ProShares Smart Correlations

TINT Etf

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The current 90-days correlation between ProShares Smart Materials and Themes Cloud Computing is 0.25 (i.e., Modest 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

Poor diversification

The correlation between ProShares Smart Materials and DJI is 0.79 (i.e., 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 inflation.

Moving together with ProShares Etf

0.98	XLB	Materials Select Sector	Pair Corr
0.96	VAW	Vanguard Materials Index	Pair Corr
0.72	XME	SPDR SP Metals	Pair Corr
0.98	MOO	VanEck Agribusiness ETF	Pair Corr
0.96	FXZ	First Trust Materials	Pair Corr
0.66	FIW	First Trust Water	Pair Corr
0.8	URNM	Sprott Uranium Miners	Pair Corr
0.96	IYM	iShares Basic Materials	Pair Corr
0.96	KORU	Direxion Daily South	Pair Corr
0.87	MUU	Direxion Daily MU Sell-off Trend	Pair Corr
0.87	MULL	GraniteShares 2x Long	Pair Corr
0.71	GDXU	MicroSectors Gold Miners	Pair Corr
0.92	FNGD	MicroSectors FANG Index	Pair Corr
0.78	JNUG	Direxion Daily Junior	Pair Corr
0.82	NUGT	Direxion Daily Gold	Pair Corr
0.91	BWET	ETF Managers Group Trending	Pair Corr
0.86	GDMN	WisdomTree Efficient Gold Low Volatility	Pair Corr
0.96	IOCT	Innovator ETFs Trust	Pair Corr
0.96	CFA	VictoryShares 500	Pair Corr
0.91	IJS	iShares SP Small	Pair Corr
0.66	LGCF	Themes Cash Flow	Pair Corr
0.71	DOO	BRP Inc Symbol Change	Pair Corr
0.98	DFIV	Dimensional International	Pair Corr
0.94	CVMC	Morgan Stanley ETF	Pair Corr
0.7	JETS	US Global Jets	Pair Corr
0.94	ISTB	iShares Core 1	Pair Corr
0.98	DXJ	WisdomTree Japan Hedged	Pair Corr
0.89	USO	United States Oil	Pair Corr
0.91	EAFG	Pacer Funds Trust	Pair Corr
0.96	AVMC	American Century ETF	Pair Corr
0.96	DES	WisdomTree SmallCap	Pair Corr
0.96	FEM	First Trust Emerging	Pair Corr
0.85	HCMAX	THE HILLMAN FUND	Pair Corr
0.98	STXV	EA Series Trust	Pair Corr
0.91	IYR	iShares Real Estate	Pair Corr
0.96	CCNR	CoreCommodity Natural	Pair Corr
0.65	GOCT	FT Cboe Vest	Pair Corr

Moving against ProShares Etf

0.77

NEOS Investment Mana

Pair Corr

Related Correlations Analysis

	ZSB	CZAR	CTEX	QGRD	WTID	GENW	HFMF	KLXY	BULD	CLOD
ZSB		0.56	0.78	0.17	-0.36	0.57	0.73	-0.04	0.78	-0.35	ZSB
CZAR	0.56		0.56	0.44	-0.13	0.29	0.39	0.22	0.45	0.05	CZAR
CTEX	0.78	0.56		0.16	-0.58	0.75	0.84	-0.02	0.89	-0.52	CTEX
QGRD	0.17	0.44	0.16		0.26	-0.35	-0.17	-0.05	-0.04	0.63	QGRD
WTID	-0.36	-0.13	-0.58	0.26		-0.82	-0.79	0.04	-0.75	0.8	WTID
GENW	0.57	0.29	0.75	-0.35	-0.82		0.96	0.1	0.88	-0.91	GENW
HFMF	0.73	0.39	0.84	-0.17	-0.79	0.96		0.02	0.95	-0.82	HFMF
KLXY	-0.04	0.22	-0.02	-0.05	0.04	0.1	0.02		0.06	0.04	KLXY
BULD	0.78	0.45	0.89	-0.04	-0.75	0.88	0.95	0.06		-0.7	BULD
CLOD	-0.35	0.05	-0.52	0.63	0.8	-0.91	-0.82	0.04	-0.7		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	+ 0.96	GENW
BULD	+ 0.95	HFMF
BULD	+ 0.89	CTEX
BULD	+ 0.88	GENW
HFMF	+ 0.84	CTEX
CLOD	+ 0.8	WTID

High negative correlations

CLOD	- 0.91	GENW
CLOD	- 0.82	HFMF
GENW	- 0.82	WTID
HFMF	- 0.79	WTID
BULD	- 0.75	WTID
CLOD	- 0.7	BULD

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	1.50	0.37	0.13	0.74	2.12	(1.64)	3.26	(3.08)	13.61
CZAR	0.66	0.00	(0.03)	0.08	0.81	(0.72)	1.23	(1.77)	5.61
CTEX	1.93	0.08	0.05	0.12	2.45	(1.90)	3.80	(4.49)	12.06
QGRD	0.61	(0.03)	(0.07)	0.03	0.88	(0.58)	1.17	(1.61)	3.78
WTID	9.93	0.17	0.00	(0.04)	15.03	(9.70)	23.50	(28.46)	79.36
GENW	0.54	0.24	0.27	0.54	0.00	(0.66)	1.29	(0.91)	3.29
HFMF	0.88	0.20	0.13	0.31	1.07	(0.93)	1.64	(1.94)	6.93
KLXY	0.87	(0.01)	(0.01)	0.07	1.09	(0.91)	1.69	(2.17)	4.91
BULD	1.38	0.16	0.16	0.17	1.16	(1.64)	3.56	(2.39)	9.54
CLOD	1.33	(0.35)	0.00	(0.23)	0.00	0.00	1.97	(4.06)	7.34

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