0.84	0.00	0.00	2.07	(2.76)	11.58
XOM	1.02	0.21	0.17	0.39	1.21	(1.10)	2.55	(2.36)	5.89

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC