ProShares Ultra Correlations

UPW Etf

USD 77.41 0.74 0.95%

The current 90-days correlation between ProShares Ultra Utilities and ProShares Ultra Consumer is 0.29 (i.e., Modest 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. If the correlation is 0, the equities are not correlated; they are entirely random.

ProShares Ultra Correlation With Market

Modest diversification

The correlation between ProShares Ultra Utilities and DJI is 0.23 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares Ultra Utilities 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 ProShares Ultra Utilities. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in american community survey.

Moving together with ProShares Etf

0.69	GUSH	Direxion Daily SP	Pair Corr
0.65	UYG	ProShares Ultra Fina	Pair Corr
0.85	VTV	Vanguard Value Index Sell-off Trend	Pair Corr
0.83	VO	Vanguard Mid Cap	Pair Corr
0.78	VB	Vanguard Small Cap	Pair Corr
0.72	INTC	Intel Aggressive Push	Pair Corr
0.64	PG	Procter Gamble	Pair Corr
0.73	JNJ	Johnson Johnson	Pair Corr
0.77	CVX	Chevron Corp	Pair Corr
0.76	XOM	Exxon Mobil Corp	Pair Corr
0.73	DD	Dupont De Nemours	Pair Corr

Moving against ProShares Etf

0.49	FNGU	MicroSectors FANG Index	Pair Corr
0.55	BA	Boeing	Pair Corr
0.45	PFE	Pfizer Inc	Pair Corr

Related Correlations Analysis

	UGE	UXI	UCC	RXL	LTL
UGE		0.61	0.03	0.41	0.26	UGE
UXI	0.61		-0.22	0.76	0.1	UXI
UCC	0.03	-0.22		-0.22	0.53	UCC
RXL	0.41	0.76	-0.22		0.39	RXL
LTL	0.26	0.1	0.53	0.39		LTL
	UGE	UXI	UCC	RXL	LTL

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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

RXL	+ 0.76	UXI
UXI	+ 0.61	UGE
LTL	+ 0.53	UCC
RXL	+ 0.41	UGE
LTL	+ 0.39	RXL
LTL	+ 0.26	UGE

High negative correlations

RXL	- 0.22	UCC
UCC	- 0.22	UXI

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
UGE	1.14	(0.01)	0.00	(0.02)	0.00	0.00	2.04	(2.29)	9.51
UXI	1.26	(0.11)	0.00	(0.10)	0.00	0.00	2.66	(2.32)	8.30
UCC	1.78	0.15	0.06	0.19	2.46	(1.79)	3.97	(3.73)	12.72
RXL	1.30	(0.12)	0.00	(0.12)	0.00	0.00	2.48	(2.61)	6.03
LTL	1.29	0.26	0.12	0.37	1.88	(1.27)	2.34	(2.93)	8.44

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