ProShares UltraPro Correlations

UPRO Etf

USD 121.67 1.44 1.20%

The current 90-days correlation between ProShares UltraPro SP500 and Fidelity Covington Trust is 0.93 (i.e., Almost no diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as ProShares UltraPro moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if ProShares UltraPro SP500 moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

ProShares UltraPro Correlation With Market

Very poor diversification

The correlation between ProShares UltraPro SP500 and DJI is 0.82 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares UltraPro SP500 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 UltraPro SP500. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in main economic indicators.

Moving together with ProShares Etf

1.0	SSO	ProShares Ultra SP500	Pair Corr
1.0	SPXL	Direxion Daily SP500	Pair Corr
0.86	QLD	ProShares Ultra QQQ	Pair Corr
0.62	TECL	Direxion Daily Technology	Pair Corr
0.62	UYG	ProShares Ultra Fina	Pair Corr
0.77	CPST	Calamos ETF Trust	Pair Corr
0.77	ITDD	iShares Trust	Pair Corr
0.61	DIS	Walt Disney Earnings Call This Week	Pair Corr
0.64	BA	Boeing	Pair Corr

Moving against ProShares Etf

0.53	MPAY	Exchange Traded Concepts	Pair Corr
0.5	T	ATT Inc Earnings Call Today	Pair Corr

Related Correlations Analysis

	OMFL	VTHR	DSI	SHLD	SCHK	XMHQ	BKLC	XMMO	VFLO	FELG
OMFL		0.88	0.82	0.74	0.95	0.92	0.93	0.95	0.9	0.25	OMFL
VTHR	0.88		0.97	0.67	0.89	0.77	0.88	0.82	0.76	0.35	VTHR
DSI	0.82	0.97		0.69	0.85	0.73	0.84	0.74	0.65	0.39	DSI
SHLD	0.74	0.67	0.69		0.65	0.86	0.61	0.65	0.5	-0.09	SHLD
SCHK	0.95	0.89	0.85	0.65		0.85	1.0	0.92	0.81	0.5	SCHK
XMHQ	0.92	0.77	0.73	0.86	0.85		0.81	0.87	0.74	0.09	XMHQ
BKLC	0.93	0.88	0.84	0.61	1.0	0.81		0.89	0.78	0.56	BKLC
XMMO	0.95	0.82	0.74	0.65	0.92	0.87	0.89		0.89	0.23	XMMO
VFLO	0.9	0.76	0.65	0.5	0.81	0.74	0.78	0.89		0.07	VFLO
FELG	0.25	0.35	0.39	-0.09	0.5	0.09	0.56	0.23	0.07		FELG
	OMFL	VTHR	DSI	SHLD	SCHK	XMHQ	BKLC	XMMO	VFLO	FELG

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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

BKLC	+ 1.0	SCHK
DSI	+ 0.97	VTHR
SCHK	+ 0.95	OMFL
XMMO	+ 0.95	OMFL
BKLC	+ 0.93	OMFL
XMHQ	+ 0.92	OMFL

High negative correlations

FELG

- 0.09

SHLD

ProShares UltraPro Constituents Risk-Adjusted Indicators

There is a big difference between ProShares Etf performing well and ProShares UltraPro 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 UltraPro'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
OMFL	0.61	0.01	0.01	0.08	0.78	(0.61)	1.44	(1.51)	3.48
VTHR	0.57	0.04	(0.03)	0.36	0.78	(0.55)	1.15	(1.25)	3.49
DSI	0.57	0.05	(0.02)	0.51	0.87	(0.50)	1.35	(1.53)	3.98
SHLD	1.09	0.18	0.15	0.30	0.90	(1.25)	2.53	(1.92)	6.42
SCHK	0.57	0.00	(0.01)	0.07	0.81	(0.56)	1.13	(1.25)	3.56
XMHQ	0.75	0.00	0.00	0.07	0.81	(0.83)	1.74	(1.42)	3.67
BKLC	0.56	0.00	(0.01)	0.07	0.83	(0.51)	1.13	(1.21)	3.61
XMMO	0.89	0.03	0.03	0.10	0.98	(0.95)	1.72	(1.51)	4.59
VFLO	0.64	0.02	0.01	0.09	0.75	(0.67)	1.41	(1.32)	3.52
FELG	0.71	(0.04)	(0.04)	0.02	1.11	(0.62)	1.46	(1.82)	4.77

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