ProShares Ultra Correlations

UGE Etf

USD 22.07 0.44 2.03%

The current 90-days correlation between ProShares Ultra Consumer and Invesco Exchange Traded is 0.47 (i.e., Very weak diversification). The correlation of ProShares Ultra 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.

ProShares Ultra Correlation With Market

Poor diversification

The correlation between ProShares Ultra Consumer and DJI is 0.69 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares Ultra Consumer 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 Ultra Consumer. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in census.

Moving together with ProShares Etf

0.92	NRGU	Bank of Montreal	Pair Corr
0.86	GUSH	Direxion Daily SP	Pair Corr
0.69	ITWO	Proshares Russell 2000	Pair Corr
0.75	AMPD	Tidal ETF Services	Pair Corr
0.73	ELON	Battleshares TSLA	Pair Corr
0.69	CPST	Calamos ETF Trust	Pair Corr
0.87	CFA	VictoryShares 500	Pair Corr
0.82	IGEB	iShares Edge Investment	Pair Corr
0.95	ERET	iShares Environmentally	Pair Corr
0.87	HEEM	iShares Currency Hedged Low Volatility	Pair Corr
0.79	EAFG	Pacer Funds Trust	Pair Corr
0.94	SPDV	AAM SP 500	Pair Corr
0.93	STXV	EA Series Trust	Pair Corr
0.84	HIYS	Invesco High Yield Symbol Change	Pair Corr
0.84	LALT	Invesco Multi Strategy	Pair Corr
0.92	DVYE	iShares Emerging Markets	Pair Corr
0.89	ESGD	iShares ESG Aware	Pair Corr
0.94	VYMI	Vanguard International	Pair Corr
0.84	DFE	WisdomTree Europe	Pair Corr
0.94	DXJ	WisdomTree Japan Hedged	Pair Corr
0.68	GPGCX	Grandeur Peak Global	Pair Corr
0.91	TAXT	Northern Trust Tax	Pair Corr
0.92	CCNR	CoreCommodity Natural	Pair Corr
0.95	EMIF	iShares Emerging Markets	Pair Corr
0.86	IJS	iShares SP Small	Pair Corr
0.91	DFIC	Dimensional International	Pair Corr
0.89	UEVM	VictoryShares Emerging	Pair Corr
0.93	MEXX	Direxion Daily MSCI Potential Growth	Pair Corr

Moving against ProShares Etf

0.84	FNGU	MicroSectors FANG Index Symbol Change	Pair Corr
0.7	MPAY	Exchange Traded Concepts	Pair Corr
0.57	TECL	Direxion Daily Technology	Pair Corr
0.49	UYG	ProShares Ultra Fina	Pair Corr
0.4	QLD	ProShares Ultra QQQ	Pair Corr
0.6	ENTR	EntrepreneurShares	Pair Corr

Related Correlations Analysis

	EZJ	DAT	PWER	ESMV	MNRS	MCDS	MAPP	ESIX	SCDS	DIVG
EZJ		-0.81	0.92	0.87	-0.22	0.9	0.89	0.88	0.83	0.97	EZJ
DAT	-0.81		-0.78	-0.61	0.36	-0.6	-0.66	-0.62	-0.59	-0.85	DAT
PWER	0.92	-0.78		0.87	-0.07	0.92	0.97	0.91	0.92	0.94	PWER
ESMV	0.87	-0.61	0.87		-0.15	0.93	0.92	0.88	0.87	0.89	ESMV
MNRS	-0.22	0.36	-0.07	-0.15		-0.07	0.0	-0.06	0.08	-0.3	MNRS
MCDS	0.9	-0.6	0.92	0.93	-0.07		0.95	0.97	0.95	0.91	MCDS
MAPP	0.89	-0.66	0.97	0.92	0.0	0.95		0.91	0.94	0.89	MAPP
ESIX	0.88	-0.62	0.91	0.88	-0.06	0.97	0.91		0.97	0.91	ESIX
SCDS	0.83	-0.59	0.92	0.87	0.08	0.95	0.94	0.97		0.86	SCDS
DIVG	0.97	-0.85	0.94	0.89	-0.3	0.91	0.89	0.91	0.86		DIVG
	EZJ	DAT	PWER	ESMV	MNRS	MCDS	MAPP	ESIX	SCDS	DIVG

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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

DIVG	+ 0.97	EZJ
MAPP	+ 0.97	PWER
ESIX	+ 0.97	MCDS
SCDS	+ 0.97	ESIX
MAPP	+ 0.95	MCDS
SCDS	+ 0.95	MCDS

High negative correlations

DIVG	- 0.85	DAT
DAT	- 0.81	EZJ
PWER	- 0.78	DAT
MAPP	- 0.66	DAT
ESIX	- 0.62	DAT
ESMV	- 0.61	DAT

ProShares Ultra Constituents Risk-Adjusted Indicators

There is a big difference between ProShares Etf performing well and ProShares Ultra 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 Ultra'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
EZJ	1.58	0.33	0.22	0.30	1.36	(1.88)	4.28	(2.91)	11.92
DAT	1.49	(0.46)	0.00	(0.23)	0.00	0.00	2.56	(3.77)	10.21
PWER	1.14	0.26	0.16	0.38	1.20	(1.27)	2.42	(2.51)	7.79
ESMV	0.40	0.00	(0.08)	0.09	0.42	(0.42)	1.03	(0.78)	2.34
MNRS	3.97	(0.23)	0.00	(0.01)	0.00	0.00	8.58	(6.90)	24.75
MCDS	0.62	0.06	0.07	0.15	0.51	(0.72)	1.55	(1.17)	4.21
MAPP	0.44	0.06	0.02	0.19	0.42	(0.47)	0.81	(0.82)	2.87
ESIX	0.90	0.07	0.10	0.15	0.79	(1.12)	2.66	(1.78)	6.36
SCDS	0.81	0.09	0.11	0.17	0.64	(0.91)	2.31	(1.53)	4.82
DIVG	0.59	0.11	0.14	0.26	0.33	(0.71)	1.54	(0.94)	3.20

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