Direxion Daily Correlations

TZA Etf

USD 11.72 0.11 0.95%

The current 90-days correlation between Direxion Daily Small and Direxion Daily Small is -1.0 (i.e., Pay attention - limited upside). The correlation of Direxion Daily 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.

Direxion Daily Correlation With Market

Very good diversification

The correlation between Direxion Daily Small and DJI is -0.36 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Daily Small 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 Small. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in nation.

Moving together with Direxion Etf

0.78	SH	ProShares Short SP500	Pair Corr
0.66	SPXU	ProShares UltraPro Short	Pair Corr
0.7	SDS	ProShares UltraShort	Pair Corr
0.67	SPXS	Direxion Daily SP	Pair Corr
0.98	RWM	ProShares Short Russ	Pair Corr
0.79	SPDN	Direxion Daily SP	Pair Corr
0.87	DOG	ProShares Short Dow30	Pair Corr

Moving against Direxion Etf

0.91	EWC	iShares MSCI Canada	Pair Corr
0.9	IRET	iREIT MarketVector	Pair Corr
0.59	OIH	VanEck Oil Services	Pair Corr
0.53	WTMF	WisdomTree Managed	Pair Corr
0.49	HUM	Humana Inc	Pair Corr
0.34	TAIL	Cambria Tail Risk	Pair Corr
0.83	VZ	Verizon Communications Aggressive Push	Pair Corr
0.81	DD	Dupont De Nemours	Pair Corr
0.75	CAT	Caterpillar	Pair Corr
0.71	HPQ	HP Inc	Pair Corr
0.71	AA	Alcoa Corp	Pair Corr
0.67	XOM	Exxon Mobil Corp	Pair Corr
0.62	CVX	Chevron Corp	Pair Corr
0.46	KO	Coca Cola Fiscal Year End 11th of February 2025	Pair Corr
0.4	BAC	Bank of America Aggressive Push	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.22	-0.28	-0.51	0.73	0.78	0.44	0.75	-0.44	-0.59	META
MSFT	0.22		-0.53	-0.12	0.2	0.24	0.67	0.09	0.18	-0.36	MSFT
UBER	-0.28	-0.53		0.64	-0.12	-0.03	-0.48	0.03	-0.03	0.78	UBER
F	-0.51	-0.12	0.64		-0.06	-0.35	0.01	-0.13	0.17	0.9	F
T	0.73	0.2	-0.12	-0.06		0.48	0.62	0.67	-0.37	-0.21	T
A	0.78	0.24	-0.03	-0.35	0.48		0.2	0.74	-0.24	-0.4	A
CRM	0.44	0.67	-0.48	0.01	0.62	0.2		0.37	-0.06	-0.28	CRM
JPM	0.75	0.09	0.03	-0.13	0.67	0.74	0.37		-0.57	-0.25	JPM
MRK	-0.44	0.18	-0.03	0.17	-0.37	-0.24	-0.06	-0.57		0.13	MRK
XOM	-0.59	-0.36	0.78	0.9	-0.21	-0.4	-0.28	-0.25	0.13		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

XOM	+ 0.9	F
A	+ 0.78	META
XOM	+ 0.78	UBER
JPM	+ 0.75	META
JPM	+ 0.74	A
T	+ 0.73	META

High negative correlations

XOM	- 0.59	META
MRK	- 0.57	JPM
UBER	- 0.53	MSFT
F	- 0.51	META
CRM	- 0.48	UBER
MRK	- 0.44	META

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	1.32	0.31	0.18	0.77	1.17	(1.50)	3.43	(1.95)	7.43
MSFT	1.02	0.03	(0.03)	0.25	1.63	(0.99)	2.20	(2.14)	10.31
UBER	1.66	(0.03)	0.00	(0.35)	0.00	0.00	3.36	(5.35)	12.29
F	1.46	(0.19)	0.00	(0.18)	0.00	0.00	2.57	(2.90)	9.39
T	0.98	0.10	0.05	0.30	1.04	(1.13)	1.91	(1.84)	7.94
A	1.22	0.15	0.08	0.37	1.12	(1.44)	2.92	(2.16)	8.06
CRM	1.58	0.18	0.07	0.53	1.72	(1.80)	3.70	(2.95)	14.80
JPM	1.02	0.32	0.21	1.00	0.92	(1.24)	1.97	(1.42)	15.87
MRK	1.15	(0.23)	0.00	(0.87)	0.00	0.00	2.00	(2.13)	11.57
XOM	0.89	(0.15)	0.00	(0.21)	0.00	0.00	1.71	(1.93)	6.06

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