Direxion Daily Correlations

WEBS Etf

USD 31.83 0.81 2.48%

The current 90-days correlation between Direxion Daily Dow and Direxion Daily SP is 0.8 (i.e., Very poor diversification). 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Direxion Daily Correlation With Market

Very good diversification

The correlation between Direxion Daily Dow and DJI is -0.24 (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 Dow and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in Direxion Daily Dow. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in bureau of labor statistics.

Moving together with Direxion Etf

0.61	SH	ProShares Short SP500	Pair Corr
0.89	PSQ	ProShares Short QQQ	Pair Corr
0.74	SPXU	ProShares UltraPro Short	Pair Corr
0.7	SDS	ProShares UltraShort	Pair Corr
0.74	SPXS	Direxion Daily SP	Pair Corr
0.92	QID	ProShares UltraShort QQQ	Pair Corr
0.85	TAIL	Cambria Tail Risk	Pair Corr
0.88	JNJ	Johnson Johnson Earnings Call Today	Pair Corr
0.62	XOM	Exxon Mobil Corp Fiscal Year End 7th of February 2025	Pair Corr
0.8	KO	Coca Cola Sell-off Trend	Pair Corr
0.64	MRK	Merck Company Fiscal Year End 6th of February 2025	Pair Corr

Moving against Direxion Etf

0.94	BUFF	Innovator Laddered	Pair Corr
0.93	CETH	21shares Core Ethereum Downward Rally	Pair Corr
0.91	AIQ	Global X Artificial	Pair Corr
0.71	MPAY	Akros Monthly Payout	Pair Corr
0.9	AXP	American Express Earnings Call This Week	Pair Corr
0.87	CSCO	Cisco Systems Aggressive Push	Pair Corr
0.85	DIS	Walt Disney	Pair Corr
0.8	JPM	JPMorgan Chase	Pair Corr
0.75	BAC	Bank of America	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.64	-0.58	-0.52	0.41	0.59	0.53	0.42	-0.11	-0.64	META
MSFT	0.64		-0.53	-0.24	0.56	0.23	0.65	0.25	-0.1	-0.47	MSFT
UBER	-0.58	-0.53		0.64	-0.58	-0.08	-0.78	-0.56	0.67	0.81	UBER
F	-0.52	-0.24	0.64		0.01	-0.25	-0.2	-0.07	0.2	0.9	F
T	0.41	0.56	-0.58	0.01		0.0	0.8	0.59	-0.45	-0.23	T
A	0.59	0.23	-0.08	-0.25	0.0		0.12	0.22	0.32	-0.19	A
CRM	0.53	0.65	-0.78	-0.2	0.8	0.12		0.7	-0.59	-0.44	CRM
JPM	0.42	0.25	-0.56	-0.07	0.59	0.22	0.7		-0.62	-0.25	JPM
MRK	-0.11	-0.1	0.67	0.2	-0.45	0.32	-0.59	-0.62		0.32	MRK
XOM	-0.64	-0.47	0.81	0.9	-0.23	-0.19	-0.44	-0.25	0.32		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
XOM	+ 0.81	UBER
CRM	+ 0.8	T
JPM	+ 0.7	CRM
MRK	+ 0.67	UBER
CRM	+ 0.65	MSFT

High negative correlations

CRM	- 0.78	UBER
XOM	- 0.64	META
MRK	- 0.62	JPM
MRK	- 0.59	CRM
T	- 0.58	UBER
UBER	- 0.58	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	1.36	0.07	0.03	0.26	1.52	(1.53)	3.43	(3.15)	7.43
MSFT	0.92	0.04	0.01	(0.50)	1.58	(0.87)	2.09	(1.73)	8.14
UBER	1.63	(0.34)	0.00	(0.88)	0.00	0.00	2.67	(5.35)	12.29
F	1.38	(0.09)	0.00	(0.14)	0.00	0.00	2.38	(2.81)	11.21
T	0.97	0.09	0.05	(0.80)	1.10	(1.04)	1.91	(1.84)	7.96
A	1.21	0.02	0.01	0.06	1.45	(1.33)	2.72	(2.42)	8.06
CRM	1.41	0.17	0.09	1.01	1.45	(1.59)	3.16	(2.88)	14.80
JPM	1.03	0.25	0.17	2.16	1.11	(1.17)	1.92	(1.42)	15.87
MRK	1.00	(0.16)	0.00	(2.55)	0.00	0.00	1.74	(2.17)	5.17
XOM	0.76	(0.16)	0.00	(0.30)	0.00	0.00	1.71	(1.67)	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