ProShares Smart Correlations

TINT Etf

USD 35.84 0.60 1.65%

The current 90-days correlation between ProShares Smart Materials and Themes Cloud Computing is 0.35 (i.e., Weak diversification). The correlation of ProShares Smart 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. If the correlation is 0, the equities are not correlated; they are entirely random.

ProShares Smart Correlation With Market

Very poor diversification

The correlation between ProShares Smart Materials and DJI is 0.89 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares Smart Materials 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 Smart Materials. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in small area income & poverty estimates.

Moving together with ProShares Etf

0.93	XLB	Materials Select Sector	Pair Corr
0.93	VAW	Vanguard Materials Index	Pair Corr
0.94	XME	SPDR SP Metals	Pair Corr
0.75	PHO	Invesco Water Resources	Pair Corr
0.94	MOO	VanEck Agribusiness ETF	Pair Corr
0.93	FXZ	First Trust Materials	Pair Corr
0.8	FIW	First Trust Water	Pair Corr
0.92	URNM	Sprott Uranium Miners	Pair Corr
0.92	IYM	iShares Basic Materials	Pair Corr
0.89	OIH	VanEck Oil Services	Pair Corr
0.87	WTMF	WisdomTree Managed	Pair Corr
0.83	EWC	iShares MSCI Canada	Pair Corr
0.89	TOT	Advisor Managed Port	Pair Corr
0.68	BST	BlackRock Science Tech	Pair Corr
0.91	DXIV	Dimensional ETF Trust	Pair Corr
0.64	IBTI	iShares iBonds Dec	Pair Corr
0.92	RCGE	RockCreek Global Equality	Pair Corr
0.92	OEFA	ALPS ETF Trust Symbol Change	Pair Corr
0.84	AA	Alcoa Corp	Pair Corr
0.93	BA	Boeing Sell-off Trend	Pair Corr
0.65	DD	Dupont De Nemours Earnings Call This Week	Pair Corr
0.83	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.64	MRK	Merck Company Earnings Call Tomorrow	Pair Corr
0.67	JNJ	Johnson Johnson Sell-off Trend	Pair Corr

Moving against ProShares Etf

0.82	EV	NEOS Investment Mana	Pair Corr
0.56	T	ATT Inc Earnings Call This Week	Pair Corr
0.49	MSFT	Microsoft	Pair Corr
0.41	MMM	3M Company	Pair Corr
0.32	TRV	The Travelers Companies	Pair Corr

Related Correlations Analysis

	ZSB	CZAR	CTEX	QGRD	WTID	GENW	HFMF	KLXY	BULD	CLOD
ZSB		0.65	0.69	0.11	-0.49	0.92	0.94	0.23	0.83	-0.66	ZSB
CZAR	0.65		0.63	0.55	-0.2	0.7	0.71	0.65	0.73	-0.08	CZAR
CTEX	0.69	0.63		0.59	-0.33	0.67	0.82	0.13	0.86	-0.18	CTEX
QGRD	0.11	0.55	0.59		-0.03	0.11	0.34	0.2	0.53	0.51	QGRD
WTID	-0.49	-0.2	-0.33	-0.03		-0.54	-0.54	0.13	-0.47	0.55	WTID
GENW	0.92	0.7	0.67	0.11	-0.54		0.91	0.35	0.76	-0.7	GENW
HFMF	0.94	0.71	0.82	0.34	-0.54	0.91		0.17	0.91	-0.55	HFMF
KLXY	0.23	0.65	0.13	0.2	0.13	0.35	0.17		0.21	0.1	KLXY
BULD	0.83	0.73	0.86	0.53	-0.47	0.76	0.91	0.21		-0.33	BULD
CLOD	-0.66	-0.08	-0.18	0.51	0.55	-0.7	-0.55	0.1	-0.33		CLOD
	ZSB	CZAR	CTEX	QGRD	WTID	GENW	HFMF	KLXY	BULD	CLOD

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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

HFMF	+ 0.94	ZSB
GENW	+ 0.92	ZSB
HFMF	+ 0.91	GENW
BULD	+ 0.91	HFMF
BULD	+ 0.86	CTEX
BULD	+ 0.83	ZSB

High negative correlations

CLOD	- 0.7	GENW
CLOD	- 0.66	ZSB
CLOD	- 0.55	HFMF
HFMF	- 0.54	WTID
GENW	- 0.54	WTID
WTID	- 0.49	ZSB

ProShares Smart Constituents Risk-Adjusted Indicators

There is a big difference between ProShares Etf performing well and ProShares Smart 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 Smart'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
ZSB	1.23	0.34	0.14	1.16	1.75	(1.37)	2.85	(2.74)	8.00
CZAR	0.60	(0.04)	0.00	(0.03)	0.00	0.00	0.88	(1.33)	4.03
CTEX	2.30	0.11	0.05	0.10	2.95	(2.23)	4.83	(5.05)	14.00
QGRD	0.62	(0.05)	0.00	(0.04)	0.00	0.00	1.17	(1.76)	3.80
WTID	9.70	0.17	0.01	(0.18)	13.13	(9.85)	24.86	(24.47)	88.01
GENW	0.58	0.17	0.21	0.32	0.42	(0.65)	1.27	(0.96)	2.97
HFMF	0.76	0.11	0.08	0.18	1.09	(0.77)	1.64	(1.66)	4.71
KLXY	0.96	(0.12)	0.00	(0.07)	0.00	0.00	1.68	(2.47)	4.91
BULD	1.37	0.01	0.02	0.04	1.56	(1.54)	2.74	(2.94)	7.66
CLOD	1.04	(0.33)	0.00	(0.36)	0.00	0.00	1.64	(2.61)	6.37

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